Input Output Global (IOG), the company behind the Cardano (ADA) network, has announced a new token and Blockchain. The new Blockchain network will be called Midnight, while the network’s native cryptocurrency will debut as DUST. The new cryptocurrency is already on the watch list of ADA investors. IOG announced the token to investors with an announcement on November 18. So what is the highly anticipated DUST coin? Keep reading to find out the answer.
What is DUST?
Cardano founder Charles Hoskinson attended an event at Edinburgh University in Scotland on Friday (November 18th). Here, Hoskinson announced Midnight Blockchain, powered by zero-knowledge resistant technology. Accordingly, the network will be one of many sidechains currently deployed around Cardano. It will also host a token called DUST. With its own token, Midnight will provide zero-knowledge resistant smart contracts. Thus, it will go beyond previous privacy-focused altcoin projects.
According to the information obtained, Midnight will provide security for sensitive commercial and personal data while protecting basic freedoms of association, trade and expression. However, it will serve as Cardano’s first data protection-based sidechain. It is also reported that the network will be based on zero-knowledge evidence and will focus on data privacy. However, as more details about Midnight continue to come, information about DUST is scarce. This causes investors to be more curious about crypto money.
What use cases will the altcoin have?
Currently, investors are clueless as to what DUST will be used for or what kind of links it will have with Cardano. For this reason, more and more speculation is emerging among ADA investors. Many altcoin investors are worried about how the asset will affect the ADA price. In this regard, the “ADA whale” account on Twitter made some claims. Sharing what he knows about DUST, the account underlined that the token will exist on a different chain. Accordingly, since Midnight will be a Cardano sidechain, the token will need to gain its correlation with ADA. So it won’t affect the ADA too much.
Also, the account said that the ADA’s maximum supply and emissions program will remain unchanged. Accordingly, DUST will not have a use case for the Cardano staking mechanism or earnings to investors. However, the main idea that ADA whale and other users converged on is that the token will be used for gas fees. Presumably, when the privacy-focused Midnight network is launched, the gas fees paid for transacting in the Cardano ecosystem will be paid with this token. As new details about the token emerge, cryptocoin.com as we will inform you.
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