Dubbed “Midnight,” the blockchain is one of the side-chains running off Cardano and will offer zero-knowledge-proof smart contracts, which allow parties to complete transactions without disclosing any identifying data to each other. The accompanying token will be called “Dust.”

Hoskinson said the blockchain will balance users’ privacy while still allowing authorities access to the system if permission is granted.

Referencing existing privacy-centric blockchains Zcash and Monero, Hoskinson said that Midnight will be built in a more widely accepted programming language to allow a broader range of developers to build on the network.

Midnight is still under development and IOG said that it will continue to provide updates as they work on it into 2023.

Emurgo Pte. Ltd., one of the founding entities behind Cardano, also announced on Friday the first fiat-backed stablecoin on the network, USDA, which will launch in the first quarter of 2023.

Hoskinson also announced the Edinburgh Decentralization Index in a video ahead of his visit which he said will begin to measure the decentralization of cryptocurrencies in light of the contagion from the collapse of FTX.com.

ADA, the native token of Cardano, fell by 8.2% to US$0.30 in the 24 hours to 11:10 a.m. after posting mild gains over the course of the weekend following Friday’s event.