The crypto market is presently going through a lengthened downturn however the performance of the Cardano (ADA) is not expressing any slowdown. Charles Hoskinson, the founder of the company, has recently provided details regarding the firm’s latest project named “Midnight” which is a privacy-focused blockchain.
Hoskinson discussed blockchain and privacy while targeting the role played by the Midnight chain to resolve a fundamental issue in the industry of cryptocurrency, taking into account the smart contracts’ confidentiality. Cardano’s founder discussed this when he appeared in an interview conducted on the 7th of December by Cory Costa (a YouTuber).
Charles Hoskinson Proposes the Launch of ‘Midnight’ for Confidential Smart Contracts
Hoskinson mentioned that, in line with a regulatory perspective, the blockchain should not even supposedly be utilized. He justified his stance by saying that when someone gets involved in a regulated business, some privacy requirement is there. This is because, he added, a regulated business demands the personal information of the consumers to identify them in line with the privacy law but on the contrary that assures the customers to keep it undisclosed.
He then highlighted the blockchain setting. As per him, if someone attempts to do so on a blockchain, the respective information would be disclosed to everybody. He was of the view that the solution was to develop a confidentiality agenda and Midnight is a suitable example of that. He disclosed that rather than a privacy coin, a confidentiality agenda and private smart contracts would be helpful in that case.
Also read:Apart from that, he elaborated on Midnight and revealed that the latest blockchain project offers a regulated value transaction protocol as well as an agenda through which people can construct private smart contracts. After that, Hoskinson asserted that it was much more difficult for them to operate on Midnight. According to him, despite having the entirety of the platform’s issues, it simultaneously required establishing an extra level of capabilities.
In his words, the respective layer’s purpose was to cope with privacy as well as its advancement to the next level called confidentiality. The Cardano founder moved on to explain that, apart from their operations related to the privacy-focused blockchain project Midnight, the company has also been focusing its attention to deal with a lot of other factors simultaneously.
Formerly, it was reported that Cardano was reactivating its activities covering the Djed stablecoin’s testnet version. The respective version will expectedly be launched in January of the coming year on the firm’s proof-of-stake (PoS) blockchain. In its tests, some latest capabilities are included now, taking into account activity history, compatibility with Vasil hard fork, and so on.
Cardano firm has additionally been recording a gradual upsurge in its Plutus smart contracts. In the current year, the cumulative number of the respective token has elevated above three hundred percent. As of the 7th of December, it has touched 4,313 scripts, according to the exclusive data.
Cardano’s Development Increases But the ADA Slumps
Input Output Global (IOG), the entity responsible for developing Cardano, has another strategy related to the development of the earliest index for blockchain decentralization throughout the world. The blockchain of the platform has recently shown a lot of improvement. In this respect, in November this year, it recorded the top development activity across all the networks.
Nonetheless – as witnessed recently – the on-chain activity of ADA (the native token of Cardano) has increased extremely and more than 107B tokens were shifted on the 7th of December, as per the Age Consumed indicator. In this case, high volatility is predicted by several.
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