Charles Hoskinson, Cardano (ADA) founder, has explained how the cryptocurrency’s future privacy protocol (Midnight) would work within their ecosystem.
A recent YouTube interviewHe stated that the integration planned would allow for the establishment of a confidential network of smart contract contracts. According to him, Midnight aims to resolve the paradoxical issue of having privacy and disclosure of a protocol’s rules simultaneously.
The announcement produced positive results as evidenced by an increase in on chain activity. Data from Santiment on Cardano’s Age Consumed showed a movement of over 107 billion ADA (including old coins) on December 7.
Cardano’s Growth Booster: New Privacy Protocols And A Surge In On-Chain Activity
Below are the critical remarks made by Charles Hoskinson in the interview streamed on Corey Costa’s Crypto Coins YouTube channel.
From a regulatory perspective, you’re not actually allowed to use blockchain systems [for privacy]. Why? There’s [the] Bank Secrecy Act and GDPR [General Data Protection Regulation]All these privacy departments are available to you.
He continued:
Anytime you could engage in a regulated business, there’s a privacy requirement because regulated business requires you to give away some personally-definable information, and there’s a privacy law on the other side of it that says you have to keep it a secret.
Hoskinson also added.
The problem is that if you try to do it in a blockchain setting, your private information becomes public to everybody… so it made sense to me to find a way to… create a confidentiality network, so like what Ethereum did to Bitcoin, where Ethereum said ‘we have programmability,’ Midnight does to [Cardano]You have smart private contract, and you don’t need a privacy coin.
Cardano’s Midnight targets a general issue—concurrent privacy and disclosure legislation—that most blockchain protocols face. Experts believe that the increase in on-chain activity will bring more value to the network. Source: ADAUSD price chart from
Do You Need to Buy Cardano Now
Please Note ADA has a limit on the supply of 45 Billion tokens. This figure would eventually have an impact on the cryptocurrency’s value in the future when it reaches its max supply. This coin’s future value could be affected by its privacy technology.
Cardano Crypto, according to CoinMarketCap, It traded at a loss of 3.33%. It still posted a 0.12% loss on its intraday charts. But it had to endure volatility before it made any profits. On the bright side, the token’s wallet addresses They have increased, signaling a possible spike in demand. Possible catalysts could be the blockchain’s increased push for development. We will only see how this surge impacts the sentiment.
Featured image taken from Pixabay. Char from TradingView.com