Charles Hoskinson discloses that Cardano will implement “secret smart contracts”
The cryptocurrency market may be in a sea of red, but Cardano (ADA) doesn’t seem to be slowing down, including on its new privacy-focused blockchain, Midnight, as recently outlined by the platform’s creator Charles Hoskinson.
In a December 7 interview with YouTuber Cory Costa, the inventor of Cardano discussed privacy and blockchain, concentrating on how the Midnight chain tackles one of the fundamental difficulties in the cryptocurrency business, namely the secrecy of ‘smart connections. According to Hoskinson, blockchain should not even be used from a regulatory standpoint because:
“Every time you participate in a regulated company, there is a privacy duty, since a regulated business compels you to disclose personally identifiable information, and there is a privacy legislation that says you must keep it confidential. If you attempt to do so in a blockchain environment, your private information becomes accessible to everyone.”
The answer, according to Cardano’s inventor, was to establish a secrecy framework in the shape of Midnight, so “instead of having a privacy currency, you have a confidentiality framework with private smart contracts, which is a major thing.”
Additionally, he explained: Cardano offers security, infrastructure, decentralization, and ecosystem, while Midnight is a partner chain. (…) Midnight offers a controlled value transfer protocol and a platform for the development of private smart contracts.”
Hoskinson determined that Midnight was “the most difficult thing we’ve ever developed. It makes Cardano seem like child’s play since it has all of Cardano’s difficulties (…), but at the same time you must construct an extra layer of capabilities to deal with privacy and then move privacy to the next generation, which is confidentiality.”
In addition to its work on the privacy-focused Midnight blockchain, Cardano has been active on numerous other fronts concurrently.
Previously, Finbold announced that Cardano has reactivated work on the testnet version of the Djed stablecoin that would be distributed on its proof-of-stake (PoS) blockchain in January 2023. Its testing now includes additional features, such as compatibility with the Vasil hard fork, activity history, and more.
According to the most recent statistics, the number of Plutus smart contracts on the platform has increased by more than 300 percent in 2022, reaching 4,313 as of December 7.
In addition, the Cardano developer Input Output Global (IOG) intends to create the world’s first blockchain decentralization index, and their blockchain recently registered the most development activity among networks in November.