IOG Struggles to Counter Cardano’s Late-Night Attacks
The exciting Midnight inauguration of IOG and Charles Hoskinson has left the community with many unanswered concerns.
The community’s opinions were varied and full of questions despite Hoskinson’s engaging presentation. Cardano’s Midnight, a privacy-focused sidechain, has made its debut on the DevNet and is now ready to welcome a select set of developers and testers to explore its wealth of cutting-edge capabilities.
With the privacy sidechain being hailed as “the first 4th generation blockchain” by Cardano co-founder Charles Hoskinson, the anticipation around its potential uses is understandably high. It’s unclear, though, whether the general public shares this excitement.
On October 10, Cardano co-founder Charles Hoskinson and Midnight Network CEO Eran Barak used Twitter to announce the official launch of Midnight’s much-anticipated DevNet. Both the cryptocurrency expert and Midnight’s CEO elaborated on the significance of Midnight’s privacy-centric blockchain.
Although Midnight will not be officially released to the public until November 2022, Hoskinson claimed that IOG has been working on it for over five years in secret. He stressed that Cardano was not without its limitations and that a service layer was required, which is where Midnight comes in.
Many of Midnight’s features, including multi-consensus identification, rollups, and private smart contracts, were paraded about by Hoskinson. The CEO of IOG described Midnight as among the most complex solutions his company has developed, with the potential to propel Cardano into whole new markets.
The community’s response was varied and full of questions, despite Hoskinson and Barak’s attempts to generate enthusiasm for the privacy-focused sidechain.
After Charles Hoskinson and Eran Barak’s exciting performance of “Midnight,” the audience was left wanting more.
The importance of Midnight and its possible influence on the industry were discussed by Hoskinson and Barak, but key aspects were obscured. There were concerns about the rollout of Midnight’s native coin, DUST, and about who authorities IOG was working with to guarantee the sidechain’s legality. Hoskinson gave just a brief overview of tokenomics, saying simply that it was “innovative” and would have “predictable costs.”
Since the inventor of IOG unveiled the sidechain in November 2022, several members of the community were puzzled by Charles Hoskinson’s claim that IOG had been working on Midnight for five years.