Hoskinson reveals Cardano’s privacy protocol “Midnight”

InBlockchain News, Cardano, crypto news, Featured, Midnight

Charles Hoskinson disclosed that the Cardano blockchain ecosystem will have a new privacy protocol in near future.

Charles Hoskinson is the founder of the Cardano blockchain and he is one of the co-founders of the Ethereum blockchain. Hoskinson left the Ethereum project a long time back & now he is fully dedicated to his project Cardano. He founded Cardano blockchain as a rival of the Ethereum blockchain but Cardano is based on a different concept over Ethereum because on one side Cardano is a commercial blockchain network while on the other hand, Ethereum is a nonprofit public blockchain network.

On 8 December, Charles Hoskinson appeared in an interview with Corey Casta’s Crypto Coins YouTube channel. In the interview, he revealed the biggest project of the Cardano Blockchain and he believes it will be the unique project in the crypto sector with any Crypto coin.

Hoskinson said that Cardano’s upcoming privacy protocol Midnight will help to create a confidentiality network of smart contracts, which will be more likely what Ethereum (ETH) did for Bitcoin.

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Cardano’s Founder explained that it will solve the paradoxical problem of having privacy and disclosure laws simultaneously.

“From a regulatory perspective, you’re not allowed to use blockchain systems (for privacy). Why? There’s [the] Bank Secrecy Act, GDPR (General Data Protection Regulation), you have all these privacy departments”, IOHK CEO said.

In short, Hoskinson said that basic laws don’t allow us to deal with those alternative financial activities which are not under authorised laws.

Further Crypto personality said that people are free to deal with regulated businesses and here Midnight will help to define the Cardano ecosystem as more likely to be a regulated business.

Hoskinson further added:

“(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), where instead of having a privacy coin, what you do is you have a confidentiality network, you have smart contracts that are private.”

Cardano founder admitted that the development of the Cardano blockchain & launch of ADA coin was a very easy task for the developers but now the latest privacy protocol is a different thing and it is going to be the toughest job.

At the time of writing this article price of ADA coin, the native token on the Cardano blockchain network is $0.3151 which is 1% higher than the last 24 hours’ trade price.