Charles Hoskinson Outlines New Cardano (ADA) Privacy Protocol

1 min read

Charles Hoskinson, co-founder of Cardano (ADA), outlines the features and privacy-focused protocols that will be added to the ecosystem’s smart contract platform.

Hoskinson, in a new interview, stated that ADA’s upcoming privacy protocol Midnight (announced last month) aims to create a network of confidential smart contracts much like Ethereum  and Bitcoin.

Hoskinson states that Midnight seeks to resolve the paradoxical issue of privacy and disclosure laws being enforced simultaneously.

“Blockchain systems are not allowed for privacy purposes from a regulatory standpoint.” Why? You have the Bank Secrecy Act and GDPR [General Data Protection Regulation]; you also have privacy departments.

You must keep your privacy secret if you are involved in regulated businesses.

There’s a problem in that you can’t do it since your private information is made public. Therefore, it made sense for me to find a way… to… create a confidentiality system, similar to what Ethereum did to Bitcoin. In this system, instead of privacy coins, you have confidentiality networks and private smart contracts.

Hoskinson claims that this is the most challenging task Cardano developers have faced up to now. He even said it makes the development of ADA seem easy.

It’s a very difficult product. It’s one of the most difficult products we’ve ever worked with and makes Cardano seem like a child’s play.

Cardano trades for $0.31 at the time of writing, which is a small gain on the day.

Via this site

About the Author

Chris Munch is a professional crypto writer, researcher, and journalist with extensive experience in the cryptocurrency and blockchain space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. He has written numerous articles and research papers on a variety of topics, including market analysis, investment strategies, and the latest developments in the industry. With a background in finance and economics, Chris has a deep understanding of the economic and financial forces that drive the crypto market. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers. In addition to his writing, Chris is also a sought-after speaker and commentator on crypto and blockchain-related topics. He has appeared on numerous podcasts, webinars, and other events, sharing his knowledge and expertise with audiences around the world.

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