Cardano founder Charles Hoskinson says a new Cardano-based altcoin project will rival Zcash’s privacy and Ethereum’s programmability. Their statement came in response to a tweet by American investor and entrepreneur Balaji S. Srinivasan.
Cardano founder says this ecosystem project will outlast the giants
The Cardano team recently reported on an upcoming privacy-focused blockchain. Then, founder Charles Hoskinson went back in time to respond in a tweet from investor Balaji S. Srinivasan in September. Srinivasan pointed out that on this date, two important innovations of Bitcoin were implemented by Ethereum and Zcash. Here he emphasized the programmability and privacy features of Blockchains. According to him, Zcash focuses on Bitcoin’s privacy feature. Ethereum, on the other hand, is evolving towards programmability.
Srinivasan also claimed that Zcash and Ethereum are superior to Bitcoin in terms of privacy and programmability. Srinivasan, who is also a former CTO of Coinbase, says a merger as “Zethereum” would be more ideal than Bitcoin. He adds that “Zethereum” could be a new Layer-1 protocol in the cryptocurrency ecosystem.
What Charles Hoskinson had to say about these
Following Srinivasan’s tweets, the crypto community has already spawned altcoin projects with these features. One of them was what Hoskinson, the founder of Cardano, said. After three months of silence, its founder responded to Srinivasan’s proposal for the “Zethereum”. Hoskinson implicitly suggests that Cardano has privacy and programmability features. To that end, it featured a new Cardano Blockchain called Midnight:
The Cardano development team is preparing to introduce Midnight, a brand new blockchain focused on privacy, in the near future. The project was introduced by Hoskinson at the Cardano IO ScotFest: The Age of Voltaire event last month. This zero-knowledge technology will be the backbone of the upcoming ADA side chain. In the meantime, let’s mention that Midnight will have a token called Dust. Hoskinson claims that Midnight will outperform the functionality of privacy projects like Zcash and Monero. According to a recent interview with Hoskinson,
Midnight developed privacy-coin technology where everything is anonymous by default, Zcash and Monero do with Snarks and ring signatures.
Why is Midnight important?
Hoskinson says Midnight will give programmers a new way to create and execute custom smart contracts and computation. Access to regulators will be provided by the upcoming Cardano sidechain while maintaining user privacy. According to the statement on Midnight’s website, the team says:
Midnight allows developers to quickly build and deploy data protection priority dApps using multiple programming languages, starting with Typescript, while companies can share mission-critical information without fear of leaks or censorship.
cryptocoin.comAs you follow, the Cardano ecosystem is also preparing for the new social media platform Cardano Spot. Also, the date for Djed, the network’s first algorithmic stablecoin, was revealed as January 2023.
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