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Cardano founder, Charles Hoskinson, has amassed some criticism from cryptocurrency proponents. Before the FTX crash and before the demise of the Terra Luna project, the Cardano network had added the plans for an algorithmic stablecoin in its development plans.
However, Cardano recently replaced the idea with plans for a new collateralized stablecoin. Following the introduction of the new side chain project called Midnight and another stablecoin, Cardano’s native currency dwindled.
However, recently Hoskinson has issued a new statement to provide clarification on the functionality of this blockchain. The statement about the Midnight side chain not having a back door is a dig at the FTX debacle.
Charles Hoskinson Attends the Annual Event Organized by IOG in Edinburgh
After the collapse of FTX, several parallel projects that were connected to the crypto exchange suffered massive losses or also went bankrupt. Under these circumstances, many blockchain bigwigs have tried to call for an industry-wide alliance to join forces and stabilize the DeFi sector.
One important aspect of this revival of the DeFi sector is to make room for hedging or inversely correlated cryptocurrency projects.
Cardano’s parent company named IOG recently held an event in the city of Edinburgh called the IO ScotFest:
The age of Voltaire. The event was geared towards sharing research and discussing development projects of the blockchain network.
During the event, Hoskinson claimed that Midnight deals with disclosure on a decentralized application level rather than within the protocol on account of it aiming to be a confidentiality platform.
The Midnight project is going to be the enterprise adoption part of the Cardano network. The noteworthy commercial features of this blockchain network are going to be personal data protection, ensuring fundamental freedom of association. At the same time, it will also be available to the use of retail users.
The developers can work with several programming languages on Midnight such as Typescript. As per the review of Darren Parkin, Midnight is secure communication and interactive network.
It will also enable developers to create decentralized applications. It ingrains encryption tenets from zero-knowledge cryptography for maximum security and will also provide decentralized utility.
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