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HomeCryptocurrencyCharles Hoskinson Highlights Features of the New Privacy-focused Protocol Coming to Cardano

Charles Hoskinson Highlights Features of the New Privacy-focused Protocol Coming to Cardano

Charles Hoskinson, the CEO of Input Output Global (IOG), has recently highlighted the features of a new privacy-focused protocol coming to the Cardano ecosystem.

In a new interview on Corey Costa’s Crypto Coins YouTube channel, Cardano creator said the upcoming privacy protocol Midnight aims to create a confidentiality network of smart contracts.

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Hoskinson said this is the most challenging mission Cardano developers have embarked on until now. He pointed out that the upcoming protocol aims to proffer a solution to the paradoxical problem of having privacy and disclosure laws concurrently.

Charles Hoskinson noted:

“From a regulatory perspective, you’re not actually 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.

“Anytime you could engage in a regulated business, there’s a privacy requirement because regulated business requires you to give away some personally-definable information and there’s a privacy law on the other side of it that says you have to keep it a secret.

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“The problem is that if you try to do it in a blockchain setting, your private information becomes public to everybody… so 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…

 “It’s a really hard product. It’s the hardest product we’ve ever worked on and it makes Cardano look like kid’s play.”

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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

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