Hoskinson claims that ADA's forthcoming privacy procedure Midnight, which was recently confirmed, aims to establish a nondisclosure system of smart contracts, just like what Ethereum (ETH) did for Bitcoin in a new conversation on Corey Casta's Crypto Coins YouTube channel (BTC).
According to Hoskinson, Midnight seeks to resolve the counterintuitive issue of having both confidentiality and disclosure rules at the same time.
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.
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.
Hoskinson asserts this will be the most challenging task that Cardano programmers have undertaken so far, even going above and beyond to say that it makes the creation of ADA seem easy.
The cryptomarket may be relapsing, but Cardano's (ADA) development will not really appear to be decelerating. This involves working on the platform's innovative Midnight blockchain, which focuses on confidentiality.
In fact, the Cardano founder discussed privacy and blockchain in a question and answer session with YouTuber Cory Costa that was broadcasted on December 7, concentrating on how the Midnight chain addresses one of the key issues in the cryptocurrency industry, along with the autonomy of “smart contacts.”
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