Cardano Founder Charles Hoskinson Pitches Midnight as a Privacy Layer for Bitcoin and XRP
Charles Hoskinson is pitching his newest enterprise, Midnight Protocol, as greater than a sidechain for Cardano.
Instead, the Cardano founder is positioning the privacy-focused platform as a shared infrastructure layer that might lengthen programmable privateness to rival blockchain networks, together with Bitcoin and the XRP Ledger.
Hoskinson Moves Beyond Cardano With a Cross-Chain Privacy Play
In a December 27 post on X, Hoskinson argued that Midnight’s zero-knowledge proof structure might improve the capabilities of competing ecosystems relatively than displace them.
He stated that integrating Midnight with the XRP Ledger would enable the community to problem legacy banking programs by enabling personal, compliant decentralized finance. He prolonged the argument to Bitcoin, saying Midnight provides programmable privateness options that Bitcoin presently lacks.
Hoskinson additionally framed Midnight as a catalyst for Cardano itself. He instructed that the protocol might assist raise Cardano’s month-to-month energetic customers and whole worth locked by broadening the ecosystem’s utility past its native chain.
“Midnight makes what it touches higher. Adding Midnight to XRP DeFi goes to blow the legacy banks out of the water. Adding Midnight to Bitcoin offers the world Satoshi imagined potential. Adding Midnight to Cardano supercharges our DeFi ecosystem and will 10x the MAUs, Transactions, and TVL as we’re first to market with personal DeFi at scale,” he claimed.
Beyond interoperability, Hoskinson pointed to the dimensions of the chance in real-world asset tokenization. He stated the estimated $10 trillion market for Real-World Assets would profit considerably from Midnight’s privacy-preserving design.
In that context, he criticized conventional finance companies for persevering with to companion with the Canton Network, a permissioned blockchain, arguing that partial options fall wanting what institutional adoption requires.
“There are not any half measures or half applied sciences. You want an end-to-end technique, nice companions, and nice communities,” Hoskinson said.
This technique marks a shift for Hoskinson, who has traditionally targeted on constructing inside the Cardano ecosystem.
By selling Midnight as a privacy layer that enhances different Layer-1 blockchains, Hoskinson is looking for to entry liquidity and consumer bases past Cardano’s current community.
That pivot has coincided with rising speculative curiosity in Midnight’s native token, NIGHT.
Data from CoinGecko confirmed that the asset not too long ago surpassed Bitcoin and Ethereum in search quantity on the platform’s trending record.
However, the token has traded with high volatility since its launch earlier this month. According to BeInCrypto information, the token’s value has dropped by greater than 80% to $0.08 as of press time.
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