The Midnight Protocol, a recently launched sidechain by Cardano (ADA), has been making waves recently. The protocol unveiled its fundamental ideas via Charles Hoskinson, the creator of Input Output Global (IOG), via its official X social media account. These three ideas—freedom of association, freedom of commerce, and freedom of expression—collectively known as ACE, serve as their foundation.
Hoskinson stated in what looks to be a lecture that Midnight was created to solve these issues by providing stakeholders in the digital currency ecosystem with access to critical technologies, with privacy at its heart.
Cardano is one of IOG’s most recent inventions, putting the network on the map as one of the most active blockchains in the world. While IOG has released other products this year, including its flagship wallet Lace, it sees the Midnight protocol as an essential one that demonstrates the strength of its sidechain toolbox.
While the Cardano Midnight protocol has been under development since at least last year, it was only recently that it became available for registration to developers. The protocol was also prioritized when the official X account was launched earlier this month.
Building to fix defects
Cardano’s development efforts have not necessarily translated into obvious price rise on its native token, ADA, in recent months. In fact, the profitability of Cardano wallets has dropped to a new low, with more than 93% of addresses registered on the system currently losing money.
Despite the fact that Cardano has been fairly active in terms of developer activities, it is anticipated that the protocol will need to remain consistent in terms of its development efforts. The premise is that, over time and the growth of applications that may drive usage, ADA will gain traction.
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