- Charles Hoskinson unveiled Cardano’s privacy sidechain Midnight.
- The IOG CEO claimed it was the most sophisticated product they worked on.
- Despite Hoskinson’s dynamic presentation, the community’s reactions were mixed.
Cardano’s privacy-centric sidechain, Midnight, has finally made its DevNet debut and is ready to host an exclusive group of developers and testers to delve into its treasure trove of innovative features.
Branded as ‘the first 4th generation blockchain’ by Charles Hoskinson, the Cardano founder and the IOG team are more than excited about the opportunities the privacy sidechain will bring. However, whether this thrill resonates with the broader community still remains ambiguous.
Charles Hoskinson Kicks Off Midnight
Cardano Founder Charles Hoskinson and Midnight Network CEO Eran Barak took to Twitter to kick off the DevNet launch of the highly anticipated Midnight sidechain on October 10. The crypto pundit and Midnight’s CEO spoke extensively about the privacy-focused blockchain and its importance in the current industry.
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Hoskinson revealed that IOG had been quietly toiling away on Midnight for nearly five years despite its public unveiling in November 2022. He underscored that Cardano had its limits and necessitated a service layer, which is where Midnight steps in
Hoskinson flaunted many of Midnight’s features, highlighting its multi-consensus identity, rollups, and private smart contracts. The IOG CEO painted Midnight as one of the most sophisticated products the firm has worked on, claiming it could supercharge Cardano’s ability to move onto completely new sectors.
While Hoskinson’s and Barak’s remarks aimed to stir up excitement for the privacy-focused sidechain, the community’s reactions were mixed, brimming with questions.
IOG Struggles to Answer Community Questions
Charles Hoskinson and Eran Barak’s dynamic presentation on Midnight left the community yearning for more. Many found the call, although lively, to be too brief to cover important aspects of the upcoming protocol.
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While Hoskinson and Barak touched upon Midnight’s necessity and its potential impact on the industry, critical details were left in the shadows. Questions loomed over the distribution of DUST, Midnight’s native token, and what regulators IOG was collaborating with to ensure the sidechain’s compliance with regulations. Hoskinson offered only a glimpse of the tokenomics, sharing that it was ‘innovative’ and would have ‘predictable costs.’
Some community members were confused with Charles Hoskinson’s claim that IOG had been working on Midnight for five years, considering the founder introduced the sidechain in November 2022.
Many questions have yet to be answered by the IOG and Midnight teams. However, as Midnight advances toward the public stage, many expect these questions to be addressed sooner rather than later. Despite the information gaps, Cardano developers and SPO leaders are excited about the launch and can’t wait for access.
On the Flipside
- Charles Hoskinson’s unrelenting optimism about Cardano’s developments raised skepticism in the crypto community, with some labeling him as dishonest; he countered by insisting that every claim he made had a source.
- Polygon and Ethereum are years ahead of Cardano in the Zero-knowledge-based solutions landscape.
- Although robust in security and privacy, Zk-proofs can be computationally expensive.
- Midnight’s official website had no links to a white or yellow paper.
Why This Matters
Cardano’s Midnight sidechain is a huge leap forward for the network and could boost its status in the industry. However, the lack of information surrounding it, except for keynotes and presentations from its core team, can raise concerns and confusion about the protocol.
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