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Cardano Ecosystem

AZCoinnews

10/12/2023

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Cardano Founder Charles Hoskinson Confirms Stake Pools' Role in Securing Midnight Blockchain

In a recent livestream on October 10th, Charles Hoskinson, the mastermind behind Cardano, shared exciting updates about the upcoming Midnight blockchain. This revelation came during a conversation with...

Cardano Founder Charles Hoskinson Confirms Stake Pools' Role in Securing Midnight Blockchain

In a recent livestream on October 10th, Charles Hoskinson, the mastermind behind Cardano, shared exciting updates about the upcoming Midnight blockchain. This revelation came during a conversation with Midnight CEO Eran Barak, shedding light on the collaborative efforts of these blockchain pioneers to bring Midnight to life.

Yes

— Charles Hoskinson (@IOHK_Charles) October 11, 2023

Midnight, a blockchain platform designed with a primary focus on data privacy, was initially introduced to the world during IOG’s 2022 summit. With groundbreaking cryptographic techniques at its core, Midnight boasts the ability to facilitate secret contracts and verifiable computations. The platform has been generating buzz ever since and recently took its first steps towards becoming a reality by launching on the Sandbox devnet for early testing and feedback.

During the livestream, Hoskinson, who is renowned for his work in the blockchain space, provided a crucial update on Cardano’s involvement with Midnight. One of the key questions raised was whether Cardano’s stake pools would still play a role in securing Midnight, as previously outlined. In response to this query, Hoskinson gave an unequivocal affirmative, affirming Cardano’s commitment to contributing to the security and decentralization of the Midnight blockchain.

The concept of Cardano’s stake pools securing Midnight marks a significant development in the realm of cross-chain architecture. By integrating Cardano’s extensive decentralization expertise, Midnight is poised to benefit from the robust security that Cardano has established. This partnership underscores the growing trend of blockchain networks working together to enhance overall security and interoperability.

One of the noteworthy aspects of this collaboration is the symbiotic relationship it fosters. By allowing Cardano validators to support Midnight, IOG (Input Output Global), the company behind Cardano, reinforces its vision of using its leading Proof-of-Stake (PoS) network as the foundation for new layer 1 blockchains. This interdependence between chains creates a mutually supportive ecosystem, where security and stability are shared resources.

Moreover, transaction fees on the Midnight blockchain, which are payable in the native token called DUST, will be distributed to the pools that confirm transactions and help finalize Midnight blocks. This incentive mechanism not only rewards those participating in the validation process but also ensures the long-term sustainability and security of the Midnight blockchain.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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