According to founder Charles Hoskinson, Cardano (ADA) is about to reach a historic milestone. During a recent AMA session he described the Midnight project as “one of the greatest events ever” within the Cardano ecosystem.
This new sidechain has to build a bridge between Cardano and Bitcoin (BTC), among others, with the aim of greatly improving privacy, interoperability and inclusion within the global financial system.
Midnight builds bridge between Cardano and Bitcoin
Midnight is a privacy-oriented Sidechain that makes Cross-Chain Defi possible. The technology behind the network, so-called zero-knowledge Snarks, enables users to perform confidential transactions between different block chains. Currently, those transactions are often expensive and slow, but that has to change with Midnight.
The ambition is great: Cardano and Bitcoin are connected via Midnight. According to Hoskinson, this makes faster, cheaper and safer crypto transfers possible. In addition, it must contribute to more financial inclusion, especially in regions where access to banks is limited.
An important part of Midnight is the Fairgate system, which will serve as an operational layer. Fairgate must bundle and optimize transactions, so that users have the choice between speed or maximum safety.
Airdrop on the way
Midnight also introduces two new tokens: Night and Dust. Night acts as governance token with which users can vote on network decisions. Dust is used for private transactions on the network.
An airdrop of these tokens seems future. Hoskinson hinted on one of the largest token donations ever for Cardano holders, but also owners of Ethereum (ETH), Solana (SOL) and Bitcoin could receive tokens. The precise details remain secret for the time being, but speculation in the community is growing.
Source: https://newsbit.nl/hoskinson-onthult-midnight-wordt-historisch-moment-voor-cardano/
