2024-11-22 20:56 |
Charles Hoskinson, founder of Cardano, has hinted at potential collaborations with Ripple, particularly focusing on decentralized finance (DeFi), stablecoins, and the integration of Midnight, a privacy-focused sidechain developed by IOHK (Input Output Global).
This discussion unfolded during a surprise AMA session on Monday as Hoskinson responded to a listener’s question about the possibility of Cardano and XRP working together. Hoskinson expressed optimism about the synergies between Cardano and XRP, particularly in terms of liquidity and DeFi.
“We can add amazing DeFi components to XRP,” Hoskinson stated, highlighting how XRP could benefit from an infusion of liquidity and a stablecoin layer. “Bridges definitely” were also mentioned as an avenue for cross-chain integration, allowing for greater interoperability between the two ecosystems.
A key conversation component was Midnight, a groundbreaking sidechain designed to enhance blockchain privacy using zero-knowledge (ZK) proofs. According to a whitepaper published in September, Midnight aims to facilitate private smart contracts while maintaining data privacy and ownership. Hoskinson further revealed that he had been in discussions with Ripple’s Chief Technology Officer (CTO) David Schwartz and his team, with preliminary plans underway to see if Midnight could be integrated into the XRP Ledger (XRPL).
“The goal is to add private smart contracts because then you have private state to public state,” Hoskinson explained. By enabling private transactions, Midnight aims to solve the current challenge in blockchain, where most smart contracts operate in a public environment, exposing sensitive data.
Further, the crypto mogul also hinted at working with other blockchain networks, noting, “There are so many comments coming through… Midnight is a fourth-generation cryptocurrency being built to augment all of the cryptocurrencies.” He emphasized Midnight’s interoperability, stating it is designed to work not only with Cardano and XRP but also with Ethereum and Solana, with ongoing negotiations with additional ecosystems.
That said, Midnight’s potential role as a privacy layer for XRP could redefine how blockchain ecosystems manage sensitive data while facilitating compliant transactions. As Hoskinson elaborated, Midnight could usher in new opportunities for enterprise solutions by enabling selective disclosure regimes, where businesses could choose what information to share with different parties.
This announcement follows Hoskinson’s proposal for a formal collaboration with Ripple last week. In it, he suggested integrating the Midnight sidechain alongside Ripple’s regulated RLUSD stablecoin while apologizing to the XRP community following a long-standing feud. Notably, the rift stemmed from a conspiracy theory involving Ethereum’s alleged role in instigating legal actions against Ripple, a claim Hoskinson denied.
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