Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Cardano (ADA) has been making the rounds lately with its newly introduced sidechain, the Midnight Protocol. Taking to its official account on X social media, the protocol, through Input Output Global (IOG) founder Charles Hoskinson, revealed its core visions. These are based on three concepts, including freedom of Association, freedom of Commerce, and freedom of Expression, collectively called ACE.
Hoskinson highlighted in what appears to be a lecture that Midnight was born to address these concerns by giving stakeholders in the digital currency ecosystem an opportunity to gain access to needed tools, with privacy infused at its core.
Cardano is one of the latest innovations from IOG that has been placed on a revolutionary path to further position the networks on the map as one of the most active blockchains around. While IOG has launched other products thus far this year, including its flagship wallet Lace, it presents the Midnight protocol as an important one that also showcases the strength of its sidechain toolkit.
While the Cardano Midnight protocol has been under development since at least last year, it was opened to developers for registration earlier this month. The protocol was also placed on the front burner when the official X account was opened earlier this month as well.
Building to correct its flaws
Over the past few months, the developmental efforts of Cardano have not necessarily translated into visible price growth on its native coin, ADA. In fact, the profitability of Cardano's wallets slipped to its lowest level, as more than 93% of addresses registered on the protocol are now in losses.
Though Cardano has been quite active in terms of developer activities, it is believed that the protocol may need to remain consistent in terms of its developmental activities. The assumption is that with time and the proliferation of applications that can drive usage, ADA is bound to pick up momentum eventually.