Midnight is a Cardano sidechain solution enabling efficient, protected, and cost-effective smart contract execution on the Cardano Network. It also allows the creators to build complicated DApps (Decentralized Applications) but with improved efficiency and scalability.
The development of Midnight is majorly backed by data-protection smart contacts that helps users protect sensitive data and metadata, providing clarity where required while ensuring privacy.
The chief executive officer of Cardano, Charles Hoskinson, has responded to the questions that were raised on the connection between Midnight and Cardano. It appears from the requirement that developers of Midnight should reference Cardano while writing applications for the Midnight blockchain.
Hoskinson put an end to the rumors by stressing the independence of the two projects and raising doubts about the necessity of such a linkage.
The critical distinction between the two projects is where Hoskinson’s reaction resides. Even though they have a shared commander, Midnight is a separate entity. It does not need to mention Cardano in the same way that any other blockchain, when talking about its uses, needs to.
Each platform has separate use cases and distinguishing technological requirements.
With its enormous value proposition, Midnight offers scalability, data security, and data integrity guarantee. It claims to lower compliance costs, improve the developer experience by integrating Zero-Knowledge Proofs (ZK-Snarks), and save the organization’s money on system maintenance by minimizing the requirement to gather and retain consumer data.
Crypto Market & Cardano Price Update
According to CoinMarketCap, the trading volume of the DeFi token market declined by 12.22% in the past 24 hours, followed by the NFT market slipping by 6.15% and the Memecoin market dropping by 6.15%. However, the market capitalization of the entire crypto market showed a minute surge of 0.20%.
The pioneer of the crypto market, Bitcoin, is constantly approaching $41k; however, at the time of writing, it was trading at $40,244 with an intraday growth of 0.39%. In the weekly time frame, the BTC price has shown a declining momentum of 2.74%.
Before the Bitcoin spot ETF approval, the entire market, excluding a few, flourished, but after the approval, Bitcoin prices have been struggling below $41k in the past 3-4 days.
The Cardano (ADA) price showed an improvement of 1.62% in the past 24 hours, and at the time of writing, it was trading at $0.4801. On the other hand, the price of coins/tokens showed a profitability of 28.45% in the yearly time frame.
Regarding trading volume, ADA is the 18th most traded token in the market, and in the market capitalization ranking, it holds the 8th rank in the entire crypto market.
