📣 Cardano Sidechain Set for Potential Integration with XRP Ledger
posted 22 Nov 2024
Cardano (ADA) founder Charles Hoskinson hinted at a possible collaboration with Ripple during his recent AMA session.
Hoskinson described the potential alliance as groundbreaking for both platforms, particularly within the DeFi sector.
A centerpiece of the partnership is Midnight, an advanced sidechain developed by the Cardano team. Using zero-knowledge proof (ZK) technology, Midnight ensures a high level of privacy for transactions.
Integrating Midnight with the XRP Ledger (XRPL) could enable the creation of more secure and private smart contracts, an essential component for scaling DeFi solutions.
During a surprise AMA session on November 17, 2024, Charles Hoskinson announced that discussions with Ripple’s CTO, David Schwartz, have been completed. Both teams are now drafting preliminary technical documents for Midnight’s integration into the XRPL.
Midnight’s Role in Ripple’s Ecosystem
With the integration of Midnight, Cardano and Ripple platforms aim to offer users advanced decentralized services, including *private stablecoins, derivatives, and other financial instruments.
According to Hoskinson, Midnight provides a new level of privacy for XRPL, potentially redefining how blockchain networks handle sensitive data. The protocol opens up opportunities for corporate solutions, allowing businesses to choose what information to share with various stakeholders while maintaining strict confidentiality.
*Private stablecoins are centralized assets issued using zero-knowledge (ZK) technology. They ensure financial data protection, enabling the transfer of verified information without exposing sensitive details.
Related: Midnight: A New Privacy Protocol
The integration of Midnight will facilitate faster asset transfers across different blockchains, enhancing overall liquidity within the cryptocurrency market.
Moreover, developers will have access to innovative tools and protocols for building decentralized applications (dApps). This will simplify the development of cross-chain solutions, which are increasingly in demand.
Hoskinson emphasized Midnight’s versatility, highlighting its design to function seamlessly not only with Cardano and XRPL but also with other major ecosystems like Ethereum and Solana.
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