The second generation was about smart contracts, with Ethereum being the lead. The third phase was all about working together and making different blockchain networks interoperate. Now, Hoskinson says that the blockchain world is entering its fourth phase, and this phase will be all about privacy. He stressed that privacy isn’t just a bonus, but something that is very important for the growth of blockchain and decentralized finance (DeFi).
“The fourth generation is about privacy,” Hoskinson said. “Privacy isn’t just an optional feature, it’s a necessary feature.” His point is that as blockchain grows, it’s important to have ways for users to control their own information and keep things private. That’s where Midnight comes in.
Midnight is Cardano’s new privacy-focused sidechain. It allows users to interact with it using their tokens from different blockchains without having to convert their assets. This feature is called “chain abstraction,” which simply means you can use your tokens (whether it’s ADA, ETH, or XRP) on Midnight without changing them.
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