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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts
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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Cardano Sees A Spike In On-Chain Activity, Should You Buy ADA Now?

Kent Tenix
Kent Tenix
1 year ago
3 mins read
cardano

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Charles Hoskinson, Cardano (ADA) founder, has explained how the cryptocurrency’s future privacy protocol (Midnight) would work within their ecosystem. 

In a recent YouTube interview, he claimed that the planned integration would help establish a confidentiality network of smart contracts. According to him, Midnight aims to resolve the paradoxical issue of having privacy and disclosure of a protocol’s rules simultaneously.

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The announcement yielded positive results, evident with a spike in on-chain activity. Data from Santiment on Cardano’s Age Consumed showed a movement of over 107 billion ADA (including old coins) on December 7. 

Cardano’s Growth Booster: New Privacy Protocols And A Surge In On-Chain Activity

Below are the critical remarks made by Charles Hoskinson in the interview streamed on Corey Costa’s Crypto Coins YouTube channel.

From a regulatory perspective, you’re not actually allowed to use blockchain systems [for privacy]. Why? There’s [the] Bank Secrecy Act, GDPR [General Data Protection Regulation], you have all these privacy departments.

He continued:

Anytime you could engage in a regulated business, there’s a privacy requirement because regulated business requires you to give away some personally-definable information, and there’s a privacy law on the other side of it that says you have to keep it a secret.

Hoskinson further added,

The problem is that if you try to do it in a blockchain setting, your private information becomes public to everybody… so it made sense to me to find a way to… create a confidentiality network, so like what Ethereum did to Bitcoin, where Ethereum said ‘we have programmability,’ Midnight does to [Cardano], where instead of having a privacy coin, what you do is you have a confidentiality network, you have smart private contracts.

Cardano’s Midnight targets a general issue—concurrent privacy and disclosure legislation—that most blockchain protocols face. And the result is a surge in on-chain activity, which many experts believe would add more value to the network.

ADAUSD
ADA’s price is currently trading at $0.3124. | Source: ADAUSD price chart from TradingView.com

Should You Buy Cardano Now?

Please note ADA has a fixed maximum supply of 45 billion tokens maximum supply. This figure would eventually have an impact on the cryptocurrency’s value in the future when it reaches its max supply. The future value of this coin may depend on its new privacy technology.

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Cardano Crypto (ADA), according to CoinMarketCap, traded at a 3.33% loss. Even on its intraday charts, it prints a 0.12% loss. However, it experienced much volatility before grabbing profits. On the bright side, the token’s wallet addresses have increased, signaling a possible spike in demand. Possible catalysts could be the blockchain’s increased push for development. We can only wait to see how this surge affects the overall sentiment.

Featured image from Pixabay and char from TradingView.com
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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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