Cardano founder Charles Hoskinson outlined several steps towards decentralizing the Midnight network and how it is already progressing in certain parameters.
Mr. Hoskinson shared these insights in the following article: recent Join us for interviews with key ecosystem players, including Fahmi Syed, President of Midnight. During the podcast, he discussed the Midnight mainnet launch and decentralization plans, among other things.
Important points
- Cardano founder Charles Hoskinson said late night decentralization started from day one.
- He highlighted several criteria that Midnight must meet to achieve full independence. One of them is development decentralization.
- He also talked about the decentralization of the network, where Midnight has slowly transitioned from a federated node operations system to a stake pool operator (SPO).
- Cardano’s founders emphasized decentralizing governance as the final step to full decentralization.
- Mr Hoskinson said he would use the Edinburgh Decentralization Index (EDI) to measure Midnight’s progressive decentralization roadmap.
Midnight Powerful Start to Decentralization: Cardano Founder
When asked about plans to decentralize Midnight, Hoskinson highlighted a roadmap to achieve this goal. On the other hand, he pointed out that: cardano Unlike Cardano, which took a decade to become fully decentralized, sidechains already have an advantage in that regard.
The Cardano founder, who claims to be one of the few who can fully decentralize the network, cited Midnight’s “asset decentralization” as a key benefit. For beginners, Midnight airdropped $NIGHT token It was made available to targeted users on seven different blockchains during Glacier Drop earlier this year.
The ADA ecosystem accounted for half of the $24 billion total $NIGHT The other half was shared by Bitcoin, XRP, BNB, and Solana holders. Hoskinson pointed out that this diversification of assets already creates diversification.
he called $NIGHT It has undergone widespread allocation across multiple blockchains, making it one of the “most decentralized cryptocurrencies in history.” Citing this, he claimed that Midnight started its journey towards complete decentralization from day one.
Various parts of late night decentralization
However, he pointed out that this is just one path to decentralization. He highlighted several criteria that Midnight, similar to Cardano, must meet to achieve full independence.
One of them is the decentralization of development. hoskinson Midnight emphasized that it is “ahead of schedule” in this regard, with more than a dozen companies building the network. The Midnight team also works with several member-based organizations to promote decentralization in network development.
He also talked about the decentralization of the network, where Midnight has slowly transitioned from a federated node operations system to a stake pool operator (SPO). Here, Cardano SPO can perform the same task for Midnight, so the founders believe it is an equally easy measure. The team will also take lessons from the Cardano-Shelly era during this transition period to further smooth the process.
Finally, the Cardano founders emphasized decentralization of governance as the last part. Hoskinson pointed out that users can do even more with Midnight under a decentralized governance system enabled by next-generation on-chain voting capabilities. Here we have anonymous voting, ZK secondary voting, etc.
Progress evaluation
To measure Midnight’s progressive decentralization roadmap, Hoskinson said it will use the Edinburgh Decentralization Index (EDI). This tool assesses whether Midnight’s implementation will make the network more decentralized.
Notably, Hoskinson’s comments came just days later. Midnight released on mainnet. The long-awaited debut enables widespread access to a privacy-focused fourth-generation blockchain that leverages zero-knowledge proofs to provide data protection and selective disclosure.
Interestingly, Hoskinson previously predicted that Midnight would have a major impact on the Cardano network.
