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Cardano: This is the vision that founder Charles Hoskinson has

 


The Altcoin Cardano has tended to decline in recent weeks. The Alonzo upgrade was supposed to bring improvements, but it soon turned out to be a disappointment. Cardano founder Charles Hoskinson presented his vision for the cyber motto in a live Twitter video.

• Cardano in the last few months under pressure
• Charles Hoskinson explains his Cardano vision via Twitter
• Security and privacy at the center

The cryptocurrency Cardano has had a difficult few months. While founder Charles Hoskinson's cyber motto has had a strong run in 2021, it has been steadily downhill in recent months. Cardano is faced with some difficulties. The so-called Alonzo upgrade went live in mid-September, for which crypto fans had high hopes, but which soon turned out to be a disappointment. The upgrade should make it possible to use smart contracts on the cryptocurrency as well. It soon turned out, however, that although these were entered into Cardano, they were not yet available live, i.e. could not yet be used.

Security and privacy - two construction sites Hoskinson wants to work on

In addition, the altcoin is struggling with the challenges of security and privacy, two issues that continue to play a major role in the entire crypto-verse, especially in view of the rapid development that the crypto sector is going through. So Hoskinson used a live Twitter polling session in late November to set out his vision for Cardano on these two issues. Because it is certain that Cardano still needs some adjustments to meet the current challenges.

Hoskinson explained that he could imagine installing two new security mechanisms at Cardano in order to make the cryptocurrency even more secure. At the same time, he asked for patience, since such adjustments take time, but it is also important to take this time. Other cryptocurrency developers did not always do this, and hacks and thefts were the result.

Introduction of proxy keys

The first security mechanism that the Cardano inventor introduces are so-called proxy keys. This is a novelty, as there are currently only two options for storing keys on a blockchain: Either in a hot or a cold wallet. If the keys are in a hot wallet, they are online and therefore vulnerable to security risks. Hoskinson now envisions that, with the help of proxy keys, a combination of the two wallet infrastructures would be possible and security could thus be improved. Specifically, he imagines three different keys - the spending, voting and staking key. The proxy keys would quasi stand for the original key and would be in the hot wallet, while the original could remain in the cold wallet and thus remain inaccessible to hackers. In addition, authentication would be necessary to ensure that the owner of the proxy keys is actually the owner of the original key. However, according to Hoskinson, it will take a while before this safety mechanism becomes a reality - he was aiming roughly for the second half of 2022.

Zero Knowledge Proof

Another procedure that the Cardano founder intends to implement in order to guarantee the privacy of the users of the cryptocurrency is called Zero Knowledge Proof or ZK Proof. If you want to purchase cryptocurrencies via an exchange or a financial institution, they are obliged to check the identity of the potential customer. This process is called Know-Your-Customer. However, if you register with an exchange in this way, you leave traces on the blockchain with every transaction if you use a cryptocurrency in which all transactions are publicly visible. Cardano is just like Bitcoin and Ethereum, such a cyber motto. The ZK proof procedure would be a possibility to better protect the privacy of the users. Because this makes it possible to verify transactions without more details about the transaction being publicly visible on the blockchain, apart from the date and time. Only the transaction partners can call up more information, explains BTC-Echo. Hoskinson sees great potential here: "We will see a whole wave of ZK companies, I think we have one of the best positions of companies in the crypto space to operate this". Here, too, crypto fans will have to be patient a little longer. In the next 24 months, this type of proof is expected to be established at Cardano.

It turns out that the Cardano founder is still bubbling over with ideas on how cryptocurrency can be improved. However, a lot is happening with the rivals too, the race for the coveted spots in the DeFi area has long since begun. The future will show whether Cardano will be a little late in implementing all of its ideas.

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