In a recent interview, Charles Hoskinson, a leading figure in the cryptocurrency sector, shared details about the Midnight protocol, a new and ambitious part of the Cardano ecosystem.
Hoskinson analyzed why corporate giants (like Google, Microsoft, and Sony) failed in their crypto projects and explained how Midnight offers a solution to these problems.
Midnight positions itself as a “meta-chain” that can work with networks like Ethereum, Solana, and Bitcoin. Hoskinson describes this structure as the “Chat-GPT” of privacy and compliance.
Users will be able to take advantage of Midnight’s privacy features when trading different assets such as Bitcoin or Solana. It will act as an intermediary layer bridging regulated traditional finance (Web 2) and the decentralized world (Web 3).
One of the most striking parts of the interview was the threat posed by quantum computers to Bitcoin. Hoskinson warned that quantum computers could break existing encryption systems by the early 2030s.
Hoskinson offered three options for Bitcoin:
- Doing nothing: This results in the system completely collapsing.
- Soft Fork: Adding a new signature protocol; however, this carries the risk of theft of the old coins (approximately 34% of the supply) that are not migrated.
- BIP 361 and Forced Migration: The most aggressive but also the safest option. However, this could lead to the loss of approximately 1.7 million Bitcoins, including Satoshi’s coins.
*This is not investment advice.
