$ADA: Hoskinson Explains Why Making Solana a Sidechain of Cardano Is a Great Idea
Charles Hoskinson, Co-Founder and CEO at Input Output Global (“IOG), the blockchain technology firm responsible for the development of Cardano ($ADA), recently explained how Solana ($SOL) could become a partner of Cardano ($ADA).
According to a report by The Daily Hodl, during a surprise AMA session streamed live on his YouTube on 10 December 2022, Hoskinson said:
“For six years now, we’ve been talking about this, thinking about this, pushing this forward, this concept that you have one main chain and a family of sidechains and each and every one of them does different things. And the sidechains model of Cardano is that if a sidechain comes in and connects to Cardano, that sidechain is a partner of the main chain. The main chain provides security, it provides infrastructure, it provides an ecosystem and it provides liquidity...
“It’s listed on 200-plus exchanges, all these types of things, so you have all that scale, and in exchange for that, the partner chain, instead of paying its inflation to miners who are a nexus within that chain, it pays the inflation (the block rewards) to the stake pool operators and the ADA holders, because Cardano’s taking care of the security of the sidechain...
“So you could take Solana, replace the current consensus algorithm with something 25 times faster and doesn’t collapse all the time, make it a Cardano sidechain, Solana would then be paid to ADA holders to maintain it (probably at a lower inflation rate than they’re currently paying right now). They don’t have to worry about security anymore, and then all those DApps move over and they get better reliability and security and they get faster.“
https://youtube.com/watch?v=EW2QDxVlpIY%3Ffeature%3Doembed
On 8 December 2022, Hoskinson shared his thoughts on upcoming confidentiality platform Midnight during an interview on YouTube series “Corey Costa’s Crypto Coins“.
According to a report by The Daily Hodl, IOG CEO said:
“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... 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.
“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 contracts that are private...
“It’s a really hard product. It’s the hardest product we’ve ever worked on and it makes Cardano look like kid’s play.“
https://youtube.com/watch?v=bvkCUHXmq1E%3Ffeature%3Doembed
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