Charles Hoskinson’s $200 million bet: Midnight goes live to tackle crypto’s biggest flaws
The Cardano founder argues crypto is too public, complex and risky for mainstream use and is backing a privacy-focused network to change that.
What to know:
- Midnight, a privacy-focused blockchain within the Cardano ecosystem went live, aiming to make blockchain use simpler and safer by hiding sensitive data.
- Backed by $200 million from Cardano founder Charles Hoskinson, it is designed to address what he sees as crypto’s core design flaws.
Charles Hoskinson, founder of the Cardano and Midnight blockchains, said crypto has spent more than a decade solving the wrong problems and failing to break into the real-world economy.
“The question I’ve been asking for eight years is: why didn’t the revolution happen?” Hoskinson asked. His answer is Midnight, a project in which he invested roughly $200 million. The network went live on Monday, Midnight told CoinDesk.
Midnight is a blockchain built within the Cardano ecosystem, designed to fix what Hoskinson described as crypto’s core design flaws by making it private, simple and safer to use.
Rather than competing with networks like Bitcoin or Ethereum, it sits alongside them, allowing users and businesses to use crypto without exposing sensitive data or dealing with the technical complexity, Hoskinson said.
The rollout will take place in phases, starting with infrastructure and expanding to applications and governance. Early uses include confidential financial products, identity systems and enterprise data workflows.
For Hoskinson, the stakes go beyond another layer-1 release. “The last mile is simplicity, privacy and rules,” he said. Without those, blockchain will remain locked out of the real world.
