The upcoming Midnight upgrade will enable Real World Assets (RWAs) by integrating private smart contracts on the Cardano network.
Cardano founder Charles Hoskinson has announced the upcoming Midnight upgrade on the blockchain, which will introduce the capability for handling Real World Assets (RWAs) with private smart contracts on the Cardano network. This development aims to enhance the blockchain's adaptability to diverse regulatory frameworks and mainstream financial systems.
In a recent video, Hoskinson outlined plans to integrate Bitcoin as a control layer for Cardano's smart contracts and assets. This scheme would enable users to send Bitcoin to Cardano, generating Cardano-wrapped Bitcoin. This feature is currently in development, showcasing Cardano's pursuit of advanced blockchain interoperability.
Hoskinson also highlighted Midnight's role in managing KYC and AML requirements within Cardano's private smart contract structure. The upgrade automates regulatory policies, preserving transaction identity in the asset itself. This integration showcases Cardano's adaptability to global compliance standards.
Hoskinson further discussed how RWAs on Cardano can cater to varying regulatory demands across jurisdictions. By utilizing stablecoins, the network aims to connect with mainstream financial systems while supporting government-compliant blockchain solutions.
The彙集 of these developments within the Cardano ecosystem is reflected in the blockchain's native cryptocurrency, ADA, which has seen a surge in demand over the past few weeks. The blockchain token briefly climbed above $1.1 for the first time since April 2022, before facing a pullback amid an overall crypto market retracement and news of Wyoming Stable Token Commission omitting Cardano from the state's stablecoin project.
Despite the recent setback, analysts predict more upside potential for ADA, considering Cardano's role as an implementable solution in government processes under Donald Trump. Additionally, Cardano's collaboration with Ripple to integrate DeFi components on XRP has also contributed to ADA's price performance.
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