Hoskinson mentioned the 51% Attack on the Monero network, perpetrated by the Qubic developers. The creators of Qubic described their actions not as a malicious attack, but as a 'stress test' to identify vulnerabilities. However, the incident with Monero raised concerns among developers that in the event of a successful 51% Attack, malicious actors could perform double spends and censor transactions.
The Cardano Midnight sidechain and the Minotaur consensus protocol are designed to counter such threats, assured the businessman. Hoskinson stated that Minotaur employs multiple forms of consensus, combining proof of work (PoW) and proof of stake (PoS). With this approach, control is distributed among different types of resources, preventing any one of them from dominating the network. No malicious actor will be able to gain control over the blockchain using only one consensus method, making it significantly more difficult to hack the system, claims Hoskinson.
The multi-resource model with different consensus mechanisms ensures an even distribution of computational load among participants. Pool operators for Cardano staking, who perform validation for Cardano and Midnight, can operate the system without overloading their equipment, added the founder of Cardano.
He stated that Minotaur ensures the operation of Midnight — the fourth-generation Cardano blockchain. Midnight uses zero-knowledge proofs ZK-SNARK to verify transactions without revealing confidential data.
Recently, Hoskinson stated that the cryptocurrency Cardano, $ADA will not be used to pay listing fees for ecosystem projects: the meme coins SNEK and the Cardano Midnight sidechain. Earlier, the founder of Cardano bragged that the ADA coin surpassed Bitcoin in growth speed.#cordano #Monero #BinanceNews #BinaceSquare