Appearing in a recent podcast, Shahaf Bar-Geffen, CEO of the COTI Network, said that Djed, a stablecoin built on the Cardano (ADA) algorithm, will debut soon. At the Cardano Summit last month, Bar-Geffen declared that the algorithmically-backed stablecoin will debut in January 2023. In September, the stablecoin was nearing the completion of development. The project became available for testing earlier this month, and Bar-Geffen said the group had to confirm that the stablecoin operated with the Vasil update.
Bar-Geffen, speaking on the failure of algorithmic stablecoins, stated,
“What is failing is actually not the algorithms, but what is failing is actually centralized entities.”
Djed merges the idea of over-collateralization and algorithms into one powerful stablecoin, According to Bar-Geffen.
Furthermore, the project has completed two audits. Bar-Geffen said he was okay if people were not interested in the project. However, security is one thing he could not fail with. He said that he “can’t live with leaving security vulnerabilities. This is why it took a bit more time.”
Due to financing issues, Cardano’s (ADA) top stablecoin project, Ardana, was shut down last month. According to Charles Hoskinson, CEO of Input Output, it is distasteful of the management of these initiatives to attribute their failures to Cardano.
Cardano boss talks about “Midnight”
Entrepreneur and investor Balaji S. Srinivasan remarked that Ethereum and Zcash implemented two of Bitcoin’s key innovations—programmability and privacy—in September of this year. In response to Srinivasan’s Tweet, Hoskinson said that the private blockchain used by ADA (Midnight) includes both programmability and privacy characteristics.
It took Hoskinson nearly three months to respond to Srinivasan’s tweet, nonetheless as some say, better late than never. The Cardano development team will shortly introduce Midnight, a brand-new blockchain with a privacy-centric focus. The concept was introduced by Hoskinson at the Cardano IO ScotFest last month.
Moreover, zero-knowledge-proof technology will support the sidechain. It’s important to note that Midnight will have a token, namely Dust. Hoskinson claims that by implementing zero-knowledge-proof smart contracts, Midnight will outperform the functionality of current privacy-coin initiatives like Zcash and Monero.
At press time, ADA was trading at $0.301936, down by 3% in the last 24 hours.