Charles Hoskinson shared about the proxy key idea, integration with the main chain key, to let the users sign the transactions.
Cardano is a highly innovative technology of the crypto space after Ethereum and Bitcoin because this is the third biggest crypto project of the crypto space. However, sometimes, this project is getting disappointment because of the meme coin’s threat to its position. But still the team behind the Cardano project, Input-output Hong Kong global, always working on new ideas and plans to integrate into the Cardano blockchain to bring better user experience and better competition to the rival crypto projects like Ethereum, Polkadot, etc.
On 21 November, Charles Hoskinson- CEO and founder of the Cardano project- did a ask me anything session on YouTube, which is usual. In the AMA session, Charles shared about the scaling solution of the Cardano blockchain with the EVM development. And also he shared about the Proxy key concept.
On the proxy key concept, Charles said that they will incorporate the spending key, voting key, and staking key. In particular, they can integrate the Voting and Staking key or will create a new key just like voting & Staking as a secondary key.
“The primary would be the spending, and the secondary would be staking and voting keys. Either directly delegate with them or create a new key chain, that’s just a staking key and a voting key”
Charles said that they will give a new name to that key “Proxy key”. The proxy key will rely on the main key that will enable signing the transactions.
“..we call those proxy keys. The idea is that you would sign a transaction that would enable those keys to act on behalf of the original keychain.”
The main advantage of the proxy key will be its availability on the hot and cold infrastructure-based wallet of the Cardano blockchain. And they will integrate the Proxy key with the Main by using the snark.
Snark is cryptography, that allows the programming to grab the information from the main chain without disturbing important and sensitive data.