Cardano Founder Charles Hoskinson, spoke about the proxy key idea. It integrates with the main key to allow users to sign transactions.
Cardano, the third-largest crypto project in the space, is an innovative technology. This project can sometimes be disappointed by the threat from the meme coin to its position. The Cardano team, Input-output Hong Kong international, is still working on new ideas to integrate the Cardano blockchain into a better user experience. This will allow for better competition to other crypto projects such as Polkadot and Ethereum.
Charles Hoskinson, the CEO, and founder of Cardano held an Ask Me Anything session on YouTube on 21 November. Charles spoke about scaling the Cardano blockchain using the EVM development in the AMA session. He also spoke about the Proxy key concept.
Charles stated that the proxy key concept will include the voting key, spending key, and staking key. They can either integrate the Voting & Staking key or create a new key that is just like voting and stakes as a secondary.
The primary would be spending and the secondary would include staking and voting key. You can either directly delegate to them or create a key chain. That’s just a keychain and a staking key.
Charles stated that they would give the key a new name, “Proxy key”. The proxy key will be able to sign the transactions by using the main key.
These proxy keys are called “..we call them.” You would then sign a transaction that would allow those keys to act for the original keychain.
Proxy keys will have the main advantage of being available on both the Cardano blockchain’s hot and cold infrastructure-based wallets. They will also integrate the Proxy key and the Main using the snark.
Snark is cryptography that allows programming to access the main chain information without affecting sensitive and important data.