Charles Hoskinson, creator of blockchain network Cardano, says the cryptocurrency movement is much more than speculation about the price of Bitcoin.
In an online address for the Wave Financial Virtual Investor Conference, Hoskinson says lack of trust is at the heart of many of the problems people and businesses face during the coronavirus pandemic – and blockchain is the solution.
“There were countless issues, from hoarding to profit-seeking behavior and other things that leaked in and ended up hurting the most vulnerable among us. So we wonder why it is.
It is because these systems are built very fragmented. And what we’ve done to try to fix these systems is simply to add an extra layer of complexity, another layer of regulation, or in many cases just adopt a single standard …
The point of space of the cryptocurrencies is not about money. It is not about Bitcoin. It is not about going to a market capitalization and saying it has gone up by 5% or by 10%. Really, the abstract point of our industry as a whole is about trust between parties that need to work together, but don’t really trust each other. “
Hoskinson says the crypto industry has changed significantly in just over a decade since BTC was born.
He believes that the sky is the limit for the technology’s ability to remove intermediaries and create confidence in an automated and efficient system that can touch all aspects of trading.
“If I were to describe what our industry is about, the blockchain industry as a whole, it’s not about money. It’s about that philosophical conversation about how we can re-imagine society. Imagine the way we work together again, we trust each other, how we quantify things.
Our own company, for example, in Ethiopia, we are now offering on a project for six million smallholders for fertilizers. But as you delve into the business and technical requirements of such a program, you begin to realize how incredibly interconnected life is … When you build a voucher system, you actually build a payment system. And actually you build an identity system. And then you build a census somewhere along the way to find out who people are. And then you build a voting system somewhere along the way. And then you’re going to link it to the output somewhere along the way, so you’re building an agricultural supply chain system …
And each one is a great opportunity, a magical opportunity for all kinds of new business models and all kinds of innovation. ”
Cardano developers recently launched a testnet for the proof-of-stake blockchain Shelley, which allows holders of their own cryptocurrency to earn ADA rewards for driving the network.
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