Cardano’s Charles Hoskinson: How Crypto Should Work Together
In the letter
- Cardano founder Charles Hoskinson came across the Decrypt Daily today.
- He explained how moral standards help develop good projects.
- In his opinion, blockchains should strive for interoperability, openness and collaboration.
Charles Hoskinson, founder of Cardano, sat down with that Decrypt daily Podcast today to talk about why blockchains shouldn’t try to lock themselves off, how high moral standards support development, and why the cryptosphere should strive to be better than traditional finance.
Hoskinson opened the discussion by explaining why different blockchain networks should strive for interoperability instead of wallowing in their own ecosystems.
“Well, I mean, it’s like common sense in any other industry. Can you imagine Wi-Fi if your WiFi only works with one particular manufacturer? You would say, “Oh, sorry, your Samsung phone only works with the Samsung WiFi router, or your iPhone only works with the Apple router?” What mess would that be? ” he said.
He went on to explain that emerging industries “unfortunately” tend to isolate their platforms and ecosystems in hopes of asserting dominance in their space. As an example, he cited “a dark time” – the 1990s – when Microsoft tried to force developers to stick to the earlier ActiveX software without considering any other web standards.
“You haven’t really rated web standards. You actually had to have broken cascading style sheets in order for your website to render correctly in Internet Explorer. It was a dark time. And you know, new industries tend to think, “Oh, maximalism, where everything about my ecosystem matters. And it depends on supplier loyalty, ”he said.
Fortunately, there is always a moment of “renaissance” when businesses focus primarily on the needs of their consumers. Of course, they “actually get bigger” as “it shows you the power of openness and the power of interoperability”. And this is the direction the blockchain and cryptocurrency industry should be headed, Hoskinson said.
Surprisingly, being user-centric and adhering to high moral standards can actually help developers create better products. In the case of Cardano, for example, the team took a very gradual, systematic approach. While it was slow in the beginning, it ultimately streamlined the development process and made it more effective.
“Well, it depends on your perspective. If you think it’s moral to build something that blows in the face of someone else who gets the bill and you get the money, then it actually hurts you [commercial adoption]. There is DeFi, the ICO revolution was there and so on, “Hoskinson said, adding,” If you think doing this is immoral then it is stopping you because the protocols you published don’t blow up chase consumers faces and they don’t get billed for things. You also have a much easier upgrade path. “
Compare Cardano with Ethereum
Talking about Ethereum 2.0 and its transition to a consensus protocol to prove stake, Hoskinson noted that Cardano’s systematic approach mentioned above allowed it to evolve “faster than Ethereum” in many respects – despite its reputation for slow rollout.
“So they are desperately trying to get evidence of the use. And they actually worked on it a year longer than we did. But we have a very disciplined systematic approach that started very slowly because it was basic research where we had to define the fundamentals of a blockchain, “said Hoskinson, adding,” The advantage of that was that we kind of knew what it was Force looks like. It’s like a warp, you have to scout first to understand what the battlefield will be like. “
In the end, he said, as long as you sincerely “balance financial incentives with your community, you will both likely figure out how to accomplish it.”