In an interview with Cheddar, Cardano’s Chief Executive Officer and Founder of IOHK Charles Hoskinson discusses the Cardano blockchain, which is becoming more popular and is getting more attention from around the world. He also talks about how this crypto project contrasts to the more popular blockchains.
He begins by discussing how Cardano and cryptocurrency startup IOHK targeted sustainability and interoperability which basically means the plethora of cryptocurrencies have to converge sooner or later. IOHK is the first third-generation cryptocurrency to enter the market according to Hoskinson. He hopes that the number of users of the cryptocurrency will grow gracefully from thousands to millions to billions.
The interviewer asked the CEO on how his company tried working on interoperability and weaving itself into an ecosystem that is overcrowded. According to Hoskinson, his company is looking for a Bluetooth or WiFi moment to which he admits the company and the industry haven’t reached yet. It is compared to a “watershed moment” for blockchain that is comparable to how WiFi and Bluetooth are significant to communication.
Take for example consumers who, when they put out their phone in countries like South Korea, Japan, South Africa, or America, their phones basically connect to the WiFi network. This, according to Hoskinson, has been made possible through the industry’s hard work.
The goal of Hoskinson and his team which essentially helped create Cardano, a third generation cryptocurrency, is a future set of standards that will lead the crypto and blockchain industry towards interoperability wherein trading of communication or information can be easily done and not just among the cryptocurrencies, but as well as among traditional or conventional financial systems and institutions.
What we are seeing is a collection of standards being created that will inevitably converge over the next three to five years to create a situation where you can move information and value between all these different systems – not just Bitcoin to Litecoin to Ethereum to Cardano, but also your regular bank account, your Chase account, or your Wells Fargo account, or your credit card. Somehow you can move seamlessly between these different systems and do cross-border settlement. Hoskinson said in the interview.
Hoskinson mentions that these are achievable partly through innovation and partly through pragmatism. Sometimes, the CEO said, the best standard doesn’t win and so the builder should be ready and willing to integrate it into the system, whatever ends up happening. He admitted that the industry is not there yet but he is confident that it will get there soon.
As a final inquiry to the CEO, Cheddar interviewer asked what is the pitch for Cardano and how will a newcomer in the cryptocurrency space consider Cardano over the abundant number of cryptocurrencies. He answered that at the end of the day, Cardano is infrastructure and he compares this to trains and planes and just like how these infrastructures are built, Hoskinson’s project will be around for a long time and it is not about who will be first to market, or how quickly can upgrades be done but it is about what is fit for purpose for 7 billion people as the company thinks globally.
This global approach includes Cardano having offices in various parts of the world and making considerations on how it can work, for example, for coffee farmers who do not even have an internet connection and only have intermittent power. Consequently, the project also targets that it will likewise work for those in Wall Street. The solutions they have built in various university settings have been validated with previous methods and code so that what they have constructed will work for the long term, something that will last for the next thirty years because as Hoskinson said,
We have to eventually live with these decisions for better or for worse.