Cardano co-founder, Charles Hoskinson, joins Discovery Crypto to discuss the state of the crypto sector, what current developments in the industry suggest, and his thoughts about the future of the network as the “Taylor Swift of Blockchain.” Happened.
of cardano great reputation
Recent interviews sparked discussion about Cardano’s ties to crypto exchanges like Gemini and other figures in the crypto industry, as interviewees suggested there appears to be a “coordinated effort to dilute Cardano’s influence.”
During this discussion, Charles Hoskinson said that most players in the crypto sector are “afraid” of Cardano “doing everything right” from the beginning. Hoskinson listed factors like liquid staking and its growth without venture capital (VC) funding as key elements that make Cardano “pretty scary.”
When asked why stablecoins like USDC are not on the Cardano blockchain, it was highlighted that the reason is neither economic nor technical. Instead, the conversation indicated a “lack of strong desire to engage” with blockchain and its projects.
Following the discussion, Hoskinson expressed his thoughts and concerns over asset-backed stablecoins, confirming that he does not like them and that they are “not crypto” despite the 80-90% of real money velocity and value transactions that occur on- There are chains. Was done through them.
Cardano’s founder considers the highly centralized status of asset-backed stablecoins a worrisome matter, as they give control over the crypto space to a few entities:
At the end of the day, they are controlled by centralized entities, and the problem when you look at asset-backed stable coins is connecting them to CEX, centralized exchanges, they have vast and vast control and now we have a new Actors, have ETFs, and control huge amounts of crypto. So, now 10 companies basically control the cryptocurrency sector.
Hoskinson’s outlook on the future of the crypto industry
The current development of the crypto sector is also of concern to the Cardano founder, with recent trends and developments leaning towards “the opposite road to the original mission of cryptocurrencies: financial freedom.”
To Hoskinson, the crypto market is ceding “soft power” to a handful of regulated entities that control the value and volume of the crypto industry rather than aiming to eliminate “banks and legacy financial systems.”
The Cardano founder sees asset-backed stablecoins as inevitable and highlighted that Cardano “hasn’t been factored in, but it will eventually.”
However, he believed that it was necessary to address their concerns as they were “not compatible with cryptocurrencies being decentralized long-term” and would impact the industry generally.
To address this concern, the Cardano team has extensively researched algorithmic stablecoins, as Hoskinson views them as a more suitable potential solution for the crypto industry.
Finally, the Cardano founder ended the interview by comparing American singer Taylor Swift and the crypto industry, jokingly suggesting that in comparison to the 14th Grammy winner, no one knows who Charles Hoskinson is.
However, the interviewer pointed out that, like Swift, Cardano could also follow a similar trajectory and grow from a small and niche artist to a globally recognized and mainstream figure making a significant impact on the world. . Hoskinson replied that he would “love to be the Taylor Swift of blockchain.”
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