Source: Immersion Imagery – Shutterstock
- Cardano will provide tools to build a new financial system for millions of people in developing economies.
- Charles Hoskinson predicts the creation of universal markets and wallets on ADA.
“We’re just starting to see Cardano awaken,” said IOG CEO Charles Hoskinson in an interview for Real Vision. There he talked about Cardano‘s beginnings and the future of the platform which has successfully built a community of 1 million users.
Cardano’s real use cases and adoption at scale
One of the goals of the interview was to answer the question, “What does Cardano actually do?” This is due to the recent surge in the cryptocurrency’s adoption and the attention, negative and positive, it has received from the community. About Cardano, Hoskinson said:
Cardano is a collection of protocols and technology that allows you to transform, store, and manage value, identity, and governance.
Created to be a global platform to fulfill these functions, Cardano’s purpose is to “repair” the traditional system of the developed world. It also aims to give tools to developing countries where, in many cases, the financial system is “non-existent”. Hoskinson said:
There are tons of people out there who are bright, honest, hard working. They are completely removed from the global economy.
Africa is one of the core regions for Cardano. There, the platform will be the backbone that will allow citizens in countries such as Ethiopia to get an ID on Cardano’s blockchain and then be able to access loans, have verifiable medical records across the continent, and other use cases. Hoskinson referred to Cardano as “the swiss army knife of protocols” and added:
Where you can build applications on top of it that handle that brokering of value, identity and governance to solve real problems. And you solve them with everyone involved already knowing the rules (…). There is no information asymmetry, there is no gatekeeper that can shut you out.
In this way, all participants in the economy will be able to reduce costs in all processes and trade in “universal markets” with “universal wallets”. These wallets would allow users to deal in any currency or commodities tokenized on the blockchain.
Having made a “deeper” investment in science and in regions where Cardano will be able to make a difference, Hoskinson believes they positioned themselves ahead of their competitors. The biggest challenge for the platform is governance, but “Project Catalyst” has made significant progress with “great partnerships.” Hoskinson added:
We have some concepts of universality (…) but is there a country in the world where you can point and say, “everything there works, is the land of utopia”? No (…). Governance is the hardest thing and I think that will take decades (to build). We have a process to gradually move on the right decision, there will be setbacks and failures, but really the use and adoption at scale that will happen between 3 and 5 years (…). That is inevitable.