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Cardano’s Charles Hoskinson Speaks about crypto-economy

Cardano’s Charles Hoskinson Speaks about crypto-economy

The CEO of the engineering firm InputOutput, Charles Hoskinson conducted an “Ask-Me-Anything” on Twitter in which he spoke on his views of the direction the cryptocurrency digital economy is heading, the Cardano project and even the feud he had with the Ethereum co-founder Vitalik Buterin.

Hoskinson in AMA said that cryptocurrencies will not replace the central bank but will rather change the way wealth is valued. He added that the impact of the crypto economy will be similar to that of cell phones on telephony, in that it didn’t completely cause a phase out of businesses but compelled telephone companies to adopt different business models.

In his words,

“We lost the payphone and a lot of landlines are going away, but you know there’s still a business model. Similarly, the innovation won’t kill the central bank.”

He stated that for the first time, private money is being put on the same pedestal with public money, that this will introduce a new standard in wealth calculation. Furthermore, he is of the view that cryptocurrency represents a new philosophy that a group of people have agreed on that will add a beneficial dimension to wealth.

“You might even have a different way of measuring it that’s a bit more immune to inflation, especially if you live in a country that tends to suffer from pretty bad inflation. So that’s where I think this is ultimately going to go is in that direction”

The Cardano founder said that the project is a passion he thinks about day and night, stating that all aspects of it was envisaged to incorporate the very best such as the choice of Haskell as the programming language for the cryptocurrency.

The challenge with Cardano in the future

He said,

“The challenge with Cardano was that we went for gold, we went for everything, we said we wanted the best programmers, the best programming language… We wanted the best technology, the best consensus protocol, the best governance. The best this, the best that.”

According to him, the strength of the coin lays within the composition of the team, who are individuals with leaning towards blockchain, the technology behind cryptocurrencies rather than those with focus on the application.

When asked if he had any remorse on his actions, Hoskinson said his regret is that Cardano is not yet the market leader despite its potentials considering the effort in putting in the best in the project, adding that had the project compromised on quality, things may have been different. He however expressed confidence in the direction things are going with the coin.

On the feud with the Ethereum co-founder, Vitalik Buterin, Hoskinson said that Buterin apparently is not used to having his ideas opposed.

Hoskinson was one of the original eight co-founders of Ethereum but parted ways with the project because he wanted a for-profit organization with standard governance and administrative structures while Buterin wanted Ethereum to be run as a non-profit organization.

Hoskinson went on to build Cardano, in which his company, IOHK owns $1 billion in stakes.