CEO of IOHK Charles Hoskinson, who is also the co-founder of Ethereum (ETH) and the founder of Cardano (ADA), is not worried about being the first to market or how quickly he and his project can upgrade. Rather, Hoskinson is more interested in developing a collection of standards that will widely impact the industry.
Speaking in an interview with Cheddar.com and as previously reported by IIB, Hoskinson proclaimed that the crypto industry needs a WiFi or Bluetooth moment in order to launch itself into the public sphere and become widely adopted:
“Consumers kind of have gotten used to this idea that when they pull out their phone ー if they are in Korea, Japan, South Africa, or here in America ー that their phone will just connect to the WiFi network. But there’s no reason that should be true, that was only due to the hard work of an entire industry…What we are looking for is the WiFi or Bluetooth moment of our industry. We haven’t quite gotten there yet.”
This is something that has yet to happen, which is why the Cardano CEO emphasized that the Cardano protocol is in no rush with its upgrades, as they are building the high-quality standards the crypto industry needs.
Building and Developing Infrastructure for the Future
Regarding comments on the WiFi or Bluetooth moment that will enable ease of use of cryptocurrencies in the public sphere, Hoskinson noted a number of organizations that are focused on contributing to the development of standards.
The organizations mentioned by Hoskinson include the World Wide Web Consortium (W3C), the Ripple-led InterLedger committee, and the academic technology firm IOHK for their contributions to the development of proof-of-stake (PoS) sidechains projects.
Regarding the developments in which IOHK and these other entities are working on, Hoskinson said:
“Somehow you can move seamlessly between these different systems and [perform] cross-border settlements and so forth … so that will happen, we are part of that conversation … part of it is innovation and part of it is pragmatism. Sometimes the best standard doesn’t win, and so you as the builder have to be able to integrate that into your system.”
Adding to this statement, he continued to explain that the things they are building will be around for a very long time and it’s important to have a solid infrastructure for the industry to run on.
“These things are going to be around ultimately for a very long time. So it’s not about who’s first to market or how quickly can we upgrade something. It’s about what’s fit for purpose. And not fit for purpose just for a few thousand people, but for 7 billion people. And so we have a very global view of the way we do things.”
Do you agree with Cardano founder Charles Hoskinson, or is he just making excuses for Cardano’s slow development? Let us know what you think in the comment section below.