Cardano founder Charles Hoskinson declares war on the established financial system. The crypto industry has already infected the world and can no longer be stopped.
One is not used to reluctance from Cardano initiator and Ethereum co-founder Charles Hoskinson. Once again, Hoskinson has found blunt words for the established financial system and made a plea for the token economy. He used the current “downward trend” on the crypto market in a video statement as a template to smooth out the FUD waves and to put the developments on the crypto market into a higher-level context. He’s not stingy when it comes to swipes in the direction of the “old world”.
“Antidote to excesses”
The matter is clear to Hoskinson. The rich crypto ecosystem is no less “than a contagion that has infected the world and will ultimately change the world’s DNA”. With Bitcoin and Co. an unstoppable revolution has started, “which is the antidote to the excesses, corruption and nepotism that we have found”. Cryptos are not a flash in the pan, but “came to stay” and “will change the world – it’s that simple”.
People are stepping out of the old financial system and recognizing it for what it is. It’s negative for humanity, it’s no longer a positive. And we’re building something better.
Under “something better”, Hoskinson bundles all developments in the crypto industry. The crypto market enables everyone to participate in the financial system. And thereby also a fair distribution of wealth for population groups excluded from the established financial system.
Banking system only placeholder for crypto industry?
For the Cardano founder, this is not a kind of shadow economy. On the contrary: the crypto industry will replace the old banking system in the long term.
We are all head to head building the amazing machines that will process billions, if not more, of transactions each year that together contain trillions of dollars in value. We’re future-proofing programmable finance, and this financial operating system will be social and institutional, and it will drive the Fortune 500 and eventually nation-states as well.
This process is “inevitable”. In the next ten years, “our industry will make more progress in monetary policy than the central banks have over the past 100 years”. And what’s more: the financial markets will soon be lagging behind the crypto advances.
The next decade will see more advances in financial engineering, the construction of financial products, and the marketplaces in which they are traded than there have been on Wall Street in the last hundred years
This is accompanied by a large, global redistribution of wealth. According to Hoskinson, “more movement of wealth” is achieved via cryptos than ever before.
The third wave: Cardano at the forefront
What bothers Hoskinson, however, is the market-driven focus on price developments that ignore the underlying projects. With cryptos it is primarily “not about the money, it is about freedom” and “about the belief that we can build another system for the world that is better than the one we have now”.
Gradually, however, this potential is anchored in the collective consciousness. In the last two years a lot of educational work has been done, which has made the perception more differentiated. Even among investors, concepts such as proof of work or proof of stake are no longer just empty words.
And this process is accelerating. According to Hoskinson, we are at a tipping point where the market is gradually decoupling from the workhorse Bitcoin and the synergy effects in the crypto market are becoming more visible. Cardano, as a representative of the third blockchain generation, also plays an important role, especially when it comes to connecting neglected key regions such as Africa and South America. So, “in the next year or two, the third generation protocols will wake up” and show their potential.