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Hoskinson: Cardano and crypto will replace current financial system

  • Charles Hoskinson, founder of Cardano, describes that cryptocurrencies like ADA are the only financial instrument that will grow and survive in crises.
  • Cardano has a unique industry advantage through Hydra, which will make Cardano the leading cryptocurrency.

The corona virus continues to make its way into the media worldwide and should be the reason for a falling stock and cryptocurrency market. Bitcoin and the entire crypto market has also fallen again in recent hours. Contrary to the widespread belief that Cardano will continue to fall, Charles Hoskinson, founder of Cardano, describes that cryptocurrencies will benefit from future crises.

The current financial system is built on a debt money system that is kept artificially alive by interest rate cuts and weekly cash injections from central banks. Hoskinson argues that it is time for a change of this system, as it is no longer up to date and must inevitably lead to a crisis:

[…] they probably going to want financial freedom and honestly our industry as a wholel is the only one that can offer that so the worst this pandemic gets the better it’s going to be for our industry and for people’s perception oft he need for new systems to solve complicated problems

According to Hoskinson, cryptocurrencies like Cardano will benefit the most from the current crisis and end up as winners. Banks can close their doors and freeze their customers’ accounts, any money parked in the account will be inaccessible and lost at this point. The account of a cryptocurrency, e.g. the Cardano Daedellus wallet, cannot simply be frozen:

Should the worst case scenrio happen, I think crypto is going to fare extremely well because cause the genereal public won’t be so happy, that their bank accounts are locked.

Hoskinson states that the second-layer scaling solution Hydra will catapult Cardano to the top of the fastest cryptocurrencies, as this novel solution can only be used for Cardano and thus offers a unique selling point that no other cryptocurrency can copy at first. Hoskinson says:

but what it makes it very unique is that […] whatever code we write and approach we use it is not interoprable at the moment with Tezos, EOS or Ethereum too, meaing that this is a unique scaling solution that only Cardano will benefit from. It can’t be easily be copied or ported unless they copy the extended UTXO Model and that means they’re using our smart contract language […] so it rains more developers to Cardano.

An exact release date for the Byroon Reboot Update will be announced soon. This represents the second major milestone in March for the preparation of the launch of Shelley. This information will be published in the future by Cardano’s product managers, as they will be more involved in the marketing activities in the future.

Cardano (ADA) follows current market trend

The price of ADA has fallen by 10.12 % within the last 24 hours, in line with current market sentiment, to a price of USD 0.0365. With a market capitalization of USD 1.17 billion, Cardano ranks 13th among the largest cryptocurrencies worldwide. It remains to be seen whether a trend reversal can be initiated soon.

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About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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