- The inventor of Cardano, Charles Hoskinson, responded to Vitalik Buterin tweet about the critical areas which the crypto industry is facing within the next decade.
- According to Hoskinson, these are the development of a global financial market and the question of decentralization.
Charles Hoskinson, CEO of IOHK and founder of Cardano, took part in a debate focusing on the critical areas for the development of the crypto industry over the next decade. The debate emerged from a reply by Ethereum co-founder Vitalik Buterin to Stephen Palley, legal advisor to the news portal TheBlock.
Palley said that people who develop software “should be required to be licensed, have a graduate degree in engineering and carry at least $1 million in professional liability insurance“. Buterin replied that instead credentialism should be abolished. He added that Palley’s proposal would exclude him and other “competent developers”. However, Palley replied that Ethereum could still be developed according to his proposal, but new rules should be introduced for “critical areas”. Buterin wrote in response to this:
Problem is these days we have no idea what will become critical 10 years from now. Is Facebook critical? Tell that to Zuck in 2004 and he’ll be surprised.
People will be able to create their own banks with Cardano
Buterin’s statement also inspired Charles Hoskinson to get involved in the conversation. Unlike Buterin, the CEO of IOHK believes that the critical areas of the industry are well-defined, as Hoskinson stated:
We actually do. We have this thing called the global financial market. Been around for awhile. You need to replicate at least that functionality and do it safely and with meaningful innovation. As for decentralization, we also understand that pretty well too!
Hoskinson’s commentary points out what the future of Cardano will look like. Recently Cardano deployed the Byron reboot, which will enable the transition to the Shelley mainnet. Once Shelley is implemented, this will mark the beginning of Cardano’s full decentralization of the network, as Hoskinson explained. At that time, users will have more power to decide the future of the network.
The popular Cardano staking pool, Cardanans.io, agreed with Hoskinson’s comment. They also stated that banks will not be able to compete with public block chains like Cardano in the future.
(…) only such networks will allow people to choose those who will be responsible for creating blocks. Banks will be forced to use Cardano for their services. People will be able to create their own banks.
For the Cardanians, the critical point is the trust of the people and that trust will be held by Cardano and the services that are built on his network. For his part, Buterin has recently commented that the next 10 years in the crypto space, regarding the technology, will be dominated by the development of lattices, LWE, multilinear maps, homomorphic encryption, MPC, obfuscation.