Hoskinson reveals interoperability efforts for Cardano

  • Charles Hoskinson has revealed IOHK’s efforts to increase the interoperability of Cardano with Litecoin, Ethereum Classic, Bitcoin Cash, among others.
  • Hoskinson rejected maximalism and called against radical positions in favor of cooperation in the crypto ecosystem.

In a new video by IOHK CEO Charles Hoskinson, he revealed the company’s efforts to increase Cardano‘s interoperability with Ethereum Classic, Litecoin, Bitcoin Cash, among others. The IOHK CEO addressed the criticism he has received from a part of the community that has asked him to focus solely on Cardano. Hoskinson said that although IOHK’s main project is Cardano, the company has other projects:

First of all, I run a very large company. We have about 250 employees. About half of those people wake up every day and are involved with Cardano, the other half are not. So, as the CEO of a company where you have that division, there are non-Cardano things I do (…) We want Cardano to be successful and have billions of users (…)

Hoskinson also emphasized that all the partnerships they make globally follow a “Cardano first” policy. Therefore, IOHK’s team concentrates on building and deploying the agreements for Cardano. However, the IOHK CEO stressed that “one of the pillars of a third generation cryptocurrency is interoperability”.

Cardano’s creator speaks out against Bitcoin maximalism

The IOHK CEO then went on to address one of the problems which he believes is hampering the development of the crypto industry: Maximalism, the constant debate of a community to prove that their cryptocurrency is better than another. In many cases, this idea leads users and project managers into what Hoskinson later called “bar fights”. According to Hoskinson, this makes the debates destructive to the community and the industry:

Either you want one coin to dominate them all and you don’t mind talking to other systems or you put your money where your mouth is and work with these other systems, build expertise in these systems, affect changes in these systems so they can partner with ours and work with our systems.

However, Hoskinson clarified that IOHK’s team will not work for the competition or for projects that may be competition for Cardano. The projects developed by IOHK must have a benefit for Cardano. In that sense, Hoskinson also clarified that Ethereum Classic is not a direct competition to Cardano. He emphasized that the team working on the interoperability between the two platforms is a completely separate team and that the Cardano projects are not delayed by this.

The IOHK CEO called on the community to move away from the “maximalist mentality”. In the future, Cardano will have more interoperability with other cryptocurrencies, but also with traditional financial institutions and systems outside the blockchain industry. This, Hoskinson said, will make the project more attractive to future investors:

(…) Cardano’s ecosystem will work with hundreds if not thousands of different standards during his lifetime. From central banks to other cryptocurrencies to legacy finance operators, with the Chases of the world, the Goldman Sachs of the world, provisions will be made to build special hooks with these systems. Including interoperability with permissioned systems, it is very likely that within the next 24 months Cardano will be taken to an instance of IBM’s Hyperledger Fabric (…)

Hoskinson said Cardano will provide “true interoperability” and stressed that the partnerships IOHK is working on will be beneficial to Cardano. He added that Cardano’s local wallet, Daedalus, will become a multi-coin tool that integrates other blockchains like Litecoin, Ethereum Classic or Bitcoin Cash. The goal, Hoskinson said, is to achieve further milestones by working with other ecosystems:

It’s time for us as an industry to put this aside and grow up, otherwise what’s the point? Why would anyone who sees from the outside all this chaos, noise, madness and maximalism want to come and play in this pool (…) How can we get mass adoption (…) if we can’t be able to entertain other ideas, other philosophies and other ecosystems?

Below, you can watch the video of IOHK CEO Charles Hoskinson:

About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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