Cardano [ADA]’s Charles Hoskinson paints a speculative future of an alternative economy

Cardano [ADA]’s Charles Hoskinson paints a speculative future of an alternative economy

On 11th August, Charles Hoskinson, who is the Founder and CEO of the science and engineering firm InputOutput conducted a surprise AMA [Ask Me Anything] on Twitter. He answered one of the important questions that read:

“Do you think the public blockchain space needs to converge to a handful of reliable, robust cryptocurrencies before one of them will ever have a chance of replacing a fiat currency?”

To this, Hoskinson replied by sharing his opinion that fiat currencies are not going to be replaced but might become less relevant. He further cited that cell phone did not kill the phone companies, instead, it changed the business model of the phone companies. In his words:

“…we lost the payphone and a lot of landlines are going away, but you know there’s still a business model. …similarly, the innovation won’t kill the central bank.”

Hoskinson also stated that there is going to be a competition for the first time ever. Here, the private money is going to be put on the same footing as public money. The techie also speculated a future where people might have a universal wallet where they could store their real estate, airline miles, make coffee transactions via cryptocurrency tokens and perform other convenient actions.

Moreover, he said that this entire process will be made decentralized by the decentralized market makers. The idea furthered into these universal wallets being the measure of one’s portfolio of wealth. Therefore, wealth will no more be seen in terms of plane figures, such as $10 million but will be put into a diversified portfolio. He added:

“…you might even have a different way of measuring it that’s a bit more immune to inflation. Especially if you live in a country that tends to suffer from pretty bad inflation. So that’s where I think this is ultimately going to go is in that direction…”rr

Hoskinson concluded that the goal for cryptocurrencies is not to displace a fiat currency. It is rather to encapsulate a particular philosophy that has been collectively agreed upon and believed in.

The AMA also consisted of a question regarding Hoskinson’s ‘fight’ with Vitalik Buterin in the recent Twitter altercation. On this, he stated that Vitalik Buterin is not used to being challenged or having an academic rebuttal. Hoskinson added that this could be because Buterin, the Founder of Ethereum never finished college. He also mentioned that the rebuttal released by Cardano followed a standard peer-review process.

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