![]() The main reason why this might not happen as soon as the crypto market wants is the fact that regulating a multi-billion dollar economy requires careful deliberation. With the turf between the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) becoming more clear, and an acceptance of cryptocurrency ETFs could be on the way, Hoskinson noted. He did, however, say that there has been a lot of regulatory innovation in the past 2 years. Related: CFTC Chairman Says Crypto is ‘Here to Stay’, Federal Court Declares Virtual Currencies are Commodities Many regulators “simply won’t want to do that,” he said. Hoskinson pointed out that mass adoption and so-called “perfect operability” won’t happen everywhere and it most certainly won’t happen at the same time. And while most protocols and standards could take much less time to mature, regulators will be the biggest determining factor. This, he said, was anywhere between 5 and 10 years away. When it comes to cryptocurrencies, Hoskinson described perfect operability as the ability to move information, state, and value between different ledgers. ![]() As time progresses, tech development moves increasingly faster, which is why both Bluetooth and WiFi proliferated quickly. ![]() The PC took several decades to figure out, Hoskinson said, but then the web standard was completed in under 15 years. He responded to a question about when the industry will achieve “perfect operability,” saying it is much harder than it might seem. The Colorado-based engineer then went on to describe his view of the industry. Perfect Operability Stifled by Regulation, Not Slow Tech Development According to Hoskinson, these math-based methods ensure the process is durable and can survive any single personality or a select group of leaders undermining the system. That is also the main reason why Cardano has established formal methods in peer review. Therefore, Cardano is focused on creating tech that doesn’t depend on the will of one person or entity in order to go against the “rule of the few” that has plagued the entire global financial system. When asked about the increasing trend of a single person being both responsible for a company’s development and its official face, Hoskinson said that blockchain’s very nature prevents a cult of personality from being created. Related: Charles Hoskinson describes the future of Cardano, “100 times more decentralized than Bitcoin” after Shelley Until now, there hasn’t been a recorded case of establishing “stable structures that were both leaderless and global.” Cryptocurrencies have managed to challenge that, which is why the industry faces so many problems when it comes to regulating itself. ![]() Hoskinson started out by agreeing with the statement that there is an ongoing governance crisis in the crypto sphere. Hoskinson’s appearance on BlockTV’s Fireside Chat is just one of the many interviews the engineer gave during the past week in an effort to shed more light onto Cardano and the company’s efforts to better the market. In an interview with BlockTV’s Yael Lavie, Charles Hoskinson, the CEO of IOHK, spoke about the problems the crypto industry faces. Personality Cults Won’t Solve the Governance Crisis in the Crypto Sphere His latest interview revealed the company’s target markets and how Cardano will enter them. Charles Hoskinson, the CEO of Cardano and one of the co-founders of Ethereum, provided some context to Cardano’s plans for the future ahead of the company’s Apr.
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