Charles Hoskinson, the co-founder of Ethereum [ETH] and the founder of Cardano [ADA] who is also the CEO of IOHK is absolutely not worried about how quickly his project can upgrade. Hoskinson is more interested in developing high standards which will be widely impacting the crypto industry.
While speaking with Cheddar.com and as reported by IIB, Hoskinson claimed that the crypto sector requires a Bluetooth or Wi-fi moment so as to launch its popularity and be widely adopted.
“Consumers kind of have gotten used to this idea that when they pull out their phone ー if they are in Korea, Japan, South Africa, or here in America ー that their phone will just connect to the WiFi network. But there’s no reason that should be true, that was only due to the hard work of an entire industry…What we are looking for is the WiFi or Bluetooth moment of our industry. We haven’t quite gotten there yet.”
The Cardano CEO gave importance to the fact that the Cardano protocol does not want to rush with its upgrades because they are designing high-quality standards and that is what the crypto industry requires. The firms mentioned by Hoskinson are the World Wide Web Consortium (W3C), the Ripple-led InterLedger committee and the academic technology firm IOHK for their involvements in the development of the proof-of-stake [PoS] projects. While talking about the latest developments on which IOHK is working, Hoskinson said, “Somehow you can move seamlessly between these different systems and [perform] cross-border settlements and so forth … so that will happen, we are part of that conversation … part of it is innovation and part of it is pragmatism. Sometimes the best standard doesn’t win, and so you as the builder have to be able to integrate that into your system.”
Explaining the things IOHK and other entities are designing which will be around for a very long time Hoskinson said,
“These things are going to be around ultimately for a very long time. So it’s not about who’s first to market or how quickly can we upgrade something. It’s about what’s fit for purpose. And not fit for purpose just for a few thousand people, but for 7 billion people. And so we have a very global view of the way we do things.”