For a long time, the decentralized applications sector has been dominated by the Ethereum Blockchain. However, for some time now, competing chains of ETH have begun to gain importance. Especially in the face of Ethereum’s difficulties to scale. That’s why Cardano creator and IOHK CEO Charles Hoskinson defends Cardano in an interview.
Decentralized applications on Blockchain
Every day that passes is greater the number of people who make use of cryptocurrencies, as well as all the possibilities offered by Blockchain technology. And it is that, through blockchains, decentralized applications of all kinds can be created. What has already been seen especially in the finance sector, where decentralized finance has attracted millions of dollars. All of which relates to the technical advantages of Blockchain technology, as commented by Charles Hoskinson:
Cordano Founder Charles Hoskinson discusses the climate impact on cryptocurrency, pivoting to sustainability, interactions with Mark Cuban and more: pic.twitter.com/pp7XsHsYh7
– Yahoo Finance (@YahooFinance) May 26, 2021
Now normal real people are coming into space, and they’re trying to figure out what they can do with this. How can I make a loan? How can I get insurance? How do I make payments? And why are these things better than conventional systems? And they are usually summarized by saying that you have a purpose, you have a global payments platform, you have significantly lower cost structures, it is easier to scale things, for example, micro IPO’S, so you can have IPO’s for small companies. scale”.
These technological advantages have allowed the rise of different Blockchains dedicated exclusively to the creation of decentralized applications. The main one being, of course, Ethereum. Which has not prevented the emergence of strong contenders for Ethereum in the sector in recent years. Especially the Binance Blockchain, the Binance Smart Chain, and Charles Hoskinson’s cryptocurrency, Cardano.
Charles Hoskinson talks about Cardano
However, if you had to compare the progress achieved by each cryptocurrency. Ethereum and Binance Smart Chain are far ahead of Cardano, both in market capitalization, and in adoption by Blockchain projects and the general public. A situation that does not seem to intimidate Charles Hoskinson, who defends Cardano, mentioning the long-term goal behind the creation of the cryptocurrency:
“We built Cardano because we wanted to create a collection of protocols that could do all of these things specifically for the developing world. Because we saw Africa growing at 10-15 percent a year and Southeast Asia growing at similar rates. Doing this for some of the poorest people who in the next 30 to 50 years will build wealth and could be in a completely alternative system that has built everything within itself.
This vision would also give it an advantage over Ethereum, its main rival. Well, instead of focusing solely on the creation of smart contracts, according to Charles Hoskinson, Cardano takes into account other possibilities such as metadata management, automatic regulations, identity, among others.
So Cardano was really built to be holistic in that sense. As for smart contracts, we have almost completed the entire rollout. We started in December with the metadata and that allowed us to bring the identity to the Blockchain. We have already started to roll out these systems in Georgia – the country of Georgia – and in Ethiopia for five million students. ‘