Cardano founder Charles Hoskinson discusses ‘bitcoin maximalism’ and ‘real-fi’

Yahoo Finance | Camomile Shumba | Sep 18, 2021

Charles Hoskinson Cardano founder - Cardano founder Charles Hoskinson discusses 'bitcoin maximalism' and 'real-fi'

Cardano founder Charles Hoskinson believes no one blockchain will dominate the crypto sector, but rather, there will be an "internet of blockchains." The network recently underwent a major upgrade that gave it the ability to host smart contracts and other applications like non-fungible tokens.

Its native ada token has gained nearly 1,250% this year, and is now the third-largest by market capitalization, behind bitcoin and ether.

Hoskinson recently spoke with Insider about the key alonzo network upgrade, the future of decentralized finance and how smaller blockchains like cardano haven't yet seen the benefits of institutional investors jumping on the crypto bandwagon.

See:  Is Staking Crypto The Same As Interest?

He covered a variety of subjects, ranging from maximalism in the crypto space, welcomed more "quality standards" for networks and even spoke about his upcoming tour in Africa - the world's third fastest growing crypto economy.

Select Top Quotes from the interview:

  • "The other thing is DeFi needs to turn into 'real-fi' and needs to grow up, so that means it needs governance and true decentralization.  It needs to have metadata standards, it needs to have quality standards, it needs to have real customers, it needs to have identity built in, all these types of things." - on what decentralized finance needs to mature.
  • "Almost all [Cardano's] growth has been like bitcoin - organic, and it didn't have some centralized driving force that was doing market-making deals behind the scenes. Now that was a double-edged sword, it meant it took a hell of a lot longer for us to get listed on Coinbase." - on the challenge of purely organic growth.
  • "(Institutional investors) tend to only buy bitcoin - but they're starting now to use utility impact, environmental concerns and other things as investment criteria, which excludes bitcoin." - on investor reservations over bitcoin. So then they have to move down the line and actually have to go with proof of stake systems and we're the largest. So we think we should get the lion's share of those allocations." - on cardano's edge over its competitors.

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