Hoskinson: Cardano’s Algorithmic Stablecoin Paper Will Surface in A Few Weeks’ Time
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The CEO of Input Output Global (IOG), Charles Hoskinson, who created the emerging smart contract platform Cardano (ADA), has stated that the blockchain project is looking to have an ecosystem that serves a billion people across the world, rather than millions of users.

Hoskinson shared this with his teeming on 15th May 2021. In the video, the creator of Cardano (ADA) stated that the notable target is the reason behind the team’s decision to redesign Cardano’s smart contract model, an implementation slated for August 2021.

Read Also: Hoskinson: Cardano Is 1.6M More Energy Efficient Than Bitcoin. Could Elon Musk’s Tesla Consider ADA?

Charles Hoskinson noted:

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“The point of Cardano is to ask, ‘Where do we need to go? What do we need to do to have an ecosystem with a billion people, not an ecosystem with a million, and be able to sustainably provide a financial operating system for that?’”

“What we decided to do is to rebuild the entire smart contract model. One, because it’s not secure and you can see that with the billions of dollars of customer funds that have been lost because of unsecured hacked apps. Two, it’s not sustainable: cost predictability, high gas fees that applications have.”

Read Also: Charles Hoskinson: Once Ethereum Users Wake Up, They Will Flock to Cardano for Lower Fees

Cardano Smart Contracts Model Will Attract Millions of Developers

According to Charles Hoskinson, the smart contract model adopted for Cardano (ADA) has the capability of handling the participation of millions of developers across the globe:

“There are only 80,000 Solidity developers. There are 25 million developers throughout the world who are Dot Net developers and Java developers and so forth.

So how do we bring those people in and how do we get them to use their tools, techniques, and languages that they’ve written collectively, trillions of dollars worth of software throughout the last 40 years into the Cardano ecosystem?…

Read Also: Charles Hoskinson: Once Ethereum Users Wake Up, They Will Flock to Cardano for Lower Fees

He added that “Ethiopia took us over four years to negotiate, during a civil war. And despite that, and despite it being listed in the bottom 5% of countries of ease of doing business, we were able to close a deal for five million people that’s going to grow to over 20 million people, which is one of the largest if not the largest single deals in our industry.”

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Tobi Loba

By Tobi Loba

Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.