By Tobi Loba
Charles Hoskinson, the CEO of Input Output Global (IOG) and creator of Cardano (ADA), has explained how the emerging smart contract platform could become one of the greatest means of transferring wealth in history.
Obviously, the Cardano platform is still a work in progress. There are launches to initiate in the future before Cardano blockchain could become a mature smart contract platform.
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But before all these upcoming developments play out, Charles Hoskinson has started viewing the future of smart contracts on the Cardano network.
Charles Hoskinson Inspired by Kiva’s Mission
In a new video, Charles Hoskinson showcased the inspiration he has derived in Kiva, the platform that allows people to lend money through the Internet to low-income entrepreneurs and students in 77 countries. He showed that he’s inspired to make Cardano a bigger platform.
However, he thinks many things have to be in place before Cardano could facilitate microloans across the world such as Kiva.
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Charles Hoskinson noted:
“I think to myself that the moment I know that Cardano has truly made a difference and changed the world is if I can open up an application just like I do Kiva at the moment and I can have a direct relationship with someone somewhere in the world who is not doing so well and I can actually give them not as a gift, not as charity, but a loan to them and they pay me back and I can do that again and again and again and I win more than I lose. That to me would mean success for Cardano.
“So much has to happen for us to get to that moment. You have to build an identity system. We have to make sure that metadata system is where it needs to go. There’s needs to be a proper payment system that can work in all places, including these areas with intermittent internet.
“With identity, you have to have reputation. You have to have social structures formed. You have to be able to give them an asset in that jurisdiction they live that they can spend as if it was the local currency. So, stablecoins have to form. Then you have to actually get paid back and be able to profit from that, make it a recurring circle. If that’s possible, everything is possible.
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“And because the interest rates could be higher than what we see in the negative interest rate world and what we see in America, corporations will use this mechanism as a treasury management function, either directly or through structured financial products.
“What does that mean? That alone means we will witness one of the greatest wealth transfers in human history, from the developed rich world to the developing not so rich world not because of charity but because it makes business common sense.”
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