Wednesday, May 12, 2021

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

The CEO of IOG, Charles Hoskinson, who is the creator of Cardano (ADA), has recently stated that the emerging smart contract platform will host billions of dollars worth of products that will prompt many Ethereum developers to port to Cardano.

In a new interview on Cardano Chat, first published by Daily Hodl, Hoskinson disclosed that Cardano is on the cusp of capturing billions of dollars of value in the financial sector.

Read Also: Hoskinson Shares Image of an Ethiopian Bird. Has The Minister Signed The Cardano-Ethiopia Deal?

According to the mathematician, once smart contracts implementation plays out on the Cardano blockchain as slated, the network will mature into a global infrastructure for peer-to-peer (P2P) lending that could help millions of unbanked people to gain access to the financial market.

In the course of the interview, Hoskinson pointed out that once the developers and users that building on Ethereum wake up a little bit, they will considerably flock to the Cardano network to leverage lower fees.

Read Also: Cardano (ADA) Adds Over 200,000 Reddit Subscribers in Less Than Three Months

Charles Hoskinson noted:

“That one thing alone, if we can solve it, will result in tens of billions, if not hundreds of billions of dollars leaving the developing world and enriching the lives of millions, if not tens of millions of people…

What I’m going to start doing, above and beyond making Cardano more competitive… is really start getting serious about things like peer-to-peer lending, and reputation and identity and insurance and payments and so forth, because if I do that I’m going to change the lives of a billion people.”

“I think there’s like six different non-fungible token (NFT) marketplaces that are pitching for catalyst funds, great. And every six to eight weeks that’s going to get more and more aggressive…

Read Also: Coin Bureau Host Describes Advantages Cardano Has Over Rivals in the Race to Beat Ethereum

“We’re putting cattle on the blockchain, and that seems like a simple thing, but how do you know the steak on your plate is safe? You trust the Food and Drug Administration (FDA), but what if the beef is imported. The USDA didn’t exactly monitor that during its life cycle so that’s another example of a multi-billion dollar product line and a little thing that Cardano can enable and do. You know, it’s going to be a crazy ecosystem by the end of the year and it’s going to be even crazier by 2022.

“And also, these who aren’t loyal to the Ethereum infrastructure will say, ‘Why am I running my base infrastructure on Ethereum? I should just build a bridge and run my bridge layer 2.’ All these optimistic roll-ups that Vitalik is bragging about – that’s an interoperability layer for me. So it’s going to make it a lot easier for the stuff running on Ethereum to just access Ethereum markets and Ethereum people and infrastructure, but the actual transaction settlements these things will be running on Cardano.

Read Also: Charles Hoskinson Reiterates His Stance on Price and Value of Cardano (ADA)

“So that’s the thing that a lot of these people don’t get about this. None of these protocols are loyal to Ethereum, they’re just there because they have a first-mover advantage, but the minute that the infrastructure wakes up a little bit it’s going to be a lot easier to have a mass exodus. And that’s probably what’s going to occur because why else would they want to stay if they have to pay $50 fees or $70 fees?”


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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.

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