Friday, June 18, 2021

Charles Hoskinson Plans To Pursue Fortune 500 Companies to Sell on Cardano with ADA as Solution

Fortune 500 companies look forward to expanding further into developing economies such as Africa and the Middle East as the need for a faster and cheaper payment system for local transactions increase. In this regard, the CEO of IOHK Charles Hoskinson has revealed that his company will start “pursuing aggressively the Fortune 500” to sell on Cardano and the digital token ADA as the solution.

In an interview with Forkast.News, Hoskinson said, “A Fortune 500 company needs new tools to be able to get into that market and work with those consumers. We can facilitate that because we’ve been in those jurisdictions, especially Ethiopia, for example, for over three years.”

Read Also: Charles Hoskinson: Cardano’s Identity Product Prism Will Compete with Microsoft

Hoskinson, who is the creator of Cardano, an open-source public blockchain, the leading candidate on the list of potential Ethereum killers, said “If we can keep this momentum and extend it, we’re really going to give Ethereum and the rest of these guys a run for their money.”

Developing economics such as Africa has been part of Cardano’s strategy since its emergence in 2017. According to Hoskinson, there is a growing adoption of cryptocurrencies among young Africans. He said Africa is also ripe for decentralized finance (DeFi) due to its fractured economy and underdeveloped banking system.

Hoskinson said:

“How do you attract the Fortune 500? You do it by saying, ‘Hey, would you like access to the 100 million customers on my platform who now have money and would like to consume your products?’”

Cardano Has Been Building Bridges within the Blockchain World

Cardano has also been working to build bridges within the blockchain world. A good example is its cooperation with the Litecoin Foundation to achieve interoperability between the blockchains.

Hoskinson said, “If it works with Litecoin, it’s probably going to work with Bitcoin, or Dash, or any of these other guys.”

Read Also: Analyst States Why Cardano (ADA) and Ethereum (ETH) Are the Biggest Players to Watch In 2021

As Cardano strives to build a future of interoperable blockchains, Hoskinson stressed the fact that cryptography needs to evolve before the emergence of quantum computing and quantum technology. He thinks a breakthrough in mathematics and computation could decrypt encrypted data that safeguard sensitive information.

Hoskinson noted:

“You would like to upgrade your cryptography and start using post-quantum crypto — so cryptography that’s immune to quantum computers — as soon as possible.”

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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