Wednesday, January 20, 2021

Charles Hoskinson Summarizes Plan to Create Financial Operating System Using Cardano (ADA)

The CEO of IOHK, Charles Hoskinson, who is also the founder of Cardano, took his time to shed light on the initial goal of the cryptographic project in relation to the provision of a secure framework that gives people established economic identities.

Hoskinson shared this in an interview with Slot Leader. In the course of the conversation, he described Cardano (ADA) as a financial operating system that is capable of scaling seamlessly to contain any level of inflow of new users.

Hoskinson noted:

“The general idea is that the system should be an end-to-end stack for economic identity. So what that means is that if some person in Senegal, or some person in Rwanda, or wherever, enters the system, they should be able to have someplace to place their data and their identity, to build a reputation.

They should have some way of getting credit. They should have some way of interfacing with a currency that’s reasonably stable, that they can send to anybody in the world. They should have the ability to interface with exchanges. If they have a business, they should have the ability to securitize that business, so they have banking services, insurance services, credit services, remittance services.”

Describing what Voltaire phase will bring to the community, Hoskinson stated that it will bring about a full-fledged economic identity that a government cannot take away:

“This is kind of the vision of it, is that it’s a one-stop shop, and then once you’re in it, you don’t have to leave it, and it’ll do more and more and more of your financial life and your economic life, and it gives you identity, identity that a government can’t take from you. Identity that’s not revocable. Identity that you can’t lose.”

Regarding the future of Cardano (ADA) project, Hoskinson said, “We’re looking at things like supply-chain systems, so we can track and trace agricultural goods. We’re looking at voting systems.  We’re looking at credential management systems.

In the country of Georgia, we have a deal we’ve done where 50,000 students a year will be onboarded into PRISM, which is a component of Cardano’s stack, so you can authenticate if they have college degrees or not.

We’re also looking at financial applications as well. There are a whole bunch of DeFi things that are going to come, like stablecoins, oracles and DEXs – the usual suspects that we see from the Ethereum space.”

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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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