“financial operating system for the countries that don't have one.”
In his interview with Fortune, Hoskinson started with IOHK which he says “is a factory for cryptocurrency and enterprise blockchain technology.” IOHK is basically divided into two that are research company and engineering company.
On the research side, IOHK works directly with universities and writes a peer-reviewed research paper. And for this, they have graduates, post-docs, and professors. Till now, they have written more than 40 papers and over 24 got through peer-to-peer review.
These research papers, he says cover everything from privacy like zero-knowledge proof and multi-party computation to consensus protocols along with softer topics like law and policy.
As for the engineering side, they extract from those paper protocol like Cardano or enterprise projects. It could be as basic as tracking coffees fees in Ethiopia to a better way to figure out foundational topics like digital identity.
Focus On To Get 3 Billion Unbanked Into The Financial System
Talking about the areas IOHK’s research is applied, Hoskinson says their reach is broad and global. He further shared that they're Pan-Africa with offices in Ethiopia and working in Uganda, and South Africa.
These projects, he explains are of 3 to 7 years time horizon. It all starts with entering the jurisdiction, having cohorts of developers that further go to pilot that takes 6 months to 2 years. From the pilot, the projects enter into commercialization through public partnerships.
Explaining the most promising applications of Cardano, Hoskinson says its niche ecosystem is studying the difficulties for scalability, sustainability, and interoperability. So, they are building techs that are only used in NASA and big companies but they are using in places like developing countries hence the Pan Africa view.
That is why he points out they often say Cardano is the financial operating system for the countries that don't have one and to
“get those 3 billion unbanked people into back into the financial system.”
He further says that they want to solve the “remittance problems” and micro-finance problems.
But it’s not all as he also points out that fact that one can’t access cryptocurrency solutions in case they are offline or as simple as an uncharged phone. So, the plan is to work on these problems and find ways to extend these crypto protocols to the level that makes it possible to work even in those conditions.
As for other cryptos like Ethereum, he says it needs to work for millions and billions and be faster. That’s why Cardano is, unlike other protocols that are “lone Samurai.”