Charles Hoskinson on Cardano’s Future: New Financial Operating System, Blockchain Industry Standards
The recent resurgence by Bitcoin has undoubtedly captured the attention of many crypto enthusiasts. However, a sizeable portion of crypto investors has shifted their focus to the technology that drives digital currencies.
Cardano and Polymath announced a partnership during the recently held Consensus 2019. This development generated mixed reactions, with many expressing concerns over the two companies’ roadmap.
As a result, Charles Hoskinson, the founder of Cardano and a co-founder of Ethereum, held a live stream on YouTube aimed at explaining the reasons for the collaboration and to ease the concerns mentioned above.
At the start of the stream, Hoskinson told viewers that Polymath had already overseen 120 security token offerings on the Ethereum network. He added that the development of Polymath had slowed down because of ongoing challenges with compliance.
Speaking in support of the partnership, Charles said that they strongly believe that they will need different standards and ecosystems in the future. He added that Cardano aims to become a financial operating system for the underserved and unprivileged.
Furthermore, Hoskinson explained his certainty on the impending change of existing standards, which include decentralized identifiers, as well as rules for interoperability and metadata.
He also stated the adjustments he expects to be made to the current standards. The changes would mean that specific marketplaces become less popular or even get blacklisted, but Charles maintains that it is the right course of action. Hoskinson also believes that consumers must be informed that they have full control over all assets in their possession.
Another subject covered in the live video was the partnership between Cardano and Atala. The two are currently running a pilot program. In this case, Cardano will serve as the issuer for tokens, as well as uphold transparency in the ecosystem. Hoskinson concluded by expressing his pride for actively participating in the setting of new standards for the blockchain industry.