Ethereum Co-Founder Discusses Global Adoption, Warns Against “Goliaths” Permanent Monopoly
- Charles Hoskinson discussed how global adoption of cryptocurrency could be possible.
- The Cardano founder breaks down how power needs to be rebalanced to do so.
Charles Hoskinson is a well-known name in the cryptocurrency world. The co-founder of Ethereum and founder of Cardano has become incredibly influential in the space, which has a lot to do with the way that he continues to hold live discussions with the public about the industry.
He recently was the subject of an interview where he spoke about the best ways to promote cryptocurrency adoption throughout the world.
As Hoskinson sees it, the first step towards acceptance globally is a “rebalancing of power.” He commented on the way that baby boomers and the “silent generation” will sit back and criticize the way that Mark Zuckerberg runs his social media platform as an example of this imbalance. He added:
“The only way out is to call another constitutional convention and gradually chip away the bureaucracy over 10- or 20-year period.”
Furthermore, he adds that the United States lacks the liquidity to try to be “the policemen of the world.” He noted that there is a possibility of big players like Microsoft, Facebook, and Google achieving temporary monopoly.
Still, as the government gets involved with setting the standards for these platforms, those same companies could ultimately choose to make the monopoly into a permanent arrangement. The cryptocurrency industry could still prevent this issue from happening by creating social networks that are decentralized as well, which would have more self-sovereignty.
The goal of Cardano, as Hoskinson explained, is to create an economy that is able to sustain itself, which could be used for buy/sell services in the same way that fiat can. At the same time, the ADA supply demand will be driven up, which is “unlike gold’s value that was driven by speculation.”
Another way to support adoption will be to integrate countries with greater wealth or “potential wealth,” which is why Hoskinson likes to travel to Mongolia, Georgia, Uganda, and others.
After discussing how he wants to improve ADA adoption, Hoskinson added that freeing up these areas and becoming “the monopoly in all those jurisdictions” would give someone “an army bigger than anybody else’s army.” He added that, once this happens, “you can come back to the western world with it and then eventually conquer them too.”