Founder Charles Hoskinson Puts Cardano’s Edge Over Facebook’s Libra In Emerging Markets
In the wake of Facebook announcing their stablecoin Libra, it seems like everyone wants to say something about it.
Some think that it is a friend of the crypto ecosystem, some think it is a competitor. However, there are people like Cardano’s Charles Hoskinson who think that their product is better than that Facebook provides. Regarding the competition in the emerging markets space, Charles said:
“Emerging markets are where cryptocurrencies matter […] When I look at the developed world, I don’t care. It’s highly regulated and, in many cases, a rigged system. If I decide to compete with a tech company they can just push me out via regulation. […] Then I sit down with the prime minister of Georgia and he says, ‘we’re open for business.’ We can rebuild parts of their education infrastructure, create a new payments system or do a medical records system. The keys to the kingdom are right there. That’s 4 million people who in ten or twenty years will be very high-value users.”
This is in contrast to when he had talked about improving the infrastructure in the decentralized space so as to handle the huge demand of the community. He talked about creating an infrastructure quite similar to the current tech giants like Facebook and Google whose infrastructure is capable enough to handle services for all types of loads on their system.
Regarding customizing the product to each country’s needs, Charles thinks that Cardano is in a better position than Facebook. He states:
“Facebook has to come into countries it doesn’t know a lot about and convinces them to enslave themselves to an economic monopoly and give nothing in return. And their only pitch is that you’ll pay less on fees. […] I’m going there and saying, ‘we’re going to rebuild all your systems so you have fraud-free land registration, better voting systems, and improved supply chains.’ We’re already doing this stuff but it took years. These are relationship-based markets – and Facebook doesn’t have those relationships.”