CEO and founder of IOHK Charles Hoskinson recently noted how the cryptocurrency world needs a “WiFi or Bluetooth moment” where a set collective of standards would bring the entire industry to a point of interoperability with traditional financial institutions.
Hoskinson made his arguments during an interview with Cheddar on March 28th. He said his vision of interoperability was not yet here, but expressed confidence it was soon coming.
A Vision Of A ‘Watershed’ Moment
Hoskinson, who helped create the Cardano cryptocurrency with other IOHK team members, said a series of standards are being created that would “inevitably converge over the next three to five years to create a situation where you can move information and value between all these different systems ー not just bitcoin to litecoin to ethereum to cardano ー but also your regular bank account.”
He alluded that this sort of convergence would be as impactful as WiFi and Bluetooth were for in regards to communication – and noted how “consumers kind of have gotten used to this idea that when they pull out their phone…that their phone will just connect to the WiFi network.”
Standard-Setting Entities Are Hard At Work
The idea of concrete cryptocurrency and blockchain standards has been a popular concept in recent memory. In February, the Enterprise Ethereum Alliance (EEA) announced the launch of a so-called “token task force” this year.
According to CoinTelegraph, the Alliance will focus work on interoperability between blockchains, building public confidence with cryptocurrency, and offer contributions towards tokenization on an enterprise scale.
Last month, the EEA also opened a regional office in China. Interoperability startup Wanchain vice president Weijia Zhang was appointed as head of the new office. Zhang will purportedly be tasked with “for supporting the advancement and adoption of EEA’s standards by taking part in local hackathons, workshops, training sessions, and conferences,” CoinTelegraph wrote.
Hoskinson: Cardano Will Be A‘Multi-Asset Ledger’
In a recent Reddit AMA, Hoskinson said he was working on trying to potentially bring Security Token Offerings (STO’s) to the platform, “or at least ensuring inter-operability standards.”
He also sounded off against EOS and referred it to as a centralized product. He characterized it as “not innovation, this is just application [of] old concepts and then bolting on poorly conceived governance system and cutting a lot of poor facilities.”