News18 September 2021

Cardano founder Charles Hoskinson on ‘Bitcoin Maximalism,’ and Plans for Digital Transformation in Africa

Charles Hoskinson on ‘Bitcoin Maximalism,’ and Plans for Digital Transformation in Africa

Summary:

· Charles Hoskinson sat down with the Insider for an Interview

· Topics discussed included DeFi’s future and Bitcoin maximalism

· The Cardano network can now handle smart contracts

The founder of the Cardano network, Charles Hoskinson, believes that no blockchain will monopolize the crypto ecosystem. However, he talks of an “Internet of Blockchains.” Cardano’s recent upgrade means it can now host smart contracts and apps like NFTs (non-fungible tokens). ADA, its native token, has gained almost 1,250% this year alone, making it the third-largest crypto by market capitalization after Bitcoin and Ether.

Hoskinson sat down with the Insider to discuss the Alonzo network upgrade, the future of DeFi, and why some blockchain networks like Cardano are yet to reap the fruits of institutional investors. He discussed various topics such as maximalism in crypto and his upcoming trip to Africa, the world's third-largest expanding crypto economy.

He said that, unfortunately, there is a lot of maximalism in the crypto industry. Bitcoin diehards only believe that Bitcoin is the only true crypto and everything else is not valid. On DeFi, he said that DeFi needed to grow up.

“The other thing is DeFi needs to turn into ‘real-fi’ and needs to grow up, so that means it needs governance and true decentralization.” He also said that “It needs to have metadata standards, it needs to have quality standards, it needs to have real customers, it needs to have identity built-in, all these types of things.” – on what decentralized finance needs to mature.”

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