Charles Hoskinson, the founder of Cardano (ADA) and CEO of IOHK, a tech firm that focuses on building blockchain and crypto-related software for “academic institutions, government entities, and corporations,” has argued that “we’re [still] looking for the bluetooth or wifi moment of our industry.”
Hoskinson, an analytic number theory dropout from the University of Colorado, Boulder, believes that the crypto industry has “not quite gotten there yet.” Commenting on current blockchain industry trends and comparing them to how mobile technology evolved, Hoskinson said that “consumers have kind of gotten used to this idea that when they pull out their phone (regardless of where they are), … their [device will automatically] connect to a wifi network.”
However, building the type of technological infrastructure required to allow users to easily connect to the internet in this manner required hard work and dedication from the “entire [IT] industry,” Hoskinson noted.
“We’re Seeing A Collection Of Standards Being Created”
Hoskinson, whose comments came during an brief interview with Cheddar (published on March 29th, 2019), thinks that there are currently “a collection of standards being created” for the digital asset industry. The Ethereum co-founder pointed out that the World Wide Web Consortium (W3C), the Ripple-led InterLedger committee, and the IOHK-backed proof-of-stake (PoS) sidechains projects are all focused on developing standards.
According to Hoskinson:
The [evolving] collection of [crypto-related] standards will 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 … not just from Bitcoin to Litecoin to Ethereum to Cardano, but also to your regular bank account, your checking or Wells Fargo account, or your credit card.
Moving Seamlessly Between Multiple Different Systems
Somehow we will be able to move seamlessly between different systems and [perform] cross-border settlements and so forth … so that will happen, we are part of that conversation … part of it (developments) is innovation and part of it is pragmatism. Sometimes, the best standard doesn’t win. You as the builder have to be able to integrate that into your system.
At the end of the day, it’s [all about] infrastructure and just like the trains and the planes and the roads you drive on or car plants we build. These things are going to be around for a very long time. So, it’s not [always] about who’s first to market or how quickly we can upgrade something. It’s [more] about what’s fit for purpose. And not fit for purpose for just a few thousand people, but for 7 billion people and so we have a very global view of the way we do things.
IOHK Offices Located Throughout The World, Including Africa
Hoskinson further noted that IOHK has business and development offices based in several African countries including Ethiopia. He explained that IOHK and other organizations are trying to build real-world solutions where people who are not currently connected to the internet or have “intermittent power,” such as a coffee farmer, are also able to more equally participate in the evolving global economy.
In addition to serving the world’s “underbanked” population, Hoskinson revealed that IOHK aims to help giant Wall Street institutions in streamlining their operations and harnessing the benefits of distributed ledger technology (DLT). The Cardano founder added that the organizations he is affiliated with are working with the several institutes of higher education including the University of Edinburgh and universities in Tokyo to develop various standards for industry best practices.