IOHK CEO Charles Hoskinson, who is well respected within the cryptocommunity for his forthright opinions on Cardano and crypto in general on his live streams, believes that the blockchain space is in ever so slightly a rut and needs a “WiFi or bluetooth moment” to launch itself into the public sphere.
Speaking to Cheddar, Hoskinson use the example of ubiquitous WiFi connectivity to make his point about blockchain’s challenging task of breaking into the mainstream. Hoskinson said that the convenience and ease of use that we have to come to expect from network connectivity is all due to much hard work from industry insiders,
Consumers kind of have gotten used to this idea that when they pull out their phone ー if they are in Korea, Japan, South Africa, or here in America ー that their phone will just connect to the WiFi network. But there’s no reason that should be true, that was only due to the hard work of an entire industry…What we are looking for is the WiFi or Bluetooth moment of our industry. We haven’t quite gotten there yet.
Reiterating a remark on how the future will be different, Hoskinson also mentions how we will come to see value differently – something bitcoin and blockchain enthusiast Andreas Antonopoulos emphasizes – and that, in the near future, information in different systems will be integrated in some form (“interoperability”),
What we are seeing is a collection of standards being created [that] 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 ー not just bitcoin to litecoin to ethereum to cardano ー but also your regular bank account.
Cardano (ADA) is in the midst of upgrading to its “Shelley” phase, which would bring Proof-of-Stake (PoS) mechanisms to the network. Cardano claims that its PoS mechanism will bring the same level of security as Bitcoin’s Proof-of-Work (PoW) consensus protocol. The project’s token ADA has also been performing very well in recent times, up roughly 66% in the past 30 days. Still, he says that there is a lot of development ahead for Cardano.
