Blockchain Can ‘Radically’ Change the Future2 min read
As the blockchain and crypto industry grows, it opens up many possibilities to change the world as we know it. This includes, for example, the way governments operate. At least that’s how the founder of the Cardano (ADA), Charles Hoskinson. According to him, blockchain technology could radically transform the future.
That’s because technology can create better government services around the world and make them interoperable with each other. And that’s exactly what he plans to achieve with Cardano’s updates.
“In a global society, you don’t want an actor to have complete control over things and resources,” Hoskinson said.
Blockchain can change the world
Also according to him, the purpose of cryptocurrencies and blockchain technology is to make this sector private and open. At the same time, its focus is on protecting users’ privacy. Furthermore, he pointed out that, in a centralized system, the rules are decided by one person:
“One person basically decides these rules and often they become very anti-competitive,” he said.
According to him, instead of helping, the rules end up harming people or exposing them to many market failures. Hoskinson pointed out, however, that this will not be the disappearance of the nation-state, but its improvement.
“It’s taking government services and place them in a framework where they have radical transparency,” he said.
In his view, in such a world, all of a government’s tax revenue could be open source. That way, everyone could examine it and see where the money is coming from and where it is going. “At the end of the day, you have less friction, less fraud, less waste, less abuse, more transparency,” he pointed out.
Finally, he said that “there has never been a time in human history when this has been the case.”
Recently, Hoskinson criticized Twitter “trolls” who claimed that Cardano’s Vasil hard fork has bugs. Critics claim that the hard fork would negatively affect the network’s smart contract functionality.
Hoskinson then highlighted that the network has taken the necessary steps to ensure that smart contracts are compliant with updates, “eliminating any bugs and any need to rewrite the contract.”