Charles Hoskinson, CEO and founder of IOHK, shared his impressions and expectations regarding the evolution of blockchain technologies with Cheddar’s editorial team.
IOHK is the startup responsible for developing Cardano (ADA) the third generation blockchain that seeks, among other things, to solve the blockchain trilemma: To make possible the development of a blockchain that is safe, scalable and decentralized.
Blockchain Needs its Wifi/Bluetooth Moment
Until now, the best blockchains meet only two requirements, and it has become a kind of “law” to think that it is always necessary to sacrifice one of the three aspects to create a functional blockchain.
Although many enthusiasts agree with classifying blockchain as a revolutionary technology, Hoskinson believes there is still a long way to go. He explained that to reach the point where the use of blockchain technologies becomes something natural in everyday life, we need what he called the “wifi or Bluetooth moment” that is, the development of a technological implementation that allows to exploit the theoretical potential of DLTs and put it into practice.
“What we are looking for is the “Wifi or Bluetooth moment of our industry. We haven’t quite gotten there yet. The consumer has gotten used to this idea that when they pull out their phone if they’re in Korea or Japan or South Africa or here in America, 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.”
Cardano recently upgraded its consensus algorithm to a new one as part of the process of becoming a PoS network. Likewise, they are working hard on solutions that favor interoperability.
5 Years and Interoperability Will be a Reality
During the interview, Hoskinson explained that the future communication among peers on the internet of value should not be exclusively between a closed group of blockchains, but ideally, there should be a direct interaction between the entire ecosystem, even adding to the databases managed by traditional financial service providers.
Hoskinson is optimistic about pointing out that this integration will be a reality in 3 to 5 years:
“Basically, this collection of standards will inevitably converge in the next 3 to 5 years to create a situation where you can move information of value between all these different systems; not just Bitcoin to Litecoin to Ethereum to Cardano – but also your regular bank account, your Chase account or your Wells Fargo account or your credit card. Somehow you can move seamlessly between these different systems and do cross-border settlements.
Finally, he explained that in the ecosystem of blockchain technologies the different projects should not be seen as competitors, but as collaborators in the construction of a shared future that benefits the general population.
“It’s not about who’s first to market or how quickly can we upgrade something. It’s about what’s fit for purpose. And not fit for purpose for just a few thousand people but for seven billion people.”