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Cardano Ecosystem

Cryptomode

02/09/2024

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Cardano Founder On Ecosystem’s Most Pressing Challenges

Charles Hoskinson, the founder of Cardano (ADA), discussed an important issue and an exciting chance in the blockchain field.In a recent interview on YouTube held on Feb. 9, Hoskinson talked about what he...

Cardano Founder On Ecosystem’s Most Pressing Challenges

CryptoMode Cardano Governance

Charles Hoskinson, the founder of Cardano (ADA), discussed an important issue and an exciting chance in the blockchain field.

In a recent interview on YouTube held on Feb. 9, Hoskinson talked about what he observes as the greatest challenge the blockchain industry, and ADA in particular, will face in 2024.

Specifically, he said the major issue is not with technology but people: setting up effective and efficient on-chain governance is difficult.

Even though Hoskinson agreed that Satoshi Nakamoto‘s groundbreaking invention of proof of work solved some important problems, he claimed that the problems of decentralised governance are much more complicated.

Hoskinson Envisions Cardano’s On-Chain Governance

Getting successful on-chain governance for Cardano to work was called “the single biggest innovation in collective governance in human history,” he said it might be so important that it deserves a Nobel Prize.

Hoskinson went into more detail about how unusual this project was and said that Cardano’s success in adopting decentralized governance could be a turning point in the cryptocurrency world. It may even create a new way for people worldwide to cooperate on governance.

He explained his goal to create a governance system that ADA and other corporations, organisations, and the government could use. That may sound idyllic, but Hoskinson seems convinced Cardano’s technology can play a role.

Additionally, Hoskinson suggested society is about to enter a new era of change that could completely transform how people work together and practice governance.

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