Cardano Founder Charles Hoskinson Does Not Believe There Will Be One Blockchain To Rule Them All

Cardano Founder Charles Hoskinson Does Not Believe There Will Be One Blockchain To Rule Them All

Cardano founder Charles Hoskinson has always been one with big visions for the future of the crypto industry. Contrary to what the narrative might be, Hoskinson does not want Cardano to ‘take over’ from other established networks. The founder does not believe that there can only be one dominant blockchain in the cryptocurrency space. Rather, Hoskinson believes that the market is vast enough for there to be enough space for different blockchains to shine through.

This was made even more apparent with Hoskinson’s interview with Insider. Cardano is fondly referred to as the “Ethereum Killer” in the space. But the founder does not subscribe to this school of thought. If anything, he believes that there will continue to be dominant blockchains that will compete with each other. This will hopefully bring about more innovation as competition drives projects to push out better capabilities for users.

Enter “Internet Of Blockchains”

Hoskinson in his interview likens the future of the blockchain industry to that of the internet. Instead of having one blockchain that will rule them all, the founder believes that what the future holds is more of an “Internet of Blockchains” situation. Much like the Internet of Things, this will enable interoperability between blockchains, allowing users to carry out transactions between blockchains while on the go.

This would mean instead of focusing more on competition, the blockchains would be more focused on collaboration. Given that the existing blockchains cannot yet operate across one another, integration between blockchains will be important for the future of the industry. This is why Layer-0 protocols are currently gaining traction in the space. With protocols like the one offered by Polkadot, interoperability will be the future of blockchain technology.

The Wi-Fi Moment

Hoskinson elaborated on his vision for the future using an internet analogy. The founder pointed out that as long as a piece of hardware made internet connectivity possible, it did not really matter to people where the hardware comes from. Hoskinson sees this happening for blockchain in the future. While various blockchains will exist, and definitely compete behind the scenes, interoperability between them will make it so people are not really paying attention to where the infrastructure is from.

“Of course we compete under the hood, and businesses, governments, and people who care about these things will care about them. But at the end of the day, if it’s going to work for everybody, we have to have that ‘wi-fi moment’ where it’s consumer-friendly and it just works on your phone and you can just set a transaction, you can seamlessly move between things.”

The founder believes blockchain would become part of daily life. Just like a person would not ask, "Is this a Samsung router? Is this an Apple router?" So will blockchain infrastructures co-exist. "My hope is that's what's going to happen in the industry, where Cardano is infrastructure, Ethereum is infrastructure, Bitcoin is infrastructure," Hoskinson told Insider.

Best Owie

Best Owie

Best Owie is a writer/lead editor at Wealthier Today. She works to provide readers with helpful and informative reads about finance, investment, and cryptocurrency.