Cardano (ADA) founder Charles Hoskinson has revealed he believes the infrastructure on the cryptocurrency’s blockchain will be good enough to “run a nation-state” in the future as he sees Cardano offering a solution to many of the governance issues that affect the world today.
As reported by Bloomberg, Hoskinson’s words came at the Cardano Summit broadcast. During the broadcast, Hoskinson noted that Cardano’s ecosystem is working on a wide variety of projects ranging from ways to run the currencies of nation-states to voting systems.
The blockchain should soon see a lot of “real-life data about how to do governments differently,” he said, before adding:
You could run a nation-state on this type of infrastructure — not today, but in three to five years, definitely possible.
Hoskinson further added Cardano is trying to position itself as a legitimate option “for at least some of these systems and some of these institutions.” Projects on Cardano vary and have been growing rapidly after the network’s Alonzo upgrade brought in smart contract functionality.
The network is also developing a blockchain-based digital identity system for students and teachers in Ethiopia, for example. Hoskin added at the summit:
People are fundamentally unhappy with governance. There’s an appetite for new systems, new ways of governance, new types of institutions.
Cardano’s ADA token saw its price surge over 2,800% over the last year and is now the third-largest cryptocurrency by market capitalization, behind only Bitcoin and Ethereum. Despite its rapid growth, it has been criticized by some, including Galaxy Digital CEO Mike Novogratz who last month said it had “zero traction” with developers and called it a “weird cult” in June.
Hoskinson himself as dismissed criticism of the cryptocurrency’s market capitalization after it briefly Binance Coin (BNB) to become the third-largest cryptocurrency by market capitalization.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Featured Image via Unsplash
Source: Read Full Article