Met Cardano (ADA) still in development many people wonder when the project will finally start to bear fruit and make a real difference. In a YouTube video last Friday, Cardano founder Charles Hoskinson announced when he thinks this will be the case.
In his argument he makes it peer-to-peer loan platform Kiva. He tells how he during ask-me-anything (AMA) sessions to issue loans to questioners. As soon as such loans are also possible through Cardano, Hoskinson expects that Cardano can really make a difference in the world:
“And I think to myself that the moment I know that Cardano has really made a difference and changed the world, is that if I can open an application just like I currently do with Kiva and I can have a direct relationship with someone somewhere in the world who is not well off and I can give them money, not as a gift, not out of charity, but a loan that they will pay me back. I could do this over and over and I win more than I lose. That would mean success for Cardano for me. ”
Before that happens, the Cardano ecosystem still needs to take major steps. “You have to build an identity system. […] There must be a good payment system that can work everywhere, even in areas with poor internet. ” Once such systems are up and running and there are stablecoins and Decentralized Finance (DeFi) applications are launched on Cardano, the following will happen, according to Hoskinson:
“What does that mean? That alone means that we will witness one of the greatest wealth transfers in human history, from the developed rich world to the developing, not so rich world, not out of charity, but because it is business common sense. […] That one moment alone would mean hundreds of billions of dollars in foreign direct credit flowing into these countries for the first time ever. It creates pan-African and transnational currencies, which means you no longer need central banks. ”
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