Cardano founder Charles Hoskinson He shared his damned thoughts about the old financial system, and concluded that the cryptocurrency would take over because it offered a better way.
The banking system has done this on its own
Much is said about the hostility between cryptocurrencies and banking services. While the banking system outperforms cryptocurrency in terms of both capitalization and number of users, Hoskinson It is believed that this is the situation that will change.
“You can’t go back; you can’t change that. You can’t put that genie back in the bottle. Central banks will vanish, that’ll just happen. Your traditional banks will vanish.”
The reason for thinking this is the favoritism and profit involved in the banking system. All this conspires to put pressure on the “little man”, often in conditions of despair and lack of choice.
“We weren’t the ones paying 15% of some of the poorest people in the world to take their money home to take care of their parents. People were running the old system. We, in this industry, weren’t charging 85% interest to lend $ 100 to subsistence farms, trying Desperate survive after a drought. “
Hoskinson also mocked the banking system’s complicity with criminal activity. Pointing to general examples of drug and oil money laundering in exchange for food programs, Hoskinson turned things around by saying that cryptocurrency is the remedy to fix that.
“Never let them say that our industry is the industry that poses a risk. Our industry is the antidote to abuse, corruption and cronyism that we found. This is an industry of frustration that has now been replaced by an industry of creativity and innovation. We will change the world.”
Cardano prepares smart contracts
In terms of leading the charge against the banking system, Cardano is there as a project capable of taking on the challenge. But, like the entire cryptocurrency industry, it is a work in progress.
However, last week saw Input Output Global (IOG) developers reveal the Progress On shipping the final stage of the Cardano smart contract rollout.
Currently, the company is working on the “Alonzo Blue” phase that includes Pioneers of Plutus Some “Alpha Partners” are working on the first-ever Alonzo test network.
Alpha Partners has been formulated to Builds A range of dapps including oracles, DEXs, lending and borrowing, stablecoins, NFTs, and DeFi tools.
During this stage, the goal is to detect and fix errors to stabilize the code environment. The remaining “Alonzo White and Purple” phases will see the testing network open to a larger pool of testers. In the “Alonzo Purple” phase, the protocol is nearly ready for public offering, expected in August.
As Hoskinson hinted, change is coming, and thanks to smart contracts, Cardano will be one of the cryptocurrency projects devouring the old system.
Source: ADAUSD on TradingView.com