Charles Hoskinson, CEO and founder of Cardano, believes that the future for blockchain is many of them coexisting and interoperating, rather than just one blockchain beating off all the competition.
Charles Hoskinson was speaking on the subject recently as Cardano’s key Alonzo upgrade was rolled out, and smart contracts became available on the Cardano blockchain for the first time.
Hoskinson uses the parallel of Wifi routers, saying that nobody cares which router they are using. He said in a recent interview on Business Insider:
“You’re not asking – ‘is this a Samsung router? Is this an Apple router?’ and my hope is, that’s what’s going to happen in the industry, where cardano is infrastructure, ethereum is infrastructure, bitcoin is infrastructure,”
“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,”
For Hoskinson, it’s less about trying to become the dominant layer one blockchain, and more about building blockchains that are able to interoperate.
“What’s probably going to happen is we’re going to live on an internet of blockchains,”
The Cardano Alonzo upgrade has been rather a “sell the news” event so far. From an all-time-high of just over $3 on 2 Sept, the ADA price fell as low as $2 only 5 days later. It has since recovered to $2.41 at time of writing.
It remains to be seen just how successful the upgrade has been. Should everything continue smoothly, then Cardano would most likely go on to become one of the major layer one blockchains.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.