On Friday March 19th, Charles Hoskinson, founder of the Cardano Project (ADA), co-founder and CEO of IOHK, described a scenario telling him that Cardano had achieved success by doing something unique, magical, and special.
Hoskinson’s comments came in a video he posted on his YouTube channel on Friday, in which he discusses how it can be said that Cardano has achieved success.
Hoskinson started his talk about the peer-to-peer (P2P) lending platform “Kiva”, and said about it:
As many of you know, I really like Kifa.
I use it all the time.
He continued by saying:
I think for myself the moment I know Cardano really made a difference and changed the world.
This can be done by opening an application like “Kiva” at the moment.
Where I can have a direct relationship with someone somewhere in the world that person is asking for aid, and I can actually give them not a gift, not a charity, but a loan to them and they pay me off again and I can do it over and over and earn more than I lose.
For me, this is a success for Cardano.
Then he went on to explain the reason:
Because a lot has to happen to us in order to get to that point.
Like building an identity system.
We have to make sure that the metadata system is where we go.
There has to be an adequate payment system that can work in all places, including those areas with choppy internet.
With identity, such projects should have a good reputation.
what does that mean?
This alone means that we will witness one of the greatest transfers of wealth in human history, from the rich, developed world to the developing world.
Not motivated by charity but because it makes business sense.
If you are a financial manager of an institution and are looking for an asset with a repayment rate higher than 90%, or an asset that contains sovereign guarantees or insurance behind it or people to offset risks and returns higher than 10% or 15%, why not go and subtract 5% from your company’s treasury or 10 % Of your company’s treasury?
This moment alone means hundreds of billions of dollars of foreign direct credit flows into these countries for the first time ever every year.
Once that is established, the same thing that gives someone a credit score enough to convince you to give them $ 100, $ 200, $ 300, will convince you that maybe you should be an angel investor in their business for $ 10,000, $ 15,000, and we can securitize it so that it can be individually. $ 20 and $ 30.
Is it charity?
Running a company in Ethiopia is no less than ten to fifty times less than running a company in San Francisco, and it doesn’t necessarily mean ten to fifty times less profit.
This is the key.
Cardano will open a whole new world once this infrastructure is established.
To watch the full video of “Hoskinson”:
Hoskinson and the Cardano project focus heavily on developing markets and improving their banking systems through modern technologies based on smart contracts, decentralized applications and blockchain.