Yesterday the key exponent of the Cardano (ADA) blockchain, Charles Hoskinson, held a short live session in which he shared some thoughts on what has been happening in recent times and his predictions for the future.
Going live https://t.co/HevnNhKPkj
— Charles Hoskinson (@IOHK_Charles) March 9, 2020
Hoskinson first informed followers that he had recently returned from London, where there was talk
- of a potential global depression
- how this would affect the blockchain and crypto sector;
- how it is certainly easy to see only the downside;
- how the crisis could hit the crypto sector like an axe and bring it to an end.
The crisis that is beginning to take shape in this period seems to be the result of a global economy whose stability is based on agreements, wars, winners and losers, which meant that every sector, from economics to information, was managed based on a time when information was not as instantaneous as it is today.
Nowadays, however, we see that the economy and finance, as well as the banking system, have failed to adapt or take measures to catch up with technological progress and its speed, but continue to adopt the same measures that were used in the past, such as the increase in debt: in fact, in the last 20 years in America, there has been nothing but a constant increase in debt.
A possible solution is seen in Japan with its summer Olympic Games, which could improve the fate of this system a bit, but, as we are seeing in recent months, the Coronavirus that is spreading around the world could also lead to the cancellation of the Olympics, with significant repercussions on the economy of the country.
Hoskinson: some predictions for Italy
In this scenario, Hoskinson examines Italy, hypothesizing an Italian version of Brexit governed by a populist sentiment, which could actually destroy the whole of Europe. Cardano’s founder also points the finger at the very trust that is lacking in the institutions we are governed by, incapable of making decisions but only able to address situations as they can.
And it is here that the blockchain sector would intervene for Hoskinson: the blockchain removes the intermediaries given by the institutions to eliminate those frictions that cause decisions to be long and not immediate at times like these.
This movement is based on the absence of the need for trust and the immutability of rules.
Decentralized social media
The same is also true for social media governed by private, centralized companies that have user data at their disposal.
One solution for Hoskinson is social media based on blockchain, for example, Voice.
Before concluding his live video, Hoskinson invites everyone to calm down for what is happening in the traditional markets but also in the crypto space, as in the last few years we have witnessed worse drops, reaching even 90%.
The final message is positive because the CEO of Cardano explains that there is always light at the end of the tunnel and his forecast is that in 5 years we will see an epochal change, where we will use Cardano, EOS, Tezos and Bitcoin – these are the ones mentioned by Hoskinson – in everyday life.