Blockchain space has to start making some difficult philosophical decisions, says Cardano’s founder
The Binance Blockchain Week commences today, and Cardano’s founder is one of the first keynote speakers at the event.
Cardano founder Charles Hoskinson believes that the cryptocurrency space has come a long way, and it is now time to start making some difficult and uncomfortable decisions.
Hoskinson said this when he gave a keynote speech on the first day of this year’s Binance Blockchain Week. The event is currently ongoing at the Dubai World Trade Centre in the United Arab Emirates. He said;
“When you move past the comfort of Bitcoin, you start entertaining many other ideas.”
Hoskinson used his speech to discuss topics like Bitcoin (BTC), Web3 and philosophy. The Cardano founders said;
“As blockchains become more advanced and more powerful, we have to start making some difficult and uncomfortable philosophical decisions.”
Web3 is all the rave within the blockchain space at the moment, but Hoskinson raised some questions regarding their decentralization. He said;
“At what point do you cross the threshold where you’re no longer decentralized? You’re no longer the arbitrator of trust? When you move past the comfort of Bitcoin, you start entertaining many other ideas.”
He added that since regulatory agencies are now looking into the blockchain space, some questions that were not previously considered are now suddenly coming to the surface. He added that;
“At what point can we reverse a transaction?” and “if we can, at what point can we freeze your funds? I thought we could never do that.”
Finally, the Cardano founder talked about people who are into the cryptocurrency space just to make money. According to Hoskinson, people should be into blockchain technology beyond just making money. He said;
“If you’re just here to make money, you lose all the things that make the technology special.”
Cardano is one of the top 10 cryptocurrencies by market cap and remains one of Ethereum’s major competitors.