At Binance Blockchain Week, Cardano’s creator discusses Web3 and Bitcoin’s comfort
“Once you go out of the comfort zone of Bitcoin, you begin to contemplate many other possibilities,” Cardano creator Charles Hoskinson said during his keynote address.
Charles Hoskinson, inventor of Cardano, delivered a keynote address on the opening day of this year’s Binance Blockchain Week, which took place at the Dubai World Trade Centre in the United Arab Emirates.
Addressing the audience, Hoskinson used his keynote to explore Bitcoin (BTC), Web3, and philosophy, raising questions such as what happens next as the community advances away from Bitcoin’s comfort zone and toward centralization.
“As blockchains evolve and grow more powerful, we will be forced to make some tough and painful philosophical choices.” The CEO highlighted concerns about Web3 and the appropriate balance of decentralisation and regulation. “At what point do you cease to be decentralised?” You’re no longer the trust arbitrator?” Hoskinson inquired of an audience comprised of blockchain aficionados from across the globe.
“Once you step beyond the security of Bitcoin, you begin to contemplate a variety of alternative possibilities.”
He said that as authorities have begun to examine blockchain, previously unconsidered issues have begun to appear. Consider the following: “At what point may a transaction be reversed?” and “If we can, at what point can we freeze your funds?” have begun to surface in talks about blockchain technology. “I believed we would never be able to achieve it,” Hoskinson said.
Apart from that, Hoskinson underlined the significance of concentrating on the technology itself, rather than merely the revenues. He emphasised that blockchain ensures justice and equality for everybody, providing a fighting chance for smaller firms.
“If you’re just here to generate money, you’ll miss out on everything that makes technology unique.” Though the Cardano creator did not specifically mention decentralised autonomous groups, he said that individuals must be engaged in blockchain project decision-making. He saw a future in which DAOs would form the backbone of Web3. “If we are genuinely decentralised, we must solve this problem for ourselves,” Hoskinson said.