Charles Hoskinson, the founder of Cardano (ADA), explained how he would expect Cardano to succeed. In a recently uploaded In a YouTube video, Hoskinson spoke about the future of Cardano and how he believes the project could be successful. He also explained which key features Cardano would need for this.
DeFi could mean success for Cardano
During the YouTube conversation Mr. Hoskinson had with his followers, he stated that Cardano had really made a difference in the cryptocurrency market. In fact, Cardano is now the fifth largest virtual currency in the world, with a market cap of $ 38 billion and a price per coin of $ 1.21.
Regarding Cardano’s expansion and success, Hoskinson said he likes the DeFi platform called Kiva. This platform enables users to make loans and borrow money. Hoskinson stated that he lends through this platform, which shows that it works very well and in a decentralized way.
However, he believes that if Cardano could open an application like Kiva, loan assets, and get the funds back plus interest, Cardano would be successful.
Hoskinson said of this:
“I know Cardano has really made a difference and changed the world when I can open an application like Kiva and have a direct relationship with someone in the world who is not doing so well, and I actually cannot give it to them as a gift, not as a charity, but as a loan to them and they will pay me back. For me that would mean success for Cardano. “
In addition, Hoskinson stated that it was necessary to build an identity system. In addition, there should be a payment system that can work all over the world. This includes places where internet access is limited and intermittent.
In addition, the identity system would give you a good reputation. That way, users can know which users they can loan the funds to. In addition, there should also be a way to spend the funds that the borrower receives. This includes creating a system of stable coins that works in different countries and regions.
In addition, users should be able to get their money back. Not only that, but the funds they receive should include a profit. That way, the entire cycle would be repeated and improved over time. Other possible characteristics would be DEXs and also oracles.
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