Yesterday, the key exponent of the Cardano blockchain (ADA), Charles Hoskinson, held a brief live session in which he shared some reflections on what has happened 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 his followers that he had recently returned from London, where he spoke.
- of a possible global depression
- how this would affect the blockchain sector and cryptocurrencies;
- how it is certainly easy to see only the disadvantage;
- how the crisis could hit the cryptocurrency sector like an ax and put an end to it.
The crisis that begins 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 means that each sector, from the economy to the information, was managed according to a time when the iInformation was not as instantaneous as it is today.
Today, however, we see that the economy and finance, as well as the banking system, have not been able to adapt or take measures to catch up with technological progress and speed, but continue to adopt the same measures that were used in the past, like the increase in debt: in fact, In the last 20 years in the United States, there has been nothing but a steady increase in debt.
A possible solution is seen in Japan with its Summer Olympics, which could improve the fate of this system a bit, but, as we are seeing in recent months, the Coronavirus which is spreading all over the world could also lead to the cancellation of the Olympic Games, with important repercussions in the economy of the country.
Hoskinson awards for Italy
In this scenario, Hoskinson examines Italy, hypothesizing a Italian version of Brexit governed by a populist sentiment, which could destroy all of Europe. The founder of Cardano also points out the confidence that is lacking in the institutions that govern us, unable to make decisions but only able to address situations as they can.
And this is where the blockchain sector would intervene for Hoskinson: Blockchain eliminates the intermediaries given by the institutions to eliminate those frictions that make decisions long and not immediate at times like these.
This movement is based on the absence of the need for trust and the immutability of the rules.
Decentralized Social Networks
The same is also true for social networks governed by centralized private companies that have user data at their disposal.
A solution for Hoskinson is blockchain-based social networks, 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 cryptocurrency market, since in recent years we have witnessed worse falls, even reaching 90%.
The final message is positive because Cardano CEO explains that there is always light at the end of the tunnel and his forecast is that in 5 years we will see a change of era, where we will use Cardano, EOS, Tezos and Bitcoin: These are those mentioned by Hoskinson in everyday life.
The entry Charles Hoskinson has shared his future predictions for the market, taking into account the Coronavirus was first published in Crypto Report.