On July 3rd, Charles Hoskinson, the Co-founder of IOHK and creator of Cardano, tweeted his journey and lessons learned along the way in the cryptocurrency space. Hoskinson has been in the cryptocurrency world for almost 5 years now.
According to the crypto-leader, the cryptocurrency space is ‘an aggregation of a political movement, disgust of current systems, academic research, frustration over middlemen of necessity, a religion with cyberpunk roots, and a series of open source projects.’ More so, cryptocurrency is a unique existence as the fundamentals of this technology are based on ownership resistance to counter centralization.
Additionally, he explains the dissatisfaction factor regarding statements that suggest decentralization not essentially being an apt solution. He further adds:
“Yet, in practice, we all seem to converge to this pragmatism when building products and protocols. It’s seldom said, but always felt that a large percentage of all cryptocurrency is held by third parties at exchanges or cloud wallets.”
The entire purpose of the cryptocurrency movement is to develop advanced tools to walk a little closer towards decentralization and eliminate the middlemen. However, wiping out all the middlemen without any thoughtful precedent has never been the objective. Intriguingly enough, Hoskinson also believes in centralization, where it is necessary for cost reduction, efficiency, and improved privacy.
Decentralization is not the focal point, control is. Hoskinson writes:
“People want more control over their data, identity, reputation, assets and commercial relationships. Decentralization is a tool that can be used- with other tools- to achieve these ends, but isn’t an end in itself.”
Towards the end, the CEO conveys the importance of clarifying relationships and sticking to one’s principle even in places of conflict. As the cryptocurrency space challenges the pre-existing systems, entities in this space must ‘try to have fun while riding the roller coaster’.
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