TL;DR Breakdown
- Charles Hoskinson says blockchain networks should work together rather than compete.
- ADA Alonzo upgrade adds smart contracts to network.
- Cardano now third largest cryptocurrency.
Charles Hoskinson, the Cardano (ADA) network developer, has said that blockchain developers should work together rather than compete with one another.
He noted that the future of blockchain is for many of them coexisting and interoperating, rather than just one blockchain beating off all the competition.
Charles Hoskinson made this statement days back during an interview with Business Insider as Cardano’s Alonzo upgrade was set to be rolled out.
The ADA developer used the WiFi router as an example, noting that end users are only particular about the result and not the specific router they are using.
“You’re not asking – ‘is this a Samsung router? Is this an Apple router?’ and my hope is, that’s what’s going to happen in the industry, where Cardano is infrastructure, Ethereum is infrastructure, Bitcoin is infrastructure,” he said.
“Of course, we compete under the hood, and businesses, governments, and people who care about these things will care about them. But at the end of the day, if it’s going to work for everybody, we have to have that ‘WiFi moment’ where it’s consumer-friendly, and it just works on your phone, and you can just set a transaction, you can seamlessly move between things,” Hoskinson added.
Charles emphasized that it’s less about becoming the dominant layer one blockchain and more about building blockchains that can interoperate.
Charles Hoskinson adds smart contracts with Alonzo upgrade
The ADA developer also revealed that the Alonzo upgrade had brought a smart contract after the upgrade. This has increased its competitiveness with its major larger rival, Ethereum.
Charles Hoskinson described the upgrade as the most significant change in the history of the protocol.
This upgrade will allow the implementation of smart contracts on the blockchain, enabling a new sweep of decentralized finance (DeFi) applications and programmability. Cardano will now be able to compete with the likes of ethereum, a much larger network, earning itself the nickname of potential “ethereum killer.”
Shortly before the upgrade, cardano became the third-largest crypto by market cap after at $75 billion.
