Hoskinson: blockchain is a solution to current economic problems

Cardano founder Charles Hoskinson has stated that the world economic order has collapsed and a new change is needed in the way the economy is institutionalized.

Hoskinson: blockchain is a solution to current economic problems

The fall of the world order

In a live broadcast on the YouTube platform, Charles Hoskinson, co-founder of Ethereum and founder of Cardano, released a series of statements against the current economic order. During the broadcast Hoskinson said that the economic order of the 20th century has died, referring to the centralized hierarchical economy that was created today in which a few powerful powers such as governments, corporations and international organizations decide the fate of billions of people. they only limit themselves to accepting what is imposed on them.

Hoskinson believes that the recent downturn in the market is not due to the problem related to the crownvirus, but is the product of the incongruity of the powerful institutions that pull the strings of the world economy. Blockchain technology, according to Hoskinson, will establish a new decentralized order that will solve some of the most important problems that we suffer in modern times. Problems such as data ownership, identity and privacy will be overcome with new blockchain solutions to be developed in the future.

Hoskinson stated that: "What we are seeing right now is the unfolding of the economic order of the 20th century ... Winners and losers who had certain assumptions about how power should work, how money should work, how credit should work, how finances should work, how information should flow. And this economy was sustainable and stable when information was not instantaneous. And when it was totally acceptable to have empires, which meant that one or two nation-states were supreme over all others and they established all the rules and regulations."

Hoskinson explains that the cryptocurrency industry is not just about prices and rapid returns, but its implication is much deeper and has to do with a real change in the way the economy works. Decentralization is based on immutable rules that are analogous to the laws of physics, so they cannot be modified for merely political and conjunctural issues.