In 2022, Charles Hoskinson looks forward to a flurry of activity as smart contract platform Cardano (ADA) pursues long-term growth across the globe.
The Cardano founder and CEO of Input Output Hong Kong (IOHK) talked about 2021 milestones and future goals he’s working towards with his 300,000 subscribers in a solo Youtube chat.
Among Hoskinson’s major goals is to use blockchain technology to facilitate cheap, decentralized loans to the world’s poorest using decentralized finance.
“My goal for the second half of 2022 is to figure out how to put all the pieces together to get an end-to-end microfinance transaction on Cardano. So that a real person in Kenya or somewhere with a blockchain-based identity and credit score, stablecoin on the other side, Cardano is the settlement rail. Peer-to-peer, person-to-person, click a button, loan goes to them. They pay it back, [it] goes to the other side.”
Financial empowerment on the African continent could redefine traditional finance in the long run, according to the CEO.
“It’s permissionless, and you can’t shut it off once that’s happened. It opens up a thousand conversations, [like] what’s a good identity? What’s a good credit score? What other products and services should exist in the realfi (real finance) space in Africa? And how do we spread this across all of Africa? That’s the dream.”
Hoskinson goes on to list a number of technological milestones for the year ahead.
“Next year, what’s going to happen is that a formal open-source project structure is going to be formed, kind of like Hyperledger to Linux. We’re going to see many institutions wired in, and all the people that are currently working on it will be novated over, including me…
When you look at things like enhancing [Cardano’s smart contract platform] Plutus, there’s already three CIPS [Cardano improvement proposals] as a result of the work we’ve done with developers that need to come in.
We have pipelining that needs to come in, input endorsers that need to come in. Peer-to-peer is currently being tested with the stake pool operators on the testnet, and there’s lots of stuff happening there.”
Hoskinson concludes by noting that following through on the initial technical goals helps achieve future goals in a cascading manner.
“We started with correctness as our highest priority and now that [it] has been achieved we’re moving over to performance-tuning optimization, usability and these factors.
That is a game of rapid iteration. You do a little bit. You get a huge advantage…
We’re staging things appropriately, and we’re starting to see a refinement of the science of things. The adoption’s there. The community’s there. We’ve grown to about two million people.”
Cardano’s native token, ADA, is trading at $1.40 at the time of writing.
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