Charles Hoskinson: FTX Collapse Proves Decentralization is Needed

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• Charles Hoskinson said that the collapse of FTX has demonstrated the need for decentralization, and proof of reserves.
• Cardano co-founder said markets are cyclic and what stays behind is the customer’s utility.
• Hoskinson added that crypto allows people to access their money irrespective of their political beliefs.

In a recent interview, Cardano CEO and Co-Founder Charles Hoskinson said that the FTX debacle has stressed the need for decentralization. Hoskinson also touched upon subjects like market volatility, Cardano protocol, and free speech.

Talking about the prolonged crypto slump, Hoskinson said that markets go up and down. He further noted:

Markets are cyclic. Really what stays behind is the customer’s utility. Cryptocurrency industry has never been stronger in terms of its offerings to the TradFi marketplace and to the world as a whole. In fact, the recent collapse of FTX has demonstrated the absolute need for decentralization, proof of reserves.

Hoskinson believes that a truly decentralized structure works even without the leader. He added that Cardano for instance has outgrown its founder and so do Ethereum and Bitcoin.

He pointed out that the distribution of currency, the treasury of the currency, and the level of decentralization consensus are all objective metrics for a decentralized ecosystem.

Hoskinson also revealed that in the future, Cardano’s on-chain governance will harness the power of people who have been using Cardano.Hoskinson also revealed that due to the lack of ratings or reports that could gauge the capabilities and merits of protocols and currencies, Cardano attempts to have an evidence base.

He further explained that as a part of this, the firm has partnered with Universities globally to publish around 165 research papers focussing on the capability of protocols. These academic research papers are assessed by an independent third party. Following the assessment, codes are written for software that reflects protocols.

Moreover, codes, culture, community, and utilities are collectively seen as a way to see the efficiency and the trust quotient of a particular protocol. Ethereum, Bitcoin, and Cardano have all of these factors, as per Hoskinson.

Further emphasizing the need for decentralization, he concluded that the world must not head to a place where free speech is shut by threatening to take away the basic right to access their banks.

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