Cardano Founder Charles hawkinson Shared his damaging views on the legacy financial system, concluding that cryptocurrency would end because it offered a better approach.
The banking system brought it on its own
Much is said about the animosity between cryptocurrency and banking. While the banking system ranks above cryptocurrency both in terms of capitalization and number of users, hawkinson It is believed that this is a situation that will change.
“You can’t go back; You can not change it. You cannot put that genie back in the bottle. The central banks will fade, that’s just what is going to happen. Your traditional heritage banks are going to fade. “
His reason for thinking so is the inherent nepotism and profiteering inherent within the banking system. All of which often conspires to squeeze out the “little man” under circumstances of desperation and lack of choice.
“It was not us who charged some of the poorest people in the world 15% to take their money home to care for their parents. There were people running the old system. It was not us, in this industry, who desperately try to survive after a drought, who charge 85% interest to lend $ 100 to a subsistence farmer. “
Hoskinson further denounced the banking system’s complicity in criminal activity. Citing common examples of drug money and oil laundering for food programs, Hawkinson changed the tables by saying that cryptocurrency is the remedy to fix it.
“Never allow them to say that our industry is a risk. Ours is the industry that is the antidote to the excesses, corruption and nepotism we have received. It is an industry of desperation that has now been replaced by an industry of creativity and innovation. We are going to change the world. “
Cardano is ready for smart contracts
In terms of leading the charge against the banking system, Cardano stands out as a project capable of meeting the challenge. But, like the entire cryptocurrency industry, it is a work in progress.
However, last week developers Input Output Global (IOG) revealed this Progress On shipping the final stage of Cardano’s smart contract rollout.
Currently, the firm is working on the “Alonzo Blue” stage which includes Plutus pioneer And some “alpha partners” are working on the first Alonzo testnet.
“Alpha Partners” is drafted Build A variety of daps including Oracle, DEX, Lending and Borrowing, Fixed Currency, NXT and Defy tools.
During this phase, the goal is to uncover and fix bugs in order to stabilize the code environment. In the remaining “Alonzo White and Purple” stages the testnet will be seen opening a wider group of examiners. In the “Alonzo Purple” phase, the protocol is almost ready for a public rollout, which is expected in August.
As Hawkins indicated, change is coming, and thanks to smart contracts, Cardano will be one of the cryptocurrency projects that is phasing out legacy systems.
Source: ADAUSD on TradingView.com