Charles Hoskinson on How Cardano (ADA) is Self-Evolving

Cardano is like a FOS – Financial Operating System.  Nobody likes it. And everybody takes on me for using that term, but basically the idea is that the world runs on system. Especially, the financial world. The BIS and Swift and all those other stuff. And these protocols move value around and represent things like identity and it allows you to express yourself in some way.

And, those protocols for the most past work well for people in rich countries. And, they don’t work so well for people who aren’t in rich countries. This is what I do and what my company does. We think a lot about how do we build a universal protocol that does all the stuff that the legacy system has, but just has it better, faster, and cheaper for everybody in the world.  And, everybody has equal access to it. It is a people’s protocol.

You know, you have a situation where you have a guy in the synagogue has the same access as I have or Bill Gates does or someone else who is higher in the spectrum of wealth and power. And, so that is what we seek to achieve.

But then the question: Is Cardano the solution? Is that the thing?

And the answer is:  No.

Because, you need a lot more evolution.  You need decades of evolution to work your way there. And, in many ways, the work is never quite done. But, it is better than what came before. Why, because you have a realization that first the control of the system needs to be more balanced and nuanced.  Then, it needs to be more democratic. So, there is a sustainability component of who is in charge and how do you pay for things?

The system can print its own money. So, it always has the ability to have a budget.  Okay.  So, this is a treasury idea.  And, then there is a voting thing.  There is a same thing that allows you to move money around or how you represent votes.  You can do e-voting with the type of system – okay.  You can create a self-evolving system.  A game with the rules to be voted on a change in the game itself. So that exists there.

However, there needs to be cash in and cash out. This is interoperability. Nothing understands each other as they are always changing and they are blind, deaf and dumb to each other.

And, there is a thing that it has to work on a huge scale.  We have done that with large multi-national trillion dollar companies with centralized infrastructure.  We have never done it with one Master Protocol that somehow does this forever.  The closest approximation is probably BitTorrent.  It is a cool protocol, but it does not have all that is necessary to do something like this.

So, Cardano is just our first approximation.  Like any good system, we want it to be self-evolving. Then, once you get the philosophy of what the target is and what you want to do, then you build a community and also we are a million people strong. And, that community keeps growing and they keep pushing the system in that particular direction. The nice thing about this is, if you build a nice philosophy in to the system, it does not need founders. This is the greatness of Satoshi.  You don’t need founders to get there.