The founder of Cardano (ADA) believes nation-states will one day rely on smart contract platforms to power wide swaths of their government operations.
Speaking at Cardano Summit 2021, Charles Hoskinson says that new systems of governance operating on blockchain technology could arise due to general unhappiness with current centralized institutions.
“People are fundamentally unhappy with governance. There’s an appetite for new systems, new ways of governance, new types of institutions.
Everyone in the world is taking a step back and saying ‘the time has come for new systems.’ [Crypto] is the only industry that has figured out a path to get us [where we want to be] without an empire… Without kings, presidents, and dictators…
We look to the future [at] how people will use these systems in 2025, 2030… [you’ll] have billions and billions of transactions and applications and nation-states running these things, doing their voting systems, their payment systems, their stock markets [on decentralized ledgers].
In the coming months and years, we will see hundreds, and then thousands, and then tens of thousands of decentralized applications… Eventually, those applications will start covering bigger and bigger pieces of society.”
Cardano is exchanging hands at $2.23 at time of writing, an 8% decrease from its seven-day high of $2.43, according to CoinGecko.
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