A 200 billion dollar ecosystem. Earlier in the month, the ethereum blockchain network carried out its first big dress rehearsal for the switch to proof of stake, which is expected to finally happen later this year. After repeatedly pushing back the final switch from proof of work to proof of stake, the second largest blockchain network seems just on the verge of making the historic merge. In an interview he granted during consensus 2022 cardano founder charles hoskinson comments on the upcoming switch on ethereums mainet, the american entrepreneur and co founder of the ethereum blockchain platform, also discusses some qualities of the cardona blockchain that make it better than the ethereum blockchain hoskinson. However, notes that the ethereum network significantly contributed to the development of the cardano blockchain protocol hoskinson also talks about the need for suitable legislation for the cryptocurrency ecosystem, as well as the importance of bear markets to the rapidly developing crypto industry. We will now take you to hoskinsons interview, but before we do, please take a little time to like this video and dont forget to drop your comments and observations in the comments section below enjoy the video on the smart contract side. I think there there is a better set of comparables in that we had the luxury of hindsight. We were able to look at how the ethereum ecosystem built out what types of problems people were having with smart contracts from the accounting model to how to achieve concurrency. How to use formal verification, these types of things and we had about four years to build out the extended utic cell and plutus model, and i think, in the long term, its a superior model because it scales much better and its much easier to verify that things.

Work well so you can apply the same standards that people use for aircrafts, the same standards, people use for life, science, software like pacemakers, and these things to make sure that the software runs correctly and the marketplace will ultimately decide what they like more. The good part of ethereum is that its its kind of a giant aggregation point of a lot of really bright people and a lot of great dialogue. So it led to the rise of the dow movement. It led to the rise of the ico revolution and, in many ways a lot of the cool things that we in this industry know love and treasure. So its uh. It almost reminds me of frank, lloyd, wright. He was a very tough boss to work for, and so he would give new architects whod come on board the impossible house to design you give all these weird requirements and they would spend weeks and weeks and weeks writing up the blueprints and eventually theyd show them Proudly, and so we figured it out and then youd look at it and say: oh that looks great, then hed burn them right in front of them and theyre like oh, my god, ive worked weeks on this. He says now that we know it can be done. Lets decide how we want to do it and thats really. The difference between ethereum and cardano ethereum is the first set of blueprints its the second generation, and it really has given the entire industry a great set of business and design requirements and weve had the luxury to be able to stand on those shoulders and build better And ethereum itself is trying to stand its own shoulders and build better, and you know we wish him well.

If i was vitalik, i would have just embraced polka dot and made that ethereum 1.5 its a much better easier path to get to what they want, but they decided to go for everything sharding and all these other things and its uh its going to be very Challenging do you feel a little bit responsible for that success as you were a co founder in the beginning, i wasnt there that long. I was only there for six months and people love making it bigger than that it is. I mean ive been working on cardno since 2015.. You know weve written 140 papers, a million lines of code. We have three and a half million people in the community been to 72 countries in the last uh, seven years and so uh. That is what i hope defines me in the time of that ive spent um, not the rivalries of the past, or you know, briefed stints here and there on the issue of legislation. Hoskinson notes that suitable legislation will contribute significantly to the growth and stability of the cryptocurrency ecosystem, from clear definitions to consumer protections. Here are the areas in which hoskinson believes the u.s legislature needs to look into to suitably regulate the cryptocurrency industry regulation through enforcement is the worst possible thing to do it. You you have this monster of the weak scenario of well, who are they going after next and theres material facts and circumstances arent too different between a lot of these projects? What needs to happen is the legislative branch needs to step up and lead? They need to pass a law and they need comprehensive, crypto reform and we need to focus on basic definitions.

So we need to look at things like what is the definition of decentralization everybody says: theyre decentralized, but theres, 10, 000 projects and everybodys. You know a little different in terms of whos in charge and how things work. We need a consumer protection bill of rights, a crypto users, bill of rights to define what rights you have. What rights that you dont have. If you use a cryptocurrency these types of things – and i think that helps create the clarity that we need to move forward, i mean you: cant have a situation where, if a political administration changes, the entire regulatory regime changes that thats, why countries in the developing world? Never get direct foreign investment because people are always worried. Well, if the guy at the top goes crazy or gets replaced every contract, we have every deal, we have every understanding, we have commercially ends. I mean look at venezuela, pre chavez, post chavez, pre chavez super wealthy nation, great place to be an oil producer, post nationalizes the whole business. Yes, so one person can make a dramatic difference if you rule by executive fiat or you regulate through occasional enforcement here and there either aggressively or in a la say, fair way, so the industry needs to change now. Do i worry not not? Really i mean cardano is a completely decentralized ecosystem theres, as i mentioned over three million people, theres 15 plus firms that work on core development, its on the basis of peer reviewed research, which is intrinsically decentralized.

I mean you look at these other projects. They have these heroic efforts of small teams of of highly hyped scientists here, its like faceless theres graduate students, postdocs professors all around the world. So if that doesnt meet the definition of sufficiently decentralized, so by the way over 3 000 stake pools less than 10 mining pools control, bitcoin uh, then i dont know what does and it would be a cat catastrophe for the industry to go down those roads. But you know its any given sunday right now. This is a difficult regime to deal with and were just working our way through it as an industry. Hopefully, though, the better angels of our nature will prevail and we have things like the financial innovation act. Hr 7614 and also the biden executive order does seem to be a bit more reasonable about things, and so i think theyre going to kind of collide together and in 2023, its very likely well see some reform. That will add clarity that we need in the industry. Last month after the collapse of the terror network, hoskinson had predicted that bitcoin could hit 15 dollars before the bear market ends. Within the past five days, weve come dangerously close to bitcoin, hitting twenty thousand dollars at least twice. Bitcoin is currently trading at nineteen thousand and thirty six dollars. The relative strength index is also at an all time, low of ‘.84. If the freefall continues, we could possibly get closer to hoskinsons earlier prediction within the next few days, regardless hoskinson declares that bitcoin still has many long term prospects.

Here is charles hoskinson talking about bitcoins performance in the bear market. It could fall considerably and you know cut in half but long term. I think the prostate. The prospects are quite good, but you have to understand the relationship between the bears and the bulls. The bull market is a time for mass acquisition of people. It brings many new people in so this last bull market brought in the artists and the celebrities and the musicians because of the nft revolution, and there was just this humongous wave of adoption and enthusiasm that ive never seen before, and some of it was quite positive And some of it was a little strange like uh, i, its like the the past is the is the future again. So you have moses come down with the tablets and he sees the golden bull and then you go to bitcoin miami in 2022. They literally have a golden bull outside theyre like okay – i guess were doing this again, so you see a little bit of that, but the bear market is actually much nicer for us as builders, because people are much more collaborative. You know they. They tend not to be looking for a land grab, the poaching disappears and you get to the business of building and and people really focus on technology. So the blast bear market set up the bull market of 2021 and there was two years of building to get to that. So whether this lasts six months or two years, it doesnt really matter.

People are sufficiently capitalized that great things can be done and im really. Looking forward to the the next wave, because we have things like quantum resistance coming, recursive starts coming and dozens of other foundational technologies that will make crypto much better, much more secure and ultimately much more useful to a lot of people uh. So the next wave, probably youll, see a billion people around the world using it. So this is really our opportunity to put our nose to the grindstone collaborate work as an industry and hopefully get a lot of housekeeping done from standards and interoperability. We kind of need our wi fi moment our bluetooth moment to get everything to work together and also legislatively to get laws passed that help solidify the industry and standardize and protect people for the next bull run. That comes whenever that is. There is no doubt that hoskinson is one of the most revered industry leaders. According to a recent tweet, he would be appearing before the united states house of representatives committee on agriculture on june 23 to talk about the blockchain and cryptocurrencies. It seems congress is making giant strides in getting the industry regulated. What do you think about charles hoskinsons interview? Please drop your comments and observations in the comments section below and dont forget to hit the like button.