“Defi in Bitcoin is the biggest opportunity”
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According to Hushinson, a centralized organism would bring the network closer to its “first billion dollars.”
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Networks such as Ethereum, Solana and XRP Ledger have corporations that centralize their developments.
Charles Hoskinson, CEO of Cardano, said on June 29 in X that the “greatest opportunity” for the development of that network is the decentralized finances (defi) in Bitcoin, although although He highlighted the need for centralized elements for the implementation of that narrative.
In his statement, he highlighted the lack of a competent foundation in Cardanoa point that suggests a reevaluation of decentralization, central principle in many cryptocurrency ecosystems:
“The biggest problem is that we lack a competent foundation and an executive authority to promote these narratives in the mentality of the space.”
Charles Hoskinson, CEO of Cardano.
Hoskinson stressed projects such as Leios, Hydra and Midnight, in addition to Bitcoin -based initiatives, as significant opportunities. In that sense, Cryptonotics explained that the “first bridge” between Cardano and Bitcoin was recently built.
However, Hushinson considers that absence of an executive authority capable of promoting these ideas is the biggest problem. “This explains why many ask me to represent the entire ecosystem,” he said.
The CEO plans to discuss governance problems in the Rare Evo event, suggesting that a central coordination may be necessary to capture “The next billion growing dollars”.
“Rare Evo will be one of the most important events for us, since we need to discuss how to correct persistent governance problems, update the Constitution to include a delegated executive authority, start a sovereign background of wealth and show all remarkable innovation.”
Charles Hoskinson, CEO of Cardano.
However, that initiative It clashes with the decentralized approach which characterizes cryptocurrency ecosystems. Networks such as Ethereum, where the Ethereum Foundation (EF) concentrates development, or Solana and XRP Ledger (XRPL), directed by the Solana Foundation (SF) and Ripple, respectively, face a paradox between decentralization, an ideal good, and centralization, necessary in practice.
In those cases, The decision power is strongly influenced by those entities or by few recognized peoplereducing the participation of users and resembling their operation to that of companies.
These organizations exert a significant influence on the evolution of their networks, moving away from the ideal participatory model.
Finally, Hoskinson said that while the Cardano community evaluates its proposal, Input Output Global (IOG), a company led by himself and promotes the adoption and evolution of Cardano, will continue “acting as one of the main coordinators of the ecosystem.”
