The founder of Cardano (ADA) believes nation states will one day rely on smart contract platforms to power large swathes of their government operations.
Speaking to Cardano Summit 2021Charles Hoskinson says new governance systems running on blockchain technology could arise due to general dissatisfaction with current centralized institutions.
“People are fundamentally unhappy with governance. There is an appetite for new systems, new modes of governance, new types of institutions.
Everyone in the world takes a step back and says “the time has come for new systems”. [Crypto] is the only industry that has found a way to 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 apps and nation states run these things, make their voting systems, their payment systems, their stock markets [on decentralized ledgers].
In the months and years to come, we will see hundreds, then thousands, then tens of thousands of decentralized applications… Eventually, these applications will begin to cover larger and larger areas of society.
Cardano trades hands at $ 2.23 at the time of writing, an 8% drop from its seven-day high of $ 2.43, according to CoinGecko.
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