As a part of the Transform Africa Summit, the IOHK team is making rounds to bring in a true revolution to the less focused parts that are actually thriving for help and development. Charles has visited Ethiopia and Rwanda so far, delivering speeches regarding their vision and educating people about what true change actually is from their point of view.
When Charles Hoskinson, the founder of IOHK entered the cryptocurrency space and deeply started thinking about what the point was, what the overall purpose of building cryptocurrencies was. He says that it wasn’t about just creating a competing money to the USD or the Euro or kill all the banks. These are interesting and intriguing academic concepts along with competition and monetary policies. The reality is that whether one likes or dislikes the system, the Western world has a lot of people living in very bad systems.
About 3 billion people are unbanked and as a consequence of not having good identity infrastructure and financial infrastructure, they don’t have the ability to climb out of poverty without a considerable amount of assistance.
Regarding this, he says:
“So, the very first thing I thought when I entered the cryptocurrency space was how could we use this technology to actually resolve the problems of the world development”
Four years ago, in a TED talk in Bermuda, Charles had explained why he was drawn towards cryptocurrencies and why he felt it interesting:
“Cryptocurrencies are not just some fun stuff to talk about in one of the expensive conferences or some new Goldberg machines for ICOs. They are those things that demand patience, desire, experimentation, an arc for failure, courage to enter into the developing world within an arc of time several years up to 3 years or 5 years or even a decade.”
“We can actually teach people how to use the technology and make it theirs and then solve all their local problems, was their hypothetical idea 4 years ago.”
When Jeremy Wood and Charles formed IOHK, they wanted to do something within the developing world but it took them several years to build enough momentum, revenue, and infrastructure within their own company.
If anybody has to set up a business in Africa, places like South Africa and Ethiopia are a must visit, added the founder.
They chose Ethiopia because it has a lot of impoverished people but a square of a country lives in extreme poverty. If better structures, better governments that do not require centralized coordination can be built, those issues can be resolved and a better marketplace can be built, believes Charles.
He expressed claims:
“It is a tremendous challenge, it’s a social problem, a game theoretical problem, market problem, technological problem. Getting money that lives on the internet that’s always digital to work on a cell phone that doesn’t always have an internet connection, that is challenging and is certainly going to attack our researchers, our engineers.”
TobaccoOnTheTrail, a Youtuber commented:
“The Cardano team and project, if successful deserve a humanitarian award and should receive mass praise from the human race. What a wonderful idea from wonderful human beings! “
Chris, a viewer said:
“Thanks for fostering Blockchain technology Home. Can’t wait to see how it influences the liberation of Africa. “
Benjamin Chambers, a Cardano supporter expressed:
“ADA, a place where I can park my money and know that good is coming from it! Right on man.”
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