Charles Hoskinson, the inventor of Cardano (ADA), weighed in on the industry’s roots as the cryptocurrency business continues to grow and its assets are more embraced by investors and other mainstream institutions across the globe.
In particular, Charles Hoskinson said on November 4 at the Web Summit 2022 technology conference in Lisbon, Portugal that the crypto business arose as a response to the intrinsic flaws of traditional banking that contributed to the 2008 financial crisis.
As he emphasized further, the crypto business was developed in an effort to solve the recession and other issues caused by conventional banking, not to replace a functioning system.
Notably, Hoskinson frequently expresses his opinions on a variety of crypto-industry topics, which sometimes makes him the target of scathing criticism, such as for his stance on the legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple.
Recently, during his keynote address at the Rare Bloom event, Hoskinson outlined three critical parameters for gauging decentralization in the cryptocurrency business, including, as reported by Finbold, resilience, control, and dependability.
After a challenging month, Cardano’s ADA token is presently trading at $0.4033, which displays the decentralized finance (DeFi) asset’s daily rise of 3.34% and weekly growth of 6.19%.
Finbold previously claimed that NeuralProphet’s PyTorch-based price prediction algorithm using an open-source machine learning framework forecasted that Cardano will trade over $0.50 by November 30, 2022.
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