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At Binance Blockchain Week, Cardano’s founder discusses Web3 and Bitcoin’s comfort

“Once you go out of the comfort zone of Bitcoin, you begin to contemplate many other possibilities,” Cardano founder Charles Hoskinson stated during his keynote address.

Charles Hoskinson, founder of Cardano, delivered a keynote address on the opening day of this year’s Binance Blockchain Week, which took place at the Dubai World Trade Centre in the United Arab Emirates.

Addressing the audience, Hoskinson used his keynote to explore Bitcoin (BTC), Web3, and philosophy, raising questions such as what happens next as the community advances away from Bitcoin’s comfort zone and toward centralization.

“As blockchains become more advanced and more powerful, we have to start making some difficult and uncomfortable philosophical decisions.”

The CEO highlighted concerns about Web3 and the appropriate balance of decentralization and regulation. “At what point do you cease to be decentralized?” “You’re no longer the trust arbitrator?” Hoskinson asked an audience of blockchain fans from around the world.

“When you move past the comfort of Bitcoin, you start entertaining many other ideas.”

He noted that as regulators have begun to examine blockchain, previously unconsidered issues have begun to appear. Consider the following: “At what point can a transaction be reversed?” and “if we can, at what point can we freeze your funds?” have begun to surface in debates about blockchain technology. “I believed we would never be able to do that,” Hoskinson stated.

Apart from that, Hoskinson underlined the significance of focusing on the technology itself, rather than merely the revenues. He emphasized that blockchain ensures fairness and equality for all, providing a fighting chance for smaller firms.

“If you’re just here to make money, you lose all the things that make the technology special.”

Though the Cardano founder did not specifically mention decentralized autonomous groups, he stated that individuals must be involved in blockchain project decision-making. He envisaged a future in which DAOs would form the backbone of Web3. “If we are truly decentralized, we must solve this problem for ourselves,” Hoskinson stated.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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