Cardano News Today – Everyone has been talking about the upcoming Facebook cryptocurrency, Libra. Apparently, this cryptocurrency is going to be a threat to traditional financial institutions and other cryptocurrencies according to members of the cryptocurrency community. The founders of blockchains, on the other hand, don’t feel the same way. As stated in our previous XRP news, the CEO of Ripple, Brad Garlinghouse has said that the emergence of the Facebook cryptocurrency is going to be a good thing for the cryptocurrency market. Now, Cardano’s Charles Hoskinson has said that he doesn’t believe Libra can overtake Facebook in emerging markets.
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For a while now, Hoskinson has been traveling around the world and pitching Cardano’s technology to everyone who is willing to listen. Finance Magnets had the privilege of conducting an interview with Hoskinson at a Tel Aviv workshop. During the interview, the blockchain expert said that Facebook doesn’t have what it takes to overtake Cardano in the emerging markets. He also praised Israel as a talent hub. In his words;
“Israel is a good talent hub. There’s an amazing group of developers and scientists here. If you are doing anything in cryptography, technology or engineering, there’s probably an Israeli involved somewhere.”
Apparently, Hoskinson and his team are interested in getting feedback about the Cardano Shelley testnet which went live recently. As you probably already know, Cardano Shelley is the upgrade the entire Cardano community has been waiting for. When it is complete, the blockchain will become 100% decentralized according to Charles Hoskinson. This will give it an edge over Ethereum and other rival blockchains.
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Regarding Cardano’s interest in emerging markets, Hoskinson said that IOHK is paying special attention to emerging markets because these places hold the largest opportunity for cryptocurrencies to thrive. In his words;
“Emerging markets are where cryptocurrencies matter. When I look at the developed world, I don’t care. It’s highly regulated and, in many cases, a rigged system. If I decide to compete with a tech company they can just push me out via regulation. Then I sit down with the prime minister of Georgia and he says, ‘we’re open for business. We can rebuild parts of their education infrastructure, create a new payments system or do a medical records system. The keys to the kingdom are right there. That’s 4 million people who in ten or twenty years will be very high-value users.”
You’ll recall that Facebook specifically said that it’s cryptocurrency is going to target emerging markets in the developing world. Regarding this new competition, he said;
“I live this market. And I can tell you, the U.S. government, by definition the most powerful entity in the world, finds it difficult to make payments into Ethiopia. If they’re struggling, how is a private company going to do it? I am not entering a market and looking to extract value from people. Facebook has to come into countries it doesn’t know a lot about and convince them to enslave themselves to an economic monopoly and give nothing in return. And their only pitch is that you’ll pay less on fees.”
“I’m going there and saying, ‘we’re going to rebuild all your systems so you have fraud-free land registration, better voting systems and improved supply chains.’ We’re already doing this stuff but it took years. These are relationship-based markets – and Facebook doesn’t have those relationships. We spent a year and a half in Ethiopia just training a small group of female developers. Most people assume that’s easy. No, we had to work extremely hard just to sign an MoU with the Ministry of Innovation and Technology. They didn’t really believe in us, so we had to earn [their trust]. Then after we did it, they said, ‘we like these guys’ and let us do what we do. It’s not ‘don’t be evil,’ it’s ‘can’t be evil”.
What do you think? Will Cardano beat Facebook in the race to dominate emerging markets? Share your thoughts in the comment section below.