Charles Hoskinson, Cardano ADA founder has said that the next direction of virtual currency growth is via increasing interoperability. The former Ethereum co-founder added that a “WiFi or Bluetooth moment” is vital for Cryptocurrency as it will help the technology achieve widespread integration or footing. Despite the digital tokens having been around for over a decade, widespread adoption has not yet reached the levels that were projected.
Interoperability Comes With Various Benefits
According to Hoskinson, interoperability will be crucial for the Cryptocurrencies. With so many coins in circulation today, there is a need to enable users to use and exchange the different digital tokens easily. In an interview with Cheddar, a finance new outlet, Hoskinson suggested that interoperability will be crucial in the growth of the sector.
According to the former Ethereum co-founder, interoperability will provide the necessary technology that will improve the means of communication. Through this communication, users will be able to integrate with other projects-and Crypto projects. Consequently, this will go a long way in increasing Cryptocurrency adoption potential.
Currently, users have to overcome various hurdles when exchanging coin for coin or for fiat currency. Consequently, this has hindered the mass adoption of virtual currencies. Hoskinson believes that interoperability will make exchanging Crypto with Crypto or traditional fiat easy. Thus, interoperability will enable users to use Cryptocurrencies in a payment marketplace more seamlessly.
Challenges In The Crypto Sector Today
Hoskinson also talked about the ever-expanding landscape of virtual currency. Crypto projects have become very common nowadays with new coins entering the market on an almost daily basis. The launch of new projects is good for the industry as it shows growing developers interest in the sector. However, Hoskinson argues that this presents some challenges in operability.
Hoskinson noted that there are many Crypto projects with regular use based on transaction and network volume. Nevertheless, he said that users have to go through exchanges or develop tribal-esque camps. Unfortunately, these alternatives are not always perfect as some support some coins at the expense of others.
Although Bitcoin, the original virtual currency remains very popular, it also has some limitations. However, some of the coin projects today can be able to remedy. Nevertheless, it is tough for Main Street and Wall Street to go for the little-known coins, mainly because of the hectic process.
The Wi-Fi Moment For Cryptocurrency
During the interview, Hoskinson, who is also the CEO of Inside Outside Hong Kong (IOHK) also spoke about what he called the WiFi or Bluetooth moment for the Crypto sector. Sadly, he noted that the market has not yet reached there. However, when this moment arrives, Hoskinson believes that Cryptocurrency adoption will reach higher levels never achieved before.
Hoskinson notes that when consumers pull out their phones, regardless of where they are, they know their devices will support WiFi network. He added that this was only possible through the hard work of the entire sector. Such high levels of interoperability, if achieved in the Cryptocurrency industry, could go a long way in boosting the adoption of the technology.