- According to Charles Hoskinson, the blockchain is the solution to the problems regarding how governments operate.
- It can create better government services internationally and make them interoperable with each other.
- Hoskinson imagines a world where the government’s tax revenue depends entirely on being open source.
Charles Hoskinson’s Moving Statement
The blockchain and crypto industry will disrupt many areas of this world. That’s a clear statement. The growth of the crypto market is exponential. According to Charles Hoskinson, founder of Cardano (ADA), the blockchain is the solution to the problems regarding how governments operate. Hoskinson said that this technology has the potential to transform the future radically. In addition, it can create better government services internationally and make them interoperable with each other. This is the plan of the Cardano Founder.
He also mentioned that the difference between this and the traditional industry is that in the centralized ecosystem, one person has all the powers to decide the rules and regulations. Eventually, those rules come out to be anti-competitive and later anti-consumer. This ends up hurting a lot of people. Sometimes, it also results in giving the people exposure to failing in the market.
Crypto as The Future of Government Tax?
To reply to the various questions pointed at him, Hoskinson replied that he was not talking about the disruption of the entire nation-state. Rather, he talks about making the government transparent and accountable by adding blockchain technology to the existing government services. Hoskinson imagines a world where the government’s tax revenue depends entirely on being open source. This means that everyone will have access to it and check the source of finance and the transactions.
“At the end of the day, you have less friction, less fraud, less waste, less abuse, more transparency, and ultimately, less consolidation of power. (…) If it’s truly a permissionless ledger, the poorest person, the most vulnerable person, has equal access as the president of the United States does.”
He, at last, concluded with the belief that for the first time, humanity is living in an era where this is the case.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.