Charles Hoskinson, the CEO of Input Output Global (IOG), who created the smart contract platform, Cardano (ADA), has recently stated that the crypto industry is growing to outshine the legacy financial system.
In a new video shared on Cardano subreddit, Hoskinson pointed out that the nascent industry is the antidote to the excesses, corruption, and nepotism that have existed unchecked.
The mathematician, who created Cardano (ADA), also predicted that over the next 10 years, crypto industry will experience advancements that took central banks, World Street, England, and others 100 years.
Charles Hoskinson noted:
“It wasn’t us who charged 15% on some of the poorest people in the world to move their money home to take care of their parents, it was the people who ran the whole system. It wasn’t us in this industry who charged 85% interest to lend a $100 to subsistent farmers desperately trying to survive after a drought, it was the legacy financial system.
“It wasn’t our industry that laundered hundreds of billions of dollars for drug dealers in evaded sanction to participate in all kinds of horrible programs that ended up enriching and empowering the worst human beings that the world has ever had, it was the legacy financial system…
“Our industry is the antidote to the corruption and nepotism that we’ve found. The industry of frustration has now been replaced by the industry of creativity and innovation. We are going to change the world, it’s just that simple. We didn’t ask for permission, we came here and we are going to get it done together. And there too many people now. The market is simply too large. The innovation is simply too vast. It going to happen. It’s no longer a question of if, it’s when and how would this dinosaur find a way to survive in this new order.
“Over the next 10 years, there is going to be more advancement in the monetary policy of our industry more than the last 100 years of central banks. Over the next 10 years, there is going to be more advancement on financial engineering, the construction of financial products in marketplaces than the last 100 years from World Streets, England, Tokyo, and all the other places in the world combined…”