Not all bear markets for cryptocurrency are catastrophic, says Charles Hoskinson, creator of Cardano (ADA).
on the Yahoo! Financial interview, Hoskinson He said The downturn in the cryptocurrency market creates a favorable environment for technological progress.
“Emerging markets are really frustrated because no one wants to cooperate. You have a lot of poaching [of talent]Unrealistic salaries and unrealistic expectations. Bear markets are actually very convenient. Those are the building blocks…so you go all day and be able to talk to people, and be able to work with people.
According to Hoskinson, new areas of crypto such as Decentralized Finance (DeFi) have emerged during bear markets.
“I’ve personally, I think, been through six bear markets now. And every time I’ve seen big breakouts. This is where the smart contract revolution comes from. This is where a lot of the DeFi revolution is coming from.
During the current crypto winter, the creator of Cardano claims that the industry is focusing on a number of improvements and the incorporation of the global ISO 20022 standard, a new global standard for sending payment instructions. Payments between regional and cross-border financial services institutions.
“This in particular, a lot of people are focusing on interoperability improvements: how do we integrate things like the ISO 20022-backed initiative into the cryptocurrency space, how do we improve scalability in protocols, how do we improve portability and get them to work on mobile devices, improve Consumer experience, and finally, how can we improve the governance aspect of things…
So how do you manage this when no one is responsible for the experience of tens of millions of users? Thus, bear markets are the perfect time for this to happen, because everyone is more focused on action and tends to be more cooperative.
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