Cardano (ADA) Founder Charles Hoskinson Makes Strong Statements Amid Major Drop

Cardano (ADA) founder and cryptocurrency industry leader Charles Hoskinson made striking statements about the future of the crypto world and the new technologies that will transform the industry in his latest interview.

Hoskinson argued that, in the long run, people will not use cryptocurrencies directly; instead, delegated artificial intelligence (AI) agents will manage this ecosystem.

Referring to the crises the sector has experienced in recent years, Hoskinson argued that rules and regulations are essential in the market, saying, “The market has clearly proven that it cannot regulate itself; with the FTX, Terra (Luna), memecoin crazes, hacking incidents, and scams.”

Hoskinson stated that the biggest obstacle to the mass adoption of cryptocurrencies is their complexity.

He said that even people with doctorates in computer science prefer simplicity, that 35% of MetaMask wallets are not backed up, and that people are still leaving their funds on exchanges.

Hoskinson stated that the solution lies in “chain abstraction” and “account abstraction” technologies, arguing that the end user should not need to know which blockchain the transaction is taking place on or the underlying cryptography.

In the most striking part of the interview, Hoskinson, referring to the “Agent Revolution,” stated that artificial intelligence and blockchains complement each other perfectly. He explained that blockchain is deterministic (rule-based and rigid), while artificial intelligence is flexible and creative, and predicted that the combination of these two systems would create a secure trading ecosystem.

Hoskinson also shared details about “Midnight,” a new privacy-focused protocol he founded that targets the Web 2.5 ecosystem. He announced that they are building an open and permissionless network to enable large Web 2 companies to enter the crypto world securely, compliantly, and in compliance with regulations. He also explained that thanks to “Midnight Passport,” which is smartphone-centric, users will not have to store 24-word keys and will be able to perform transactions using only their fingerprints.

*This is not investment advice.