Charles Hoskinson, co-founder of the blockchain platform Cardano, explained what he believes is the biggest challenge for crypto today.
In an interview with TheStreet Roundtable, this US entrepreneur talked about how crypto still asks its users to be armed with complex knowledge. Wallets, bridges, and competition among networks are technical things that many users don’t want to tolerate.
“f you go to the user and say you have to know all this weird stuff about our protocol, that’s a terrible user experience,” said Horkinson.
He said that crypto should just work, without the trifling details of technological terms that users should know.
To illustrate, most smartphone users don’t think about Wi-Fi standards or data routing when they open an app. However, crypto users should understand the different types of wallets, bridges, and blockchains that facilitate the transactions they want to do.
To simplify blockchain and crypto until they become “invisible” to users, blockchain networks need to strive towards interoperability instead of competing as isolated ecosystems.
Also Read: Why Interoperability is Important for the Future of Blockchain
An example of interoperability, according to Hoskinson, is the USDC stablecoin. USDC can move across blockchains while maintaining the same reserve.
Hoskinson also suggested the potential for an intent-based transaction system. Meaning, users simply describe their desired outcome, and the infrastructure will automatically determine how the transaction should be executed.
“90% of decentralized exchange transactions and 60% of DeFi could be intent-based by 2030,” he said.
In this intent-based model, users will no longer think of which blockchain or wallet to choose for their transaction. They should simply express their desires to buy a token or make a transaction, then receive instant results.
Hoskinson believes that the new crypto phase is defined by simplicity of all platforms, not technical competition among networks.
