Cardano (ADA) creator Charles Hoskinson says not all crypto bear markets are catastrophic.
In a Yahoo! Financial Interview, Hoskinson said that downturns in the crypto market create an environment conducive to technological advancement.
“Bull markets are really frustrating because nobody wants to cooperate. You have a lot of poaching [of talent]unrealistic salaries and unrealistic expectations. Bear markets are actually quite comfortable. Those are the building blocks… So you go all day and you’re able to talk to people, you’re able to work with people.
According to Hoskinson, new areas of crypto such as decentralized finance (DeFi) have sprung up during bear markets.
“I’ve personally been through, I think, like six bear markets now. And every time you’ve seen major breakthroughs. This is where the smart contract revolution comes from. This is where much 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 integration of the global ISO 20022 standard, a new global standard for sending payment instructions. payment between inter-regional and cross-border financial institutions.
“This one in particular, a lot of people are focused on interoperability improvements: so how do we integrate things like the ISO 20022-backed initiative into the cryptocurrency space, how do we we improve the scalability of protocols, how can we improve portability and get them to work on mobile devices, improve the consumer experience and finally, how do we improve the governance side of things…
So how do you manage this when there is no one in charge of the experience of tens of millions of users? Bear markets are therefore the perfect time for this to happen, because everyone is much more focused on work and they tend to be much more cooperative.
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Featured Image: Shutterstock/shockproof/Natalia Siiatovskaia