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Cooperation among cryptocurrency companies would play a vital role in the growth of the Blockchain technology in general, the Cardano co-founder and Chief Executive Officer of Input Output Hong Kong (IOHK), Charles Hoskinson, has on Tuesday advised.
Hoskinson made this disclosure in an article published by a cryptocurrency blog, cryptoA.M, he explained that competitions among the blockchains are understandable as the industry is still in its infant stage and had seen noble coins like Bitcoin and Ethereum dominate in the adoption rate.
However, the IOHK CEO pointed out that blockchain industries may be shooting themselves in the leg if they fail to come together to plan and research on how all the blockchains will interrelate with each other. He emphasized that the segregation of blockchains to confine users to a particular network will only hinder the growth of the industry.
Hoskinson Preaches Blockchain partnership
Speaking about Partnership, Hoskinson, elucidated that partnership has recently become a common thread in many major technical innovations, he cited examples of partnerships between Tech giants such as Microsoft and Apple, who incorporated to develop a mobile operating system. Another example cited by the IOHK Boss was the collaboration between Sony and Samsung to develop a flat-screen LED television.
The crypto mogul went further to reiterate that a single company could not meet all the end-users needs, according to him, there are more than 5000 cryptocurrencies operating presently and each is running on a distinct blockchain, this in his view was because each crypto company believes in the maximalist view that they are the unique one.
However, the blockchains failed to realize that all the ideas and services, if put together, would complement each other and move the crypto industry forwards, Hoskinson said.
He explained that the IOHK network has been over the past four years, researching into finding a way to make cooperation work out among blockchains in the crypto industry, he highlighted that IOHK has examined some already existing solutions.
The solutions as listed by Hoskinson include the Color Coin standard, ERC20, cross-chain communication, and also the development of Proof-of-Stake on sidechains. He further boasted that the IOHK network is at the point of transforming Cardano (ADA) from a single-asset ledger into a multi-asset ledger.
This he concludes would make Cardano stands as an ‘internet of blockchains’ framework on which disparate systems will be able to transact and interact with each other, to transfer value and information, if this is achieved, Hoskinson said it will signify that the blockchain is becoming a matured entity where users are no longer confined within the standard of a single blockchain.
Earlier, Charles Hoskinson had called for a collaboration between Cardano and Litecoin, it is possible the discussion births a mighty innovation in the digital space.