Ethereum co-founder and founder of Cardano, Charles Hoskinson, pronounced “the economic order of the 20th century” dead in a recent YouTube livestream.
By “the economic order of 20th century”, Hoskinson means a centralized hierarchical economy that was built through “a series of treaties” made by a few great powers, this economy was built for the times “when information was not instantaneous”, and when most people were willing to accept “big brother’s” dictum.
Hoskinson said that the recent market downturn was caused by the incongruence of the hierarchical order created by powerful institutions like governments, corporations, international organizations, where few powerful entities decide the fates of billions. This centralized hierarchical structure no longer represents the world we are living in, the world that is becoming flat and decentralized, he said.
According to Hoskinson, the new decentralized order ushered by blockchain technology is meant to solve some of the most pressing issues of modernity such as data ownership, privacy, and identity; an order in which there will purportedly be no need for CEOs or presidents.
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