In a recent YouTube livestream CEO of IOHK Charles Hoskinson, stated that “the economic order of the 20th century” is dead.
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.
Hoskinson believes that the very fabric of the world order is unraveling before our eyes: “What we are looking at right now is the unraveling of the economic order of the 20th century… This economy was sustainable and stable when information was not instantaneous. And when it was totally acceptable to have empires, meaning one or two nation-states being supreme above all others and establishing all the rules and regulations.”
Hoskinson believes that the establishment for the past 10 years has paid no attention to epidemiologists’ warnings about “a global pandemic that could kill two hundred million people and collapse the global economy. It was one of the [last] priorities of the world order.”
Hoskinson states that the cryptocurrency industry is not about “fast returns” or “the price of Bitcoin,” but it is about disrupting the old way of doing things:
The movement for decentralization is built on “immutable rules” that do not bend with the wind, do not care about politics, natural disasters or plague.
He states, “People do not have faith that the institutions we have can protect us and allow us to address the problems of the 21st century. We no longer need central authority. We no longer need presidents, kings, governors, leaders, CEOs to get things done.”