05
Okt
2020

The new CEO of the Cardano Foundation says that Cardano’s real competition is not what it seems

Hint: It is not a blockchain company.

Frederik Gregaard, the new CEO of Fundación Cardano, shared his perspective on FinTech’s competitive landscape and major technology trends with Cointelegraph.

Speaking about the competition, Gregaard said that the biggest opponents of the protocol do not come from the blockchain space:

„I think the biggest competitors are really the biggest technology companies today, the big technology platforms like Google, Amazon, Tencent, Alibaba, those kinds of players“.

Gregaard believes that the big providers of technology based on social networks have moved from providing their customers with meaningful tools to essentially owning and manipulating their users. He went so far as to call them „an addictive, mental and manipulative technological environment, that’s where social networks are. It is not just a tool waiting to be used, it has its own objectives“.

In his opinion, distributed technology represents the opposite of that, with Blockchain allowing users to regain control of their data and identity:

„You don’t really feel today what is really happening on the Internet. But all you do is monetise it. And what is populating in front of you right now is slowly moving you in a certain direction. And I think that when society realizes that nothing in this world is free, they suddenly end up with the chain of blocks.“

In Gregaard’s opinion, blockchain technology allows the construction of a society in which an individual does not need to exchange his or her digital sovereignty for the services provided by technology companies. In addition to „liberating“ people from the technology giants, Gregaard feels that the mass adoption of Bitcoin Future Blockchain technology can help bring people around the world closer together.

He felt that to encourage this level of change, major blockchain protocols such as Cardano (ADA), Algorand and Tezos (XTZ) should put aside their differences and work together. Gregaard believes that the real danger is not that one of these platforms will lose to a competitor. It is that otherwise the blockchain space as a whole could never achieve mass adoption:

„I think the market is super big. And if we start fighting over that, one or two companies, what pile of technology are they choosing to make those DApps? I think we’re missing the boat. We have to start looking very much like the whole population and the whole economic system: how do we build it?“

Gregaard admitted that the odds may be against decentralized disruptions. Large technology companies have billions of dollars at their disposal, and he said „there’s a good chance we won’t get there. Still, Gregaard believes the technology Cardano is building is powerful enough to have a fighting chance.

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