HomeBitcoinMore transparency for democracies, according to Cardano?

More transparency for democracies, according to Cardano?

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Cardano creator Charles Hoskinson was one of the guest speakers at the third edition of The Crypto Mile, a blockchain-focused event.

The key actors in this industry are given a forum to express their thoughts on potential applications and motivate one another.

Charles Hoskinson used the opportunity to emphasize that blockchain can do much more than just create digital currencies and NFTs and revolutionize traditional banking.

There isn’t a single country in the world that releases its budget in complete transparency. People are confused as a result because they don’t know where the money is coming from or where it is going. As Hoskinson argues, this is where the blockchain comes in, allowing everyone to trace transactions:

“Imagine a situation where all of a government’s tax revenue is available in open source and everyone can see exactly where the money is coming from and where it is going.

Imagine the traditional government institutions that govern our lives evolving with the same efficiency and speed as smartphones.

Imagine a situation where all transactions occur transparently on the blockchain and the current status of each account can be viewed. It would be a revolution in public access, where every citizen could become an auditor. “

A transparent portrayal of public finances would allow everyone, regardless of socioeconomic standing, to have access to the same information. The local baker would have the same level of access as the Finance Minister.

The next question is why, in a democracy, elected officials still decide where a country should go, despite technical capabilities. A path set by lobbyists rather than by those who voted at the polls.

The vision of Charles Hoskinson is one of extreme openness, with governmental services and decisions becoming digitized. As a result, a whole new kind of governance would emerge.

Technical price benchmarks for Cardano

Cardano is up 4.03 percent today, with an ADA/USD price of $0.4444. After hitting the cycle low around the $0.4029 level, the cryptocurrency is now consolidating its rebound.

However, the technical view remains bearish because the psychological level of $0.50 and the 23.6 percent Fibo retracement of $0.5214 are still some distance away.

However, only a daily closing above this level would indicate that market players are prepared for a move towards the 38.2 percent Fibo retracement of $0.5947.

If the price falls below the cycle low and the psychological level of $0.40, losses should be expected in the direction of $0.35.

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