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BRICS SUMMIT TO SEE ALLIANCE TAKE MAJOR STEP TO END US DOLLAR

With the landmark event just days away, the BRICS 2024 Summit is set to see the economic bloc take a major step toward ending US dollar dominance. 

Indeed, the collective will gather in Kazan, Russia for the event that could be one of its most important. Chief among the matters to be discussed by the bloc is its ongoing de-dollarization efforts.

At the recent Business Forum that took place in Moscow, the bloc officially debuted the long-awaited BRICS Pay system. The alliance debuted a demo card for participants to utilize throughout the weekend. Those efforts will likely continue at the summit, with the bloc poised to make monumental announcement

BRICS to Take Major De-Dollarization Step at 2024 Summit
The BRICS Summit has become one of the most important days for the alliance. In 2023, it saw the bloc welcome its first expansion effort since 2023.

Specifically, the United Arab Emirates (UAE), Egypt, Ethiopia, and Iran joined the collective. This year, the bloc is expected to welcome similar landmark announcements.

Among them are key efforts to lessen economic reliance on the West. Indeed, the BRICS Summit 2024 will see the bloc take a major step toward ending US dollar dominance.

According to a new Reuters report, Russia is going to engage participating countries in taking part in building an international payment platform. Specifically, the platform would be “immune” to Western sanctions.

Imposed sanctions after Russia’s invasion of Ukraine have been a constant issue for the alliance.

Their presence has become a catalyst for the bloc’s continued efforts to promote local currencies. At the upcoming summit, those efforts are set to be magnified as they attempt to increase economic prominence on a global scale.

The proposal will be rooted in the connection of commercial banks. It would utilize blockchain, similar to the developing BRICS Pay platform. Altogether, it will likely be the continued expansion of the payment platform that has been in development for much of the last year.

@ Newshounds News™

Source:  Watcher Guru

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CHARLES HOSKINSON PREDICTS CARDANO WILL SURPASS BITCOIN AND ETHEREUM

▪️Hoskinson believes Cardano will surpass Bitcoin and Ethereum in the future.

▪️The network's growth relies on technological innovation and decentralized governance.

▪️Community focus is prioritized over marketing efforts for sustainable development.

Charles Hoskinson, the founder of Cardano  expressed his belief that the Cardano network will eventually grow larger than Bitcoin and Ethereum, providing a timeline for when this might occur. He indicated that the Voltaire era would give Cardano a competitive edge over other layer-1 networks.

Future of Cardano
Hoskinson stated that Cardano would become a larger network than Ethereum in ten years and surpass Bitcoin in twenty years. He also noted that most governments will be working on their own infrastructures in the coming decade.

Cardano being larger than Bitcoin and Ethereum would mean that ADA‘s market value would exceed that of BTC and ETH. Currently, ADA holds the eleventh position in market value, while BTC and ETH occupy the first and second positions, respectively.

Advantages of Decentralized Governance
Hoskinson firmly believes in Cardano’s superior technology compared to other networks, predicting that this advantage will become more evident over time. He emphasized the network’s competitive edge through decentralized governance and promising plans.

He highlighted the importance of decentralized governance, stating they prefer building a genuine community over merely focusing on marketing.

Despite aiming to establish an independent structure free from central intermediaries and global firms, progress toward these goals has been extremely slow, causing community dissatisfaction.

Hoskinson’s comments on the Voltaire era highlighted how Cardano distinguishes itself from other layer-1 networks, criticizing others’ reliance on venture capital funding as contrary to the purpose of blockchain technology.

His statements have sparked various opinions regarding Cardano’s potential for future growth, with experts closely monitoring how its technology and community-focused approach may influence market dynamics. The goal of Cardano surpassing Bitcoin and Ethereum is built on its technological innovations and decentralized governance strategy, with its success dependent on market conditions and network adoption.

@ Newshounds News™

Source: CoinTurk 

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@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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