Charles Hoskinson, the founder of Cardano (ADA), recently pointed out that Cardano was the first cryptocurrency to make its mark on Mount Everest. This revelation came in response to a post claiming that ADA blockchain had reached the summit in 2022, following Michael Saylor's recent photo showcasing a Bitcoin flag at the top of the world's highest peak.
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Michael Saylor, founder of MicroStrategy and a prominent Bitcoin advocate, posted a photo showing a climber delivering a Bitcoin flag to the summit of Mount Everest. This gesture was intended to highlight Bitcoin's global reach and dominance.
You can see the difference in settlement time between Bitcoin and Cardano... https://t.co/QT1jTcnzYC
— Charles Hoskinson (@IOHK_Charles) May 24, 2024
However, a subsequent post revealed that Cardano had already achieved this milestone two years prior. Charles Hoskinson responded to the post, ironically highlighting the advantage of Cardano over Bitcoin, particularly in terms of settlement time.
What's the catch?
Settlement time in blockchain refers to the duration it takes for a transaction to be confirmed and permanently recorded in the blockchain ledger. This is a critical aspect for users and businesses relying on cryptocurrencies for fast and efficient transactions.
Cardano's blockchain architecture is designed to process transactions more quickly and at a lower cost compared to Bitcoin.
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Bitcoin, despite its market dominance, often faces criticism for its slower transaction speeds and higher fees, which are attributed to its proof-of-work consensus mechanism. In contrast, Cardano uses a proof-of-stake mechanism. This approach not only reduces the time it takes to settle transactions but also minimizes energy consumption.
