According to U.Today, Charles Hoskinson, the founder of Cardano, recently stated that Cardano was the first cryptocurrency to make its presence known on Mount Everest. This statement was made in response to a post suggesting that the ADA blockchain had reached the summit in 2022, following a photo shared by Michael Saylor, founder of MicroStrategy and a well-known Bitcoin advocate, showing a Bitcoin flag at the peak of the world's highest mountain. Saylor's gesture was meant to emphasize Bitcoin's global reach and dominance.
However, it was later revealed that Cardano had already achieved this milestone two years earlier. In response to the post, Hoskinson humorously highlighted Cardano's superiority over Bitcoin, especially in terms of settlement time. Settlement time in blockchain refers to the time it takes for a transaction to be confirmed and permanently recorded in the blockchain ledger. This is a crucial factor for users and businesses that depend on cryptocurrencies for quick and efficient transactions.
Cardano's blockchain structure is designed to process transactions faster and at a lower cost than Bitcoin. Despite Bitcoin's market dominance, it often faces criticism for its slower transaction speeds and higher fees, which are due to its proof-of-work consensus mechanism. On the other hand, Cardano uses a proof-of-stake mechanism, which not only shortens the time it takes to settle transactions but also reduces energy consumption.