U.Today – Charles Hoskinson, founder of (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 the ADA blockchain will peak in 2022, following Michael Saylor’s recent photo of a flag atop the world’s highest peak.
Michael Saylor, founder of MicroStrategy and prominent Bitcoin supporter, posted a photo showing a climber delivering a Bitcoin flag to the top of Mount Everest. This gesture was intended to emphasize Bitcoin’s global reach and dominance.
However, a subsequent post revealed that Cardano had already achieved this milestone two years earlier. Charles Hoskinson replied to the post, ironically highlighting Cardano’s advantages over Bitcoin, especially in terms of settlement time.
What’s the catch?
Settlement time in blockchain refers to the time it takes for a transaction to be confirmed and permanently recorded on the blockchain ledger. This is a critical aspect for users and businesses that rely on cryptocurrencies for rapid and competent transactions.
Cardano’s blockchain architecture is designed to process transactions faster and at lower costs compared to Bitcoin.
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. Cardano, on the other hand, uses a proof of stake mechanism. This approach not only shortens the transaction settlement time, but also minimizes energy consumption.
