As a researcher with experience in blockchain technology and cryptocurrencies, I find Charles Hoskinson’s claim about Cardano being the first cryptocurrency on Mount Everest intriguing. It’s a testament to the global reach and growing influence of Cardano in the crypto world.
Charles Hoskinson, the founder of Cardano (ADA), noted recently that Cardano was the first cryptocurrency to leave its trace on Mount Everest. This disclosure came in response to a post suggesting that the Cardano blockchain had reached the summit in 2022, after Michael Saylor’s photo of a Bitcoin flag atop the world’s tallest peak went viral.
Michael Saylor, the founder of MicroStrategy and a notable Bitcoin supporter, shared an image online: it depicted a mountaineer planting a Bitcoin flag atop Mount Everest’s peak. The symbolic act underscored Bitcoin’s far-reaching influence and supremacy in the global marketplace.
You can see the difference in settlement time between Bitcoin and Cardano…
— Charles Hoskinson (@IOHK_Charles) May 24, 2024
Yet, it turned out that Cardano had actually reached this achievement two years beforehand, as disclosed in a subsequent post. In response, Charles Hoskinson playfully emphasized the edge of Cardano over Bitcoin, notably in relation to transaction processing speed.
What’s the catch?
The time it takes for a blockchain transaction to be processed and made permanent in the digital record is referred to as confirmation time. This element is essential for individuals and organizations utilizing cryptocurrencies, as they depend on quick and uncomplicated financial dealings.
The design of Cardano’s blockchain enables it to handle transactions faster and cheaper than Bitcoin.
Bitcoin, despite leading the cryptocurrency market, frequently encounters criticism due to its slower transaction speeds and higher fees. These issues are linked to Bitcoin’s proof-of-work consensus mechanism. In contrast, Cardano employs a proof-of-stake system. This method not only expedites transaction settlement but also conserves energy by reducing the amount needed for validation.
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2024-05-24 18:23