U.Today – Charles Hoskinson, founder of (ADA), recently noted that Cardano was the first cryptocurrency to leave its mark on Mount Everest. This revelation came in response to a post claiming that the ADA blockchain had reached the summit in 2022, following Michael Saylor's recent photo showing a flag atop the world's highest peak.
Michael Saylor, founder of MicroStrategy and 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.
However, a subsequent post revealed that Cardano had already reached this milestone two years earlier. Charles Hoskinson responded to the post, ironically highlighting Cardano's advantage over Bitcoin, particularly in terms of settlement time.
What's the trick?
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 fast and efficient transactions.
Cardano's blockchain architecture is designed to process transactions faster and at a lower cost 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. 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.
This article was originally published on U.Today.
