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Cardano creator bets on Bitcoin as ADA reaches Everest first By U.Today
U.Today – Charles Hoskinson, the 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 had reached the top in 2022, following Michael Saylor’s recent photo showing a flag atop the world’s highest peak.
Michael Saylor, founder of MicroStrategy and a prominent Bitcoin advocate, posted a photo showing a climber handing over a Bitcoin flag at 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 achieved this milestone two years earlier. Charles Hoskinson responded to the post by ironically underlining Cardano’s advantage over Bitcoin, especially in terms of settlement times.
What’s the problem?
Settlement time in the blockchain refers to the length of time it takes for a transaction to be confirmed and permanently recorded in the blockchain ledger. This is critical 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 than Bitcoin.
Bitcoin, despite its market dominance, often comes under criticism for slower transaction speeds and higher fees, attributed to its proof-of-work consensus mechanism. In contrast, Cardano uses a proof-of-stake mechanism. This approach not only reduces the time needed to settle transactions, but also minimizes energy consumption.