Your favorite crypto news blog

NBC News Declares Cardano The Most Significant Proof-Of-Stake Crypto In The Cryptoverse

Altcoins 2021/06/10 22:02 by Brenda Ngari
Cardano Is The Practical Version Of Ethereum, But Better, Charles Hoskinson Tells Mark Cuban

If you’ve gone anywhere near the internet the last few weeks, you’ve probably discovered that the debate around the energy consumption of bitcoin and other Proof-of-Work (PoW) cryptocurrencies has intensified.

The increased scrutiny came after Tesla announced that it would be discontinuing BTC payments owing to environmental concerns. The electric car’s shocking about-face contributed to a vicious sell-off that saw bitcoin tumble more than 50% from its all-time highs posted in April.

Many crypto enthusiasts have argued that approximately 75% of bitcoin mining comes from renewable energy, but this has done little to sway the crypto’s loudest critics. With growing attention on the environmental impact of Proof-of-Work, cryptocurrencies like Cardano are emerging as attractive alternatives. 

Mainstream publication NBC News has also chimed in on the energy discussion. NBC News published an article titled “Cryptocurrency goes green: Could ‘proof of stake’ offer a solution to energy concerns?”

The publication noted that the price of Cardano (ADA) was able to resist the uncomfortable bearishness that engulfed the crypto market in May. ADA soared to its present record high while its peers plummeted, leading many to wonder what was behind the impressive rally. The cryptocurrency, however, later took a cue from the market and plunged.

NBC postulated in the article that the Proof-of-Stake consensus mechanism that is deemed as a greener alternative to the energy-greedy PoW is already working in the fifth-biggest cryptocurrency by market cap, Cardano. As such, Cardano is the most significant PoS token in the crypto market right now.

NBC’s article reads in part:

“Proof of stake is already working. Cardano uses proof-of-stake and has the fourth-largest market capitalization — $50 billion — of any cryptocurrency as of mid-May. It is currently the most significant proof of stake cryptocurrency on the market.

The imminent launch of ETH 2.0 could pose serious competition for Cardano. While ethereum is making significant progress towards Proof-of-Stake, the upgrade is not likely to go live until later in 2022. Meanwhile, Cardano is readying to launch smart contracts by as early as August once the Alonzo rollout is complete. This undoubtedly increases Cardano’s edge over other cryptocurrencies.

0 Like(s)

You should also read...

Altcoins 13/07/20 15:00 by Yashu Gola
Bitcoin’s Dead Act Sets Rival Cardano Towards Its 15-Month High
As Bitcoin sails on calm waters, its rival Cardano is up more than 36 percent already in the third quarter. Traders looking to diversify from the top yet flat cryptocurrency could pump Cardano furthe...
Read More
Altcoins 14/07/20 05:00 by Nick Chong
PSA: There’s A Crypto Scam on Youtube Misappropriating Cardano Content
Cardano (ADA) has been one of the most popular cryptocurrencies over the past few months. This is for good reason: according to market data, the price of the altcoin has risen by 200% since the start ...
Read More
Crypto 12/09/20 18:21 by Olivia Brooke
New Draft Law Suggests The European Union Is Set To Regulate Cryptocurrencies
More countries have opened their doors to cryptocurrencies this year than we have seen in the previous years. As the demand for cryptocurrencies continues to soar, countries in Asia and Africa have b...
Read More
Bitcoin 23/11/20 22:01 by Erie Maxwell
PayPal CEO Dan Schulman Reveals Bullish Stance On Bitcoin
In a recent interview with CNBC, Dan Schulman, CEO of PayPal has stated that “Early next year, we’re going to allow cryptocurrencies to be a funding source for any transaction happening o...
Read More
Altcoins 11/04/21 22:35 by Brenda Ngari
And The Best-Performing Cryptocurrency Of The Past Year Is… Cardano(ADA), With Incredible 3,290% Returns
Cardano (ADA) has enjoyed a meteoric rise over the last year. The cryptocurrency is up by over 3,200% and is outshining every other crypto-asset, including the flagship cryptocurrency, bitcoin. ...
Read More