Despite the recent market crash, Cardano has gone from strength to strength over the last 24 hours.
As the market begins to show signs of recovery following yesterday’s crash, Cardano set itself apart from the competition by remaining relatively insulted compared to many other crypto assets.
Ouroboros, Cardano’s protocol for validating blocks, is designed to be a more environmentally-friendly method for mining, compared to other cryptocurrencies such as Bitcoin and Ethereum.
The recent market crash has been attributed in part to the remarks made by Elon Musk about the environmental impact of Bitcoin — which may have served as a catalyst for pushing Cardano’s fundamental strengths to the forefront and serving as a catalyst for its price appreciation of late.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
Although many in the crypto community have disputed Musk’s statement, the fact remains that Cardano could present a valuable investment opportunity if Bitcoin is proven to be environmentally unsustainable in the future.
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What is Cardano?
Cardano is a cryptocurrency that uses a unique Proof of Stake (PoS) mechanism to validate and create new blocks on its blockchain. The developers of Cardano claim that the project is the “third generation” of blockchain projects.
Founded by Chris Hoskinson, the co-founder of Ethereum, the two projects share some similarities. While Ethereum continues to use a proof of work mechanism for the moment, Cardano uses a proof of stake, a distinction that Cardano’s developers argue makes Cardano a more advanced algorithm.
Ethereum on the other hand can facilitate smart contracts and has plans to switch to a proof of stake protocol with the rollout of Ethereum 2.0.