Cardano Needs Less Energy to Mine Than Bitcoin

IOHK Wants to Make Cardano a Mainstream protocol

Cardano news today – The Cardano latest update indicates that Charles Hoskinson said (during a keynote address in Davos where the World Economic Forum was hosted) that the USD will eventually be replaced as the world’s reserve currency. He claims that Cardano has the potential to achieve this milestone. Hoskinson described Cardano as a currency that is fair for everyone as opposed to being favorable to financial whales.

Hoskinson describes the token as a beneficial choice for everyone with little money who decides to enter the market. Crypto founders often pursue goals like this and want to attain financial freedom for all parties in the system. The Cardano founder describes the world as being in upheaval. He expects a new international cryptocurrency to replace the USD at some point in the future.

Hoskinson Claims Cardano will Succeed Because it Needs Less Electricity to Mine Than Bitcoin

Hoskinson said Bitcoin didn’t consume large amounts of electricity when it began operations in 2009. However, the number one token now uses more energy than Switzerland. If Bitcoin’s mass adaptation continues, the asset could consume more power than Germany. This is because there isn’t any upgrade in the protocol to solve the issue. However, Cardano and others rely on the PoS (proof-of-stake) consensus protocol which ensures that they do not consume over 10 kilowatts of power per year. This figure is equivalent to what a large house consumes. But it is what Cardano needs to function as a global comprehensive financial model.

This huge advantage, and completing cross-border transactions quickly at low rates, make crypto superior to the traditional remittance models in place. According to Hoskinson, Blockchain technology has found its way into many sectors worldwide. He claims Blockchain technology is regarded as a major technical innovation in the 21st century. But, the technology’s impact on governments, the populace, and the financial system will be apparent in the future.

IOHK to Bring Cardano into the Mainstream

Hoskinson recently announced that the Cardano network has a major marketing campaign planned for this year. The campaign will bring the asset into the mainstream. The network will work with PricewaterhouseCoopers for the project. During the World Economic Forum, the Cardano protocol won partnerships with GenTwo AG, Finka Advisors, and the Georgian government. The goal of these collaborations is to research and develop use cases for Cardano. Meanwhile, the Cardano price has dropped by 3.29% in the last 24 hours. The coin was trading at $0.0546 at press time.

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