A mainstream news outlet, NBC News, has acknowledged Cardano (ADA), the 5th largest cryptocurrency by market capitalization, as the most significant proof of stake (PoS) cryptocurrency in the market.
The issue with the energy consumption of cryptocurrencies, especially those ones powered by proof of work (PoW) consensus algorithm such as Bitcoin and Ethereum, has become a subject for discussion within and without the crypto industry over the past couple of weeks.
The major issue received vast attention after Elon Musk, the CEO of Tesla and founder of SpaceX decided to suspend Bitcoin (BTC) from being a Tesla payment option until Bitcoin miners find a better alternative to using fossil fuel for their mining operations.
The decision initiated a huge crash in the crypto market. Bitcoin (BTC), the largest cryptocurrency by market cap, dropped from $50,000 to $30,000 price level, one of the most devastating falls since inception.
Cardano (ADA) Acknowledged As the Most Significant Proof of Stake Crypto
In the wake of the incident, a major news outlet, NBC News, finds it necessary to join the discussion, which resulted in publishing an article titled “Cryptocurrency goes green: Could ‘proof of stake’ offer a solution to energy concerns?”
It’s worthy of note that the price of Cardano (ADA) resisted the force that negatively impacted the prices of other cryptocurrencies in the market. When others were going down, the digital token ADA surged further to record its current price all-time high, which called the attention of many crypto pundits to the reason behind the resilience.
In the article, NBC News pointed out that the Proof of Stake (PoS) consensus algorithm that is regarded as the greenest compared to energy-consuming Proof of Work (PoW), is already working with Cardano (ADA). It also acknowledged the blockchain project as the most significant PoS crypto in the market.
The article reads in part as follows:
“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.
“Cardano surged after Musk tweeted about ending the program to allow people to buy Teslas with bitcoin due to energy efficiency concerns, which sent nearly every other cryptocurrency into steep declines. It has since followed suit and plummeted.”
Although the upcoming launch of Ethereum 2.0 could challenge Cardano, the former is likely not going live officially until the end of 2022 based on recent reports. While Cardano is expected to welcome smart contracts functionality by the end of August, after the much anticipated Alonzo hard fork. So, this could be a big win for the emerging smart contract platform.