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Cardano Foundation Says ADA Is Perfect Match for Tesla as Token Defies Crypto Crash with New All-Time High

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Thu, 05/13/2021 - 13:46
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Alex Dovbnya
Cardano has managed to score a new all-time high amid a brutal market sell-off
Cardano Foundation Says ADA Is Perfect Match for Tesla as Token Defies Crypto Crash with New All-Time High
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After Tesla dropped Bitcoin as a form of payment over environmental concerns, multiple crypto projects started showing off their green cred.

In a new Twitter thread, the Cardano Foundation, a Zug-based organization focused on developing and promoting the fourth-largest blockchain, is making a case for Tesla adopting the Cardano (ADA) token.

Cardano utilizes the proof of stake (PoS) consensus mechanism instead of energy-intensive proof of work (PoW). The Ouroboros protocol randomly chooses slot leaders from active stake pools for verifying transactions.

Presently, Cardano is the biggest PoS blockchain. Ethereum is also in the process of switching to this consensus algorithm.

Cardano developer Input Output Hong Kong (IOHK) recently inked a partnership with the Ethiopian government to overhaul the local education system, which is believed to be the biggest deployment of blockchain technology to date.

The #Tesla4Ada crown, however, will have to fight it out with plenty of other projects that are marketed as sustainable, including IOTA, Algorand, XRP, Nano and a slew of others.

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Elon Musk Just Handed the Best “Ad Campaign” to Ripple and XRP: Attorney John Deaton

Cardano weathers the Elon Musk storm

After Telsa CEO Elon Musk announced his U-turn on Bitcoin, the market instantly turned into a bloodbath, with the top cryptocurrency plunging to its lowest level since March 1.

Cardano, however, is among the very few major coins that have managed to weather the crypto mayhem. In fact, it managed to print yet another all-time high of $1.87 at 12:12 p.m. UTC on the Kraken exchange.
 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.