Cardano blockchain is more efficient over PayPal: Report
An analysis noted that the Cardano project is more efficient than giant payment platform PayPal & video streaming platform Netflix & YouTube.
Cardano is an 8th-ranked crypto asset in the crypto industry. The blockchain network of Cardano operates on the Proof-of-stake consensus, which allows the Cardano network to facilitate high-speed transactions in less time with high scalability. At present, developers of the Cardano project are working hard to introduce efficiency in the Cardano Blockchain.
On 22 August, A Cardano project dedicated Twitter account shared a picture, containing an energy consumption comparison of Cardano with leading online platforms.
The whole detailed comparison is taken from Cardano.Fans. According to the attached information in the Twitter post, the Cardano blockchain consumes 0.0027 TWh per year which is 48.5k times less than the energy consumption by the Proof-of-work network bitcoin.
Interestingly, Cardano consumed approximately 100 times less energy than the giant payment platform PayPal. The same comparison of Cardano blockchain with Ethereum blockchain makes Cardano 27K times less energy-consumer network.
Netflix, Gold mining & YouTube consumes 94 Twh, 240 Twh & 244 Twh respectively.
Through the tweet thread, Cardano Daily noted that compared video streaming platforms are under use at an enormous level over Cardano but still in some ways Cardano is showing huge efficiency in terms of energy consumption to facilitate high numbers of crypto transactions.
Further Cardano Daily noted that the online payment platform PayPal is not better in terms of online transactions than Cardano, if we consider the energy consumption rate.
“If considered as a means of transferring online, we are still outperforming the Paypal network. Who needs Paypal while we have a more sustainable means of transferring?”
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