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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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Cardano has managed to score a new all-time high amid a brutal market sell-off

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.

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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.

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.

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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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