Prometheus International, a large real estate developer, made headlines today as it sold two properties in Madeira, Portugal for $4.7m. The purchase was made with the popular cryptocurrency Cardano which ranks 5th in market cap out of all the other crypto assets.
Prometheus International CEO wanted the sales to reach a broader audience, thus, the luxury properties sold for market value in crypto assets. Cardano enthusiasts are excited as this transaction adds to the legitimacy of cryptocurrency and shows it can be used in large-scale, real-world scenarios.
Cardano broke through this summer and hit an all-time high two months ago when the blockchain allowed smart contracts to function. Cardano was built by the former Ethereum co-founder whose aim was to make a Proof of Stake chain that could scale faster than Ethereum.
Founder of Cardano, Charles Hoskinson, is known for his regular interaction with the Cardano community; alongside regular updates, which drives enthusiasm over the blockchain.
Cardano has recently slipped 30% lower than its previous all-time high due to the slow implementation of dapps on the platform.
The community behind Cardano anticipated many applications shortly after the smart contract launched, however, it was slower than expected on the rollout.
Proof of Stake consensus is popular amongst crypto enthusiasts. It has the potential to deliver the same security as Bitcoin, Ethereum, and other Proof of Work networks, but requires a fraction of the hardware and energy to uphold.
Ethereum will also become a Proof of Stake network with the merger for Ethereum 2.0, but it has had its delays. Cardano is one of the key competitors and could potentially become the ‘Ethereum Killer’ everyone has been looking for if Ethereum 2.0 takes too long to happen.
Prometheus International CEO is excited about the notions of blockchain technology. He pointed out that the use of crypto assets made the transaction for the two luxury properties easy, requiring a lot less overhead. He is looking forward to the potential of smart contracts and seeing how they revolutionize the banking industry.
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