The new generation globally is changing everything at an advanced level. Part of this revolution is taking everything at a step where you can have everything in your cell phone digitally. From documents to your cash and money, everything can be found on your mobile phone, which has great chances that you are reading this piece of info on your phone only.
The new technology which gave it a drastic improvement is a blockchain. It is a network that is growing day by day, providing safety and security with the help of cryptography. Cardano and Dogecoin are platforms related to blockchain which provides services related to decentralized applications.
Cardano vs Dogecoin
The main difference between Cardano and Dogecoin is the use of the type of cryptocurrency they are using for the belonging transactions on the respective platforms. Cardano platform uses ‘ada’ as the native cryptocurrency on the platform for all the transactions, whereas dogecoin uses ‘Doge’ as the cryptocurrency for the transactions.
First of all, Cardano is a blockchain platform. It belongs to the 3rd generation, which provides proof of stake. It has two layers that are inbuilt in the system. The role of these two layers is the deployment of a greater number of rules in the services of smart contracts which they provide to their users.
Dogecoin is a platform for transactions that can also be termed as cryptocurrency. It was made with the purpose of fun as a joke, but it got its success. It was founded in 2013, and in the year May 2021, it has reached the market capitalization of US$85,314,347,523, which depicts a great success portfolio.
Comparison Table Between Cardano and Dogecoin
| Parameters of Comparison | Cardano | Dogecoin |
| Current price | The current price of coin ‘ada’ is 1.7410USD. | The current price of the coin ‘Doge’ is 0.4169USD. |
| Establish | Its development was started in 2015 and launched in 2017. | It went live on December 6, 2013. |
| Founder | It was developed by the co-founder of Ethereum, i.e. Charles Hoskinson. | It was built by software engineers just for fun, inspired by the bitcoin are Billy Markus and Jackson Palmer. |
| Native Currency | Cardano uses ‘ada’ as the native cryptocurrency for the transactions. | Dogecoin uses ‘Doge’ as the cryptocurrency for the transactions on the platform. |
| Technology used | Proof of stake | Proof of work |
What is Cardano?
There are many blockchains platform available with different services and cryptocurrencies. Cardano is one of the platforms. It represents 3rd generation of the platform, which is based on a proof of stake algorithm. They are promising peer-reviewed scientific research in the procedure of updating the building blocks on the platform. Blocks are the fundamental units in the blockchain which is connected to form a network.
The cryptocurrency Cardano uses for the exchanges, also known as transactions on the platform, is ‘ada’. Cardano was also developed by the co-founder of the Ethereum platform in the year 2015. It was launched in 2017. Many organizations played their role in development and maintenance. These organizations are IOHK, Cardano Foundation and, EMURGO.
The organization which played a role in the development of Cardano is IOHK. This organization has a team related to academics that spread and aware of the world with the purpose to manage the researches and reviews. All these researches and reviews are helpful in new updates of the platform and keep a check on the measure of the scalability of the update.
Two organizations out of all are non-profit organizations (IOHK and Cardano), whereas EMURGO is a for-profit organization. The services provided by Cardano also include a smart contract platform.
What is Dogecoin?
Two software engineers wanted to develop a payment system just for the sake of fun, wild speculating the cryptocurrencies at that period. These two engineers are known by the name Billy Markus and Jackson Palmer. At that time, Billy Markus was an IBM engineer, and Jackson Palmer was the adobe software engineer when this established this cryptocurrency. It was launched on 6 December 2013.
The achievement was visible only in the next 30 days as more than one million people visited dogecoin.com. The currency was promoted as the “fun and friendly internet currency”, which shows how they meant it as a joke.
At today’s date, the market capitalization of dogecoin is more than the US $85,314,347,523, depicting its success and popularity over the world. It is an open cryptocurrency for exchange and investments. Dogecoin is based and developed on the fork over Litecoin code. Dogecoin is giving great competition to the bitcoin. Another feature that makes it different from others is a peer-to-peer digital currency which is also open source and so much famous over the world.
Bitcoin has an upper limit, whereas dogecoin has no upper limit, which makes more than 100 billion doge coins in circulation in the world.
Main Differences Between Cardano and Dogecoin
- The differences between both of these cryptocurrencies came in front with the price of their relative coins. The Doge costs 0.4169USD, whereas the Cardano coin’ ada’ costs 1.7410USD.
- Cardano establishment is started in 2015 and launched in 2017, whereas dogecoin went live on December 6, 2013.
- Cardano was founded by Charles Hoskinson, who was also the co-founder of Ethereum, whereas Dogecoin was just developed with the purpose of fun by two engineers Billy Markus and Jackson Palmer.
- The cryptocurrency used in a transaction on Cardano is ‘ada’, whereas, in dogecoin, it’s ‘doge’.
- The algorithm which is used for the development of Cardano is proof of stake, whereas Dogecoin is developed based on a proof of work algorithm.
Conclusion
A new revolution is a key to improvement for the generations, and it is still in motion. New technologies and ideas are emerging day today. Blockchains and digital currencies are one of them. They are just established in the last decade for the ease of transactions. They are also a brilliant option for traders to invest in and have multiple purposes.
New updates and platforms are introduced. Everything has its motto, services, features, and much more. So, the preferences are all about personal choices according to the needs. The differences and comparisons are stated, which may provide some clarity to the users.
References
- https://tradingstrategyguides.com/cardano-cryptocurrency-strategy/
- https://www.emerald.com/insight/content/doi/10.1108/IJOES-12-2018-0185/full/html
- https://link.springer.com/chapter/10.1007/978-3-030-61467-6_6