Cardano (ADA) vs Dogecoin (DOGE): What Is the Difference?
Cardano and Dogecoin are top altcoins, ranking among the top ten by market capitalization. Apart from this fact, they are very different from each other.
If you’re reading this article, you’re probably asking what the difference between the two cryptocurrencies is. Well in this guide, we will try to answer your question and more. You may also be wondering which of the two you can use.
Whether you wish to decide on which of them to invest in or you wish to choose which one to use for a different purpose, this guide will provide you with all the information you need to make that decision. Therefore, let’s get started.
What Is Cardano (ADA)?
Cardano is a proof-of-stake (PoS) cryptocurrency that is currently the 10th largest by market capitalization. As a PoS network, it supports smart contracts, decentralized applications, and many other services that make up the web3 ecosystem.
This makes it a great place to carry out any developmental work that pertains to web3. Cardano is remarkably fast, as it is a highly scalable network. This is one of its strength and what makes it a preferred network to Ethereum.
Because of its scalability, the network can process transactions much faster, which makes transaction fees lower as well.
Cardano places a lot of value on thorough research for any new upgrade to be implemented. In fact, such upgrades must be peer-reviewed to ensure that there are no loopholes in them. Although this makes the growth of Cardano slower, founder Charles Hoskinson believes it is the best way to build a strong network.
The native token for the network is ADA. This is the utility token used to pay for transactions and also for staking. The staking is the process by which the PoS network is secured. This is done by validators who stake their ADA and are in turn rewarded with more ADA for helping to secure the network.
ADA also serves as a governance token. This is a token the empowers its holders to vote on proposed changes to the network. That way, it empowers holders to participate in decision making that will enhance the growth of the network.
There are 35 billion ADA in circulation currently, with a total supply of 37 billion tokens. It however has a maximum supply of 45 billion.
What Is Dogecoin (DOGE)?
Dogecoin is a popular cryptocurrency, primarily because it was created as a fun project with no serious use case. The project has also received massive support from billionaires such as Elon Musk, making it even more popular.
Since its launch in 2013, the network has had no real world use case until after some years. It now has plans to support non-fungible tokens and is also used as a payment currency in many online stores, including Musk’s Tesla.
Dogecoin is a proof-of-work (PoW) cryptocurrency, which means the coins have to be mined by miners. The consensus mechanism also makes it mandatory to use specialized computers to solve difficult mathematical problems to verify transactions.
It is through the mining process that new DOGE are released into circulation. Although the project is designed like Bitcoin, it is quite different from Bitcoin in that there is no limit to how many DOGE can be available, that is there’s no limit to the supply.
However, there are only 145 billion DOGE in circulation currently, but more will continue to be released into circulation, making it an inflationary project.
Which Is Better?
Cardano is a great network for smart contracts and decentralized applications, so if your goal is to interact with web3, this is the project to look to. For Dogecoin, it is a fun cryptocurrency and currently has few use cases such as payments.
For investing, ADA may be better going by the circulating and total supply. However, DOGE has done way better historically, which makes it hard to tell if ADA is a better investment despite its many use cases.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
