With the rise in mass adoption of the crypto space, many new projects were introduced to the market. Each of these assets have been made with the intention of solving one issue or another. Some of the notable altcoins that came into being, during that time, included Cardano, Dogecoin, Solana and so on.
With the business mogul, Elon Musk, showering his interest in the meme coin; i.e. Dogecoin; the crypto asset has seen a whole lot of action from thereon. With the 2021 market garnering quite the popularity of Dogecoin and Cardano, their development to evolve along with the Web3 world that we are moving towards started to take shape
WHAT IS CARDANO?
Cardano is the third-generation blockchain after Bitcoin & Ethereum that focuses on scalability, interoperability & sustainability. The ADA network also focuses on swelling costs, usage of energy, and transaction time. Founded by the co-founder of Ethereum, Cardano is a multi-layer blockchain operating on the Proof-of-Stake to validate transactions. The core of the Cardano consensus is the Ouroboros algorithm that aims for a high level of security with efficiency.
To explain it further, Cardano is a decentralized proof-of-stake (PoS) blockchain platform and has the token – ADA as its crypto token. It is based on scientific philosophy and a research-first driven approach. In PoS, the blocks are verified by the machines of coin owners where the owners keep their coins as collateral to validate blocks.
Deep Dive into How Cardano works?
Unique Features of Cardano:
- Rapid Transaction Process: The Cardano network supports faster transactions as compared to any other crypto assets currently available. The ADA network has also garnered the title of being the fastest crypto in terms of carrying out transactions as it has the feature of a highly scalable blockchain technology.
- Hugely Decentralized: Cardano is not only the fastest crypto-asset known so far, but it is also hugely decentralized in nature! How is it so? It is because the network has the condition of enabling all Cardano holders the ability to review any newly added nodes to the blockchain or even better; validate such transactions in the public ledger.
- Sustainable mining: Though it is mentioned before, the sustainability aspect of the asset is its most impressive achievement. Imbibing the eco-friendly way does not only reduce the burden on the environment but also saves resources that can be invested further to procure greater results.
Cardano Use Cases
- The network will be managed democratically and the users will have the power over the network, once the Cardano blockchain completes the set of updates set in its roadmap.
- The solid build of the lower layers of the Cardano blockchain ensures the hardness and security of the network.
CARDANO VASIL HARD FORK
Cardano Vasil Hard Fork is the next step in its plan to improve on the speed and scalability of the ADA network. This huge step essentially brings the project one more step closer to dethroning the largest smart contract and DeFi platform out there – Ethereum. With this latest upgrade, Cardano’s developers hope to improve the efficiency of smart contracts to make Cardano cheaper and faster to use.
🎊 #Vasil deployed!!
Thank you to @CardanoStiftung, @InputOutputHK, #SPOs, and everyone in the #Cardano ecosystem that made it happen! 🎉#CardanoCommunity pic.twitter.com/p4oK2T9FMa
— Cardano Foundation (@Cardano_CF) September 22, 2022
Read more: Cardano vs Solana
WHAT IS DOGECOIN?
Dogecoin (DOGE) is based on the popular “doge” Internet meme and features a Shiba Inu on its logo. This popular dog-faced digital currency was created by Billy Markus and Jackson Palmer while being based out of Portland and Oregon, respectively. The crypto asset was forked from Litecoin in December 2013.
Dogecoin’s creators had foreseen the asset as a fun, light-hearted crypto token that would have greater appeal beyond the core Bitcoin audience for the simple fact that it was based on a dog meme! The worldwide boom of the DOGE token took place when Tesla CEO Elon Musk posted several tweets on social media stating that Dogecoin is his favourite coin.
So much so that ‘Doge-father’ Elon Musk has reiterated his support for the token saying that it has more utility for transactional purposes than Bitcoin itself! Starting from Tesla to even SpaceX has the potential to use the DOGE token as a mode of payment in the near future.
Unique Features Of Dogecoin:
- Dogecoin is the first of its kind. It opened up doors for a segment in the crypto space.
- It has a loyal community who trades and uses it as a tipping currency for social media content.
- The token is based on Litecoin and uses the same PoW technology.
Dogecoin Use Cases
- The token had initially been used as a tipping coin; as users of the social networks could use the coins for tipping people, if they post content about them.
- The token can be used as a peer-to-peer payment service.
- Since its inception, the DOGE tokens have been used for charity and fundraising purposes.
Cardano vs Dogecoin: Comparative Analysis
|Launch Date||2017||December 06, 2013|
|Founder||Charles Hoskinson||Billy Marcus & Jackson Palmer|
|Blockchain Protocol||Cardano Blockchain||Dogecoin Blockhain|
|Market Cap||$8.43 billion||$9.36 billion|
|Token Type||Native & Governance Token||Native|
|Circulating Supply||34.51 billion||132.67 billion|
|Max Supply||45 billion||NA|
PROS AND CONS OF CARDANO & DOGECOIN
|CARDANO PROS||DOGECOIN PROS|
|Cardano has a great development team with a pre-reviewed platform to ensure the stability.||Has a quickly growing community of holders who are constantly posting memes based on the china s a part of the promotion.|
|Cardano is open-sourced platform with code written in Haskell programming language.||It has decentralised exchange compatibility.|
|The chain is secure and provides digital identity to unbanked citizens across the globe.||Facilitates easy & cheap transactions.|
|It is a multichain layer that uses settlement layer & computational layer to ensure unlimited scalability & quick transactions.||Dogecoin has a unique market positioning.|
|CARDANO CONS||DOGECOIN CONS|
|Cardano has not accomplished with development phase with a lowered pace||It possesses no supply capitalization|
|The platform is more prone to 51% attack as the algorithm that claims to sync the ledgers appear to be unrealistic||It being a memecoin might contradict real innovation in its ecosystem|
|Limited transactions can be processed within a second||Dogecoin have been associated with pump and dump schemes several times in the past|
|75% of ADA is not in circulation but staked||It has poor technical support for users|
Cardano Price Prediction 2023
The ADA price remained within a falling wedge which is considered bullish ever since the crypto market crash. With the selling pressure now compelling the price to reach the pinnacle of the consolidation, a bullish move can be expected anytime from now. With the beginning of the fresh year 2023, the price may slide down slightly and may maintain a firm upswing with a notable bounce. For now, the price can initially be at $0.5 and later around $0.6 wherein the bears can try to extract their profits. However, with the flipped market sentiments, the ADA bull is believed to maintain its strength and keep up the momentum towards the north.
Dogecoin Price Prediction 2023
Back in Q4 2021, DOGE price surged pretty high above the trend line after trading below those levels for quite a long time. However, just before the end of 2022, it made a bullish move, yet could be compelled for a bearish close for the year. In such a case, the price may remain consolidated throughout Q1 2023 with an expectation for a recovery to happen during Q2, but it could be mainly consolidated in a slightly elevated trend, mainly owing to the bears remaining passive.
It could be Q4 2023, wherein the markets may be gearing up for a strong upswing or even a bull run. Hence, much similar to 2020, the prices may rise slowly and by the end of 2023, the upswing could have intensified uplifting the DOGE price beyond $0.2.
Read more: Cardano vs Dogecoin Price
Should You Buy Cardano or Dogecoin?
The crypto ecosystem has been seeing a lot of events since 2021, what started as a bullish year, 2022 soon saw a long period of crypto winter. Even more so with the Terra LUNA crash followed by the FTX collapse. With the numerous ATH and various dips, the crypto market has been a playground for investors and traders. Being the pioneer of the crypto space, as per various investors, shuffling the portfolio has been their go to for the previous year.
However, the 2 projects are not easy to compare as the tokens are not competitors and cater to offer different services. While on one hand Cardano is focused on scalable smart contract integration, on the other hand Dogecoin is focused on being a payment processor. One important point to be noted while looking in to the tokens is that since DOGE has no maximum supply while 10,000 DOGE coins are being minted every minute, the individual share of DOGE is constantly getting diluted. Moving the focus to Cardano, only time will be able to point out if HODLing Cardano in a digital wallet will be able to yield desirable results for the investors. Experts are of the opinion that if ADA’s smart contract system is not made available on the mainnet, the network will not be able to make much of an impact within the industry. Though, if the projects can figure out a way for applications and use cases, there is an upside that is yet to be seen.
Coming to the coins discussed in this article, deciding on the tokens should be done after conducting a thorough research on them by the investors. Both the coins have take-up newer ventures in 2022, which brings us to the point where deciding on the tokens depends on the goals that they serve for the investors.
HOW TO INVEST IN CARDANO OR DOGECOIN?
Investing in crypto is super simple, safe, and secure with the CoinDCX app. It doesn’t matter whether you want to invest in Cardano or Dogecoin token, we have got you covered. CoinDCX is India’s safest and simplest crypto investment app for your one-stop purchase of any crypto asset.
Here are the 3 simple steps to buy your first token with CoinDCX.
- Sign up on CoinDCX
- Link your bank details
- Buy Cardano (ADA) or Dogecoin (DOGE)
Read more: Bitcoin vs Ethereum vs Dogecoin