Dogecoin is a very well-known project that has been in the limelight multiple times in its career for various reasons. It’s seen endorsement from a variety of celebrities, most recently, Tesla Motors CEO and one of the richest entrepreneurs on the planet, Elon Musk. META 1 Coin is an all-inclusive DeFi ecosystem that continues to draw investor attention due to its unique combination of features and services. Understanding the differences between Dogecoin vs META 1 Coin can help you to improve your investment strategy.
Dogecoin is a first-generation cryptocurrency that originated as an attempt to bring some joy to a small Reddit group. The project was founded by Billy Markus and Jackson Palmer. Notably, both of the founders of the project possess technical backgrounds which made the coin’s creation easier.
Specifically, Markus was a software engineer at IBM and Palmer worked for Adobe as a programmer. As the project began with a lighthearted nature, Markus simply took Bitcoin’s coding and altered some terms to create the new token. In total, it took him about 3-hours to create Dogecoin.
On December 6, 2013, Dogecoin was born. Notably, Dogecoin did make a couple of key differences from Bitcoin. For one, Markus changed the term mining to digging. He also sped up the block time to 1 minute to improve scalability. However, these changes led to some issuance problems in the future of the project.
For many people, the first time they heard of Dogecoin was when one of the world’s richest tech gurus, Elon Musk, started mentioning the token in posts. His approval of the token was just the tip of the iceberg. It was just a small part of a larger squabble between a group of Reddit investors and some hedge fund management firms.
The argument began because the Reddit investors noticed that the hedge funds were naked shorting AMC and GameStop stocks. The group started to purchase these stocks which put a squeeze on the hedge funds. Eventually, the exchanges stepped in to protect the hedge funds.
This decision led to a flood of investors joining the censorship-resistant decentralized economy in search of more freedom. Dogecoin emerged as a viable option to the community because it was decentralized and cost less than $0.20 at the time.
A Humanitarian Network is Born
The project may have launched as a joke, but it quickly became a reputable network that sponsored multiple humanitarian efforts. Specifically, Dogecoin’s community has sponsored drives to repay hacked coins, a clean water initiative in Kenya, autistic dog training services, a trip to the Olympics for the Jamaican Bobsled team, and more.
META 1 Coin
The META 1 Coin was built to support a financial revolution. The project’s founder, Robert P. Dunlap, wanted to provide the world with a viable alternative to the current financial system. His vision was to remove the centralized banks from the equation and then share the newly freed wealth with users.
This belief led him to develop an entirely new DeFi ecosystem unlike anything available prior. META 1 Coin’s ecosystem includes a custom-built blockchain, a high yield savings account, DeFi features, and the world’s first self-appreciating multi-asset-backed stable coin. Together, these systems provide a plethora of wealth generation options for users.
Dogecoin (DOGE) is a first-gen cryptocurrency that provides users with a censorship way to send value globally. The network is more scalable than Bitcoin but still lags behind major payment processors such as VISA or MASTERCARD. Interestingly, Dogecoin launched with 100 billion coins in circulation.
However, the 1 minute block times meant that all DOGE was issued by 2015. Recognizing this limitation as a problem, the developers removed the hardcap from the project. They also issued another 5 billion coins at that time. Today, the platform is designed to issue 5 billion coins per year.
META 1 Coin
The META 1 Coin is revolutionary in many aspects. For one, this stablecoin derives its value from a variety of gold-related assets including above and below ground mining assets, and gold bullion. This multi-asset approach ensures that META 1 can remain stable in volatile markets.
Another cool feature that is exclusive to META 1 Coin is the self-appreciation mechanism. The network has a smart contract built into the tokens that prevent whale dumps. A whale dump is when a large investor buys a bunch of tokens with the intent to dump their token in mass as other investors join. Smart contract 6 prevents this occurrence by limiting sellers’ capabilities to sell tokens under asseet value. There are 1 billion META 1 Coins slated for issuance in total.
Notably, Dogecoin doesn’t use the exact same SHA-256 Proof-of-Work consensus algorithm found in Bitcoin to keep the network secure. Instead, the network relies on an updated scrypt technology to improve performance. The goal of this new PoW system was to prevent the use of high-powered Bitcoin mining rigs.
As part of the hilarity, Markus changed the term mining to digging in the Dogecoin ecosystem. Diggers serve the same role and are responsible for validating blocks of transactions and the state of the network. Notably, Dogecoin’s developers never conducted a pre-mine because they never expected the project to take flight. Consequently, Dogecoin has been a very democratic community since day one.
At the time of Dogecoin’s launch, ASIC mining rigs had already begun to force regular GPU miners out. The developers avoided centralization issues for years by requiring specific mining rigs. In turn, this helped Dogecoin to develop as a truly decentralized payment system.
META integrates an advanced DPoS (Delegated Proof-of-Stake) consensus mechanism to improve responsiveness and efficiency. Instead of having miners compete, which requires an absorbent amount of electricity, META relies on specific nodes called Witnesses. These nodes are elected by the community and are tasked with validating blocks of transactions.
This approach was necessary to provide support for the selection of features META includes. Witnesses provide unmatched scalability and transaction throughput. For example, the META Exchange has transactions throughput on par with the NASDAQ exchange.
Dogecoin was designed to operate as an electronic cash system like Bitcoin. As a first-generation cryptocurrency, it’s limited in its scalability, functionality, and programmability. However, due to its recent resurgence in popularity, the Dogecoin community has started to see some Dapp developer support.
The META 1 Coin project demonstrates the difference in approaches from early cryptocurrencies to today’s all-inclusive financial systems. META provides a programmable infrastructure that supports advanced smart contracts and DeFi features. Here are some of the top features that make META 1 a next-level project.
The META DEX (decentralized exchanges) enables anyone to easily purchase, sell, or trade their tokens with others. The platform provides ultra-high performance to users and enterprise-grade security. Best of all, the DEX interface was designed to be easy to navigate and remove any technical barriers from adoption.
META Investment Bank (MIB)
The META Investment Bank (MIB) is another unique feature that pushes the META 1 Coin network into a new category. This service functions as a bridge between conventional banking services and the budding DeFi sector. Users can secure 10% APYs when they participate in a crypto savings account on the platform. These rewards dwarf the 0.25% paid by your local bank.
The developers of META 1 took lessons learned from all over the crypto market to create a truly unique protocol. One of the coolest features is the human verification system. Investment firms, corporations, or other non-humans can’t own META 1 Coins. This strategy provides more stability as these groups often create centralization in networks.
Dogecoin vs META 1 Coin – Who’s the Top Dog
There really is no comparison in terms of technical capabilities between the projects. META 1 Coin is far more advanced than Dogecoin across the board. The project includes a host of features that make it all-inclusive and open to investors from all walks of life.
However, it’s not the technical characteristics that continue to make Dogecoin shine. The network has proven to be an amazing community of well-intentioned crypto users. As such, both projects share a humanitarian twist that makes them great options for any portfolio.