Last updated on July 5, 2022
Understanding the difference between Dogecoin vs META 1 Coin can help you to improve your overall trading results. Both of these projects have a strong following in the market currently. However, they are very different in terms of purpose and technical structure. Dogecoin is a first-generation cryptocurrency that launched during the infantile stages of the market, whereas, META 1 is a fourth-gen DeFi network. Despite these differences, in terms of trading, they both offer promising prospects.
Dogecoin is a well-known first-generation cryptocurrency that has been in the limelight multiple times in its career for various reasons. The project has an interesting history of going from a joke to becoming a driving force for humanitarian efforts. Dogecoin has seen endorsement from a variety of celebrities in the past.
Most recently, Tesla Motors CEO, and one of the richest entrepreneurs on the planet, Elon Musk. The eccentric billionaire has jokingly referred to himself as the “Dogefather” on Twitter in the past which drove the token up 20% in value. Recently, Musk purchased Twitter for $44B which has many Dogecoin supporters feeling bullish on the project.
META 1 Coin
META1 Coin is an all-inclusive DeFi ecosystem that continues to draw investor attention due to its unique combination of features and services. The project provides open access and low-risk passive rewards to improve blockchain adoption. Users can easily enter the METANOMICs DeFi ecosystem using the Onramper portal.
The Onramper Portal enables users to convert fiat to META 1 Coin directly. This approach eliminated the need to use a CEX (centralized exchange) like Coinbase. This strategy saves time and money. It also streamlines the overall onboarding process for new users. Onramper supports +50 fiat currency conversions across 150 countries making it one of the most flexible options available today.
Let’s Delve Deeper
Understanding the differences between Dogecoin vs META1 Coin can help you to improve your investment strategy. These projects continue to drive blockchain adoption all be it for different reasons. Here’s some valuable insight into Dogecoin vs META 1 Coin in 2022.
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. He altered the Proof-of-Work consensus system so that Bitcoin miners couldn’t be used on the network. This maneuver was done to prevent network centralization. It worked for a few years before the first Dogecoin-specific ASIC miners hit the market.
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. Unlike Robinhood and other trading apps, these markets were free from large hedge funds at the moment.
A Humanitarian Network is Born
Dogecoin may have launched as a joke, but it quickly became a reputable network that sponsored multiple humanitarian efforts across the planet. 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.
During the first week the network launched, its wallet was hacked and millions in Dogecoin were stolen. Rather than call the project a bust, the community banded together and through donations, every stolen Dogecoin was repaid. This type of community support is rare. It exemplifies what makes Dogecoin an interesting project.
The META1 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.
Dunlap studied the major blockades to success for the public. After reviewing the data he concluded that the system was designed against you achieving financial freedom. This belief led him to develop an entirely new DeFi ecosystem unlike anything available prior.
META1 Coin‘s ecosystem includes a custom-built blockchain, a high yield savings account called the META VAULT, advanced 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.
The META 1 stablecoin doesn’t suffer from the same inflation as fiat currency or fiat-backed tokens. This coin enjoys stronger store of value characteristics due to gold’s appreciation and the combination of value-locking smart contracts the developers created. These features seamlessly integrate within the DeFi options to provide true wealth creation options.
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 hard cap 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.
The META1 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 META1 can remain stable in volatile markets. This stability was put to the test during the recent market correction.
Coins such as Bitcoin and Ethereum lost 20% in value. The META 1 coin sustained its value and even generated returns during this time. These results have helped to demonstrate the effectiveness of the token’s safehaven token features.
Another cool feature that is exclusive to META1 Coin is the anti-manipulation system. 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 asset value. This smart contract is critical to the program because in the past stablecoins have shut down if large traders decided to sell their bags under the asset value of the tokens.
Notably, there are 1 billion META 1 Coins slated for issuance in total. This capped issuance means that the token has a higher likelihood to experience value growth due to scarcity and rising demand. The decision to cap the issuance of the tokens falls in line with the overall goal to make META 1 the premier store of value tokens in the market in 2022.
Notably, Dogecoin doesn’t use the same SHA-256 Proof-of-Work consensus algorithm found in Bitcoin to keep the network secure. Instead, the network relies on 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 transaction 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 META1 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 META1 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.
The META Vault is another unique feature that pushes the META1 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 META1 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 META1 Coins. This strategy provides more stability as these groups often create centralization in networks.
Dogecoin vs META1 Coin – Who’s the Top Dog
There 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.