Difference Between Cardano and OmiseGo (With Table)

Evolution is the key to new opportunities to grow, so as with technology. As time is passing by, the world has achieved a high quality of technology systems working and helping mankind in every possible way. So as came by new technology or currency in the world which is digitally bought and transferred. The technology of these cryptocurrencies is based on various blockchains which secure the transactions from hackers and cheaters present online.

Cardano vs OmiseGo

The difference between Cardano and OmiseGo is that both platforms are using different types of currency for their transactions. Cardano uses its ‘ada’ or coins currency while comparatively, on the other hand, the OmiseGo uses another type of currency called ‘OMG’ or token. The technology used by Cardano is Proof of Stake (PoS). On the other side, the technology used by OmiseGo is Proof of Work (PoW).

Cardano is a platform that works on a blockchain system. The native cryptocurrency used by the Cardano is ‘ada’ which has an approximation current value in the market of about $1.68. The algorithm or the technology used by the Cardano platform is Proof of Stake (PoS). This digital currency was developed by the founder of Input Output Hong Kong (IOHK) in the year 2017.

OmiseGo is also a platform based on the blockchain system. The system of OmiseGo is a decentralized exchange platform that provides its users fiat-to-crypto and crypto-to-crypto gateways. The developer of the platform is Vansa Chatikavanij. She developed the digital currency in the year 2017, and the native currency is known as ‘OMG’ and is a type of token.

Comparison Table Between Cardano and OmiseGo

Parameters of ComparisonCardanoOmiseGo
Launched June 2017September 2017
OrganizationInput Output Hong Kong (IOHK)Omise Holdings
Native Currency adaOMG
Developed By Charles HoskinsonVansa Chatikavanij
ConsensusProof of Stake (PoS)Proof of Work (PoW)
TypeCoinToken

What is Cardano?

Cardano is a blockchain platform like others available in the market. The used technology or algorithm of the Cardano is Proof of Stake (PoS), which is also a third-party generation platform. It is the most trusted, secure, and transparent method of transaction and exchange method available globally. Also, it is known to be the first and best system that has been created by the pee-review research.

Cardano was developed by the co-founder Charles Hoskinson of the Input-Output Hong Kong (IOHK) in June 2017. The transactions and exchange of currency used on the platform are known to be ‘ada’. The currency of the platform is coin type, and the approximate market value of the coins is about $1.68.

The main firms or companies behind the development of Cardano are – IOHK, Cardano Foundation, and EMURGO. The first two mentioned company IOHK and Cardano Foundation is a non-profit organization while EMURGO is a for-profit entity. It uses Ouroboros to create a block that validates and stores the transaction within the blockchains.  

What is OmiseGo?

OmiseGo is a non-custodial, 2-layer scaling solution that was built for the Ethereum blockchain. This allowed the users of the OmiseGo to transfer ETH and ERC20 tokens easily, fast, and at cheaper rates compared with the Ethereum network.

The digital currency was developed by a Thai-based individual called Vansa Chatikavanij, who is also a part of a Thailand-based fintech firm which is known as Omise Holdings. OmiseGo was released or launched in June 2017, and after few years, the company decided to change it from OmiseGo to OMG Network by which is known today.

The native currency or the medium of transactions performed is the token money which is known as ‘OMG’. The algorithm or the technology used by them is Proof of Work (PoW).

The unique purpose behind making the OmiseGo was to overcome the difficulties, speed, cost barriers of Ethereum before people start using it to build their products and applications. This helped Ethereum to reduce its carbon footprint and, in return, making Ethereum more attractive and to work upon.

Main Differences Between Cardano and OmiseGo

  1. Cardano was launched in June of the year 2017 while on the other hand, OmiseGo was launched in September of the same year, 2017.
  2. Cardano was launched by the organization called Input Output Hong Kong (IOHK), while OmiseGo was launched by the organization called Omise Holdings.
  3. The native currency of the two is also different as Cardano uses ‘ada’ as its currency while OmiseGo uses ‘OMG’ as its currency. 
  4. Cardano was developed by the founder of Input Output Hong Kong (IOHK) that is Charles Hoskinson, while OmiseGo was developed by a Thai-born person name Vansa Chatikavanij.
  5. The algorithm or technology used by both systems is distinct as Cardano uses Proof of Stake (PoS) while OmiseGo uses Proof of Work (PoW). 
  6. Cardano is a type of coin, while OmiseGo is a token. 

Conclusion

With increasing demand and popularity of cryptocurrency or digital currency globally made people invest in it and buy them as an investment because the prices of the same vary daily. The cryptocurrency is based on blockchain technology which is a unique system of storing information or data that helps in securing the data and transactions from hackers. Also, it is difficult to change or cheat the respective system.

Blockchain is nothing but the blocks that contain information of each transaction every time performed as a record in the digital ledger so as the database is known to be Distributed Ledger Technology (DLT).

Cardano and OmiseGo are also the two systems or cryptocurrencies working on the same process. The two were launched at different times, just distinct because of few months. The developers of the two are also different. Cardano is developed by the founder of Input Output Hong Kong (IOHK), while OmiseGo was developed by Thai-based Vansa Chatikavanij. The market assumption value of the Cardano coin is low compared to that of OmiseGo, which is high.

References

  1. https://www.sciencedirect.com/science/article/abs/pii/S0960077920303350
  2. https://www.sciencedirect.com/science/article/abs/pii/S0378437120303472
  3. https://onlinelibrary.wiley.com/doi/abs/10.1111/fima.12300
  4. https://www.mdpi.com/1911-8074/14/4/160
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