Evolution is the key to new opportunities to grow, so as with technology. As time passes, the world has achieved a high quality of technology systems working and helping mankind in every possible way. So has come 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.
Key Takeaways
- Cardano is a blockchain platform designed to facilitate secure and transparent transactions, while Omisego is a payment gateway for financial institutions.
- Cardano uses a proof-of-stake algorithm to verify transactions, while Omisego uses a decentralized exchange.
- Cardano has a more established reputation in the blockchain industry, while Omisego is a newer player with more potential for growth.
Cardano vs OmiseGo
The difference between Cardano and OmiseGo is that both platforms use 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 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 with 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
| Parameters of Comparison | Cardano | OmiseGo |
|---|---|---|
| Launched | June 2017 | September 2017 |
| Organization | Input Output Hong Kong (IOHK) | Omise Holdings |
| Native Currency | ada | OMG |
| Developed By | Charles Hoskinson | Vansa Chatikavanij |
| Consensus | Proof of Stake (PoS) | Proof of Work (PoW) |
| Type | Coin | Token |
What is Cardano?
Cardano is a blockchain platform like others available in the market. The technology used 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 the pee-review research has created.
Cardano was developed by the co-founder Charles Hoskinson of 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 companies, IOHK and Cardano Foundation, are non-profit organizations, 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.
A Thai-based individual developed the digital currency called Vansa Chatikavanij, who is also part of a Thailand-based fintech firm which is known as Omise Holdings. OmiseGo was released or launched in June 2017, and after a few years, the company decided to change it from OmiseGo to OMG Network, 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 technology they use is Proof of Work (PoW).
The unique purpose behind making the OmiseGo was to overcome the difficulties, speed, and cost barriers of Ethereum before people started using it to build their products and applications. This helped Ethereum to reduce its carbon footprint and, in return, made Ethereum more attractive and to work upon.
Main Differences Between Cardano and OmiseGo
- Cardano was launched in June of the year 2017 while on the other hand, and OmiseGo was launched in September of the same year, 2017.
- The organization launched Cardano called Input Output Hong Kong (IOHK), while OmiseGo was launched by the organization called Omise Holdings.
- The native currency of the two is also different as Cardano uses ‘ada’ as its currency while OmiseGo uses ‘OMG’ as its currency.
- Cardano was developed by the founder of Input Output Hong Kong (IOHK), Charles Hoskinson, while OmiseGo was developed by a Thai-born person named Vansa Chatikavanij.
- The algorithm or technology used by both systems is distinct as Cardano uses Proof of Stake (PoS) while OmiseGo uses Proof of Work (PoW).
- Cardano is a type of coin, while OmiseGo is a token.
References
- https://www.sciencedirect.com/science/article/abs/pii/S0960077920303350
- https://www.sciencedirect.com/science/article/abs/pii/S0378437120303472
- https://onlinelibrary.wiley.com/doi/abs/10.1111/fima.12300
- https://www.mdpi.com/1911-8074/14/4/160
Last Updated : 30 June, 2023
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Sandeep Bhandari holds a Bachelor of Engineering in Computers from Thapar University (2006). He has 20 years of experience in the technology field. He has a keen interest in various technical fields, including database systems, computer networks, and programming. You can read more about him on his bio page.
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