The crypto market has seen its fair share of coins come and go. There are two constant questions that come up all of the time. What is Ape Coin and How does it compare to a well-regarded crypto project? A good comparison to highlight what exactly Ape Coin is and what are its limitations when contrasted against Cardano.

This is a very powerful question and it does allow us the chance to build an apt description as Cardano and Ape Coin are two of the most well-known cryptocurrencies. They each have achieved significant growth and prominence in the world of digital assets. Even though they might initially appear unrelated, there is a deeper link between the two that is worth looking into.

The decentralized Cardano blockchain platform was created by Charles Hoskinson, an Ethereum co-founder. The platform was developed to help other blockchain networks that have scalability and interoperability issues. One of the distinguishing features of Cardano is the implementation of the Proof-of-Stake (PoS) consensus mechanism, which is more energy-efficient than the Proof-of-Work (PoW) consensus method used by Bitcoin and other cryptocurrencies. Can this evolutionary dependence on PoS make the difference in Cardano surviving even global war?

Ape Coin: What Is It?

Ape Coin was created as a response to other crypto meme coins such as Shiba Inu and Dogecoin. Since then it has grown a cult following on social media platforms like Twitter and Reddit. For a good breakdown of Shiba Inu make sure to check out our earlier article on it. Let’s get back to Ape Coin.

The coin was established by an unknown group of developers that wanted to create a fun and upbeat cryptocurrency. They envisioned a fun coin that would appeal to a younger audience. Ape Coin is pretty much all speculation as the currency has no real-world application and is entirely theoretical.

How are Cardano and Ape Coin Similar?

Although their differences are miles long, Cardano and Ape Coin share one very powerful commonality. They both employ the PoS consensus algorithm. Because it stresses the creation of blockchain networks that consume less energy and are more environmentally friendly, the widespread deployment of the PoS technique is essential to all cryptocurrencies.

Since PoS methods use less computer power than PoW mechanisms, they use less energy and produce less carbon dioxide. This is noteworthy given the growing environmental issues around cryptocurrencies, especially Bitcoin, which has drawn criticism for its exorbitant energy consumption.

Cardano's PoS method is designed to incentivize users to hold onto and stake their ADA tokens in order to safeguard the network and reap benefits. The PoS system of Ape Coin, on the other hand, is designed to entice users to hold onto and stake their APE tokens in order to benefit from rewards and participate in governance decisions. This may seem like a small and some would say trivial detail but it actually makes a world of difference. That becomes especially powerful for Cardano as its currently facing its most competent rival: Bitgert!

Another link between Cardano and Ape Coin is their shared usage of smart contracts. Smart contracts are self-executing contracts that are coded onto the blockchain and can be used to automate a range of transactions and agreements. The Cardano blockchain was designed to support smart contracts, and the network just underwent a big upgrade that added new features and functionality for programmers.

How Are Cardano And Ape Coin Different?

Ape Coin, on the other hand, is built on the Binance Smart Chain blockchain network, which also supports smart contracts. As a result, Ape Coin can, like all ERC-based tokens, be used for a variety of things other than just as a speculative investment. This is just the first of several noteworthy differences between Cardano and Ape Coin.

For instance, Cardano is a far more established and well-known cryptocurrency with a market price of more than $40 billion as of March 2023. The currency has garnered a substantial community of users and developers who are actively building and using applications on the platform since its inception in 2017. As of March 2023, Ape Coin, a far less popular and newer cryptocurrency, had a market value of only roughly $100 million. Since the coin's launch in late 2021, usage outside of its core fan base has not yet been widely prevalent. Another key difference between the two coins is in their governance structure.

Additional Recommended Content

The decentralized and community-driven Cardano project is managed by three distinct organizations: the Cardano Foundation, IOHK, and Emurgo. On the other hand, Ape Coin is mostly run by its user and holder base, who decide the project's direction and future development.

Although the use of smart contracts and the PoS consensus mechanism are two things that Cardano and Ape Coin have in common, however, in terms of market capitalization, local government, and general utility, they are fundamentally different from one another.

Cardano may fare better than Ape Coin in terms of public acceptability and application cases. It has been a key goal to integrate Cardano with real-world applications, like those in the financial and healthcare industries. In order to offer their citizens blockchain-based solutions, the platform has also worked with a number of nations, most notably the government of Ethiopia.

On the other hand, Ape Coin's only practical use remains constrained to its speculative value.

It is currently unknown whether the coin can compete with more established cryptocurrencies in terms of acceptance and utility, despite the fact that some people may find the concept of community governance interesting.

Which Is A Better Buy?

Cardano may have a competitive advantage over Ape Coin in this market given its development path. In order to expand its scalability and interoperability, the platform wants to offer additional features and functionalities. This entails the development of the Hydra protocol, which could provide Cardano an advantage over well-known payment systems like Visa and Mastercard by enabling extremely quick transactions.

On the other hand, since its initial launch, Ape Coin hasn't undergone any substantial adjustments or developments. The coin's users may be enthusiastic about its potential, but it is still not apparent if the coin will be able to keep up with the rapidly evolving cryptocurrency scene. You on the other hand can and will be able to keep up with all of the ongoing developments in crypto by catching our content on YouTube! Make sure to head on over and check it out!

Because of this, even while Cardano and Ape Coin may use smart contracts and the PoS consensus algorithm similarly, their market capitalization, governance, and overall utility vary significantly from one another. As the bitcoin market keeps evolving, it will be interesting to see if Dogecoin can even survive and if it somehow does, exactly how can these two projects ever actually develop and interact with one another remains an unanswered question.

Legal Disclaimer : The information provided on this crypto website is for educational and informational purposes only and should not be construed as financial advice. This website does not provide investment, legal, or tax advice, and the content provided is not intended to be relied upon for making financial decisions. Any investment decisions made by the reader based on the content of this website are solely their responsibility. This website does not endorse or recommend any particular investment, product, or service. The reader should always do their own research and seek professional advice before making any investment decisions. This website will not be held responsible for any losses incurred by the reader.