Shiba vs. Doge, Which Ecosystem is More Advanced?
Shiba Inu and Doge are both meme coins. If you’ve had your ears glued to the recent trends in the crypto space, you must have heard about the sudden 367 percent rise of the Shiba Inu in just one week, which made it the 12th-biggest cryptocurrency at the time. The meme token, founded just last year, is a decentralized cryptocurrency modeled after Dogecoin and emulates the Doge meme symbol.
In this article, we’re going to take a look at the Dogecoin and Shiba ecosystems. We’d also examine their features and unique offers to help you choose which one you want to invest in.
A Peek at Dogecoin vs. Shiba Inu Technology
Dogecoin operates a decentralized network that facilitates making peer-to-peer payments using open source code. It was created using scrypt technology—an encryption algorithm designed to make it costly to compromise custom hardware by needing large amounts of memory. It’s the same technology used by Litecoin.
Dogecoin boasts unlimited supply and very fast transaction speed, considering that adding a block takes just a minute. It’s also interesting to know that Dogecoin is a 4th generation fork of Bitcoin. In other words, Dogecoin is a fork of the blockchain called Luckycoin, a Fork of Litecoin, which itself is a fork of Bitcoin.
A fork results from a blockchain’s basic set of rules or protocols. Being a fork of Litecoin, it’s easy to figure out why they both operate scrypt technology, as stated earlier.
And although the two protocols are far apart in their economic models, they use similar scrypt-oriented mining technology. That explains why they feature together in merge mining, a mining pool feature that allows miners to mine two different cryptocurrencies simultaneously.
Shiba Inu, like Doge, is also a decentralized ecosystem, but it’s based on Ethereum and gives total control to its community. The Shiba Inu ecosystem features an NFT marketplace, passive income tools, and digital assets exchange. Its underlying token, Shiba Inu token (SHIB) is an ECR-20 token powered by the Ethereum blockchain. And it has a limited supply of 1 quadrillion SHIB, unlike Dogecoin, which has an unlimited emission.
As of the time of writing, a SHIB was worth $0.000029. The low price was deliberate, according to the creators, to allow people to buy millions or billions of coins and gain substantial profits on the slightest price increase. It also had a market capitalization of $11,476,619,509 and running #17 in Coinmarketcap.
SHIB is the basic Shiba Inu token and its foundational cryptocurrency. The basic idea behind the SHIB was for investors to buy and hold millions, billions, or trillions of the token in their wallets. SHIB has Vitaly Buterin of Ethereum as its godfather.
The SHIB ecosystem gained massive recognition after Buterin received 40% of the SHIB team’s assets and decided to burn 90% of it and send the remaining 10% to charity. Besides, the limited number of SHIB seems to positively impact the price of the token.
LEASH was originally designed to be a rebase token. A rebase token is such that the circulating token supply automatically adjusts (increases or decreases) according to the token’s price fluctuation. However, the Shiba team removed the rebase so that LEASH could unleash its maximum potential.
There’s a total supply of just 107,646 tokens, being the least supply among tokens in the Shiba Inu ecosystem. LEASH is also the second incentivized token on ShibaSwap and promises to earn succulent rewards for holders providing its liquidity.
It is a governance token that allows the dedicated Shiba community called the #ShibArmy to vote on projects on the Doggy DAO. How does that work? It means that the more BONE you have as an investor, the more influence you have when it’s time to vote for a change on the Shiba ecosystem. There is currently about 250,000,000 BONE in circulation, as its circulating supply is designed to be somewhere between that of the first two tokens.
The ShibaSwap is a decentralized exchange where you can buy all the Shiba Inu tokens SHIB, LEASH, and BONE. You could also buy these tokens on Uniswap and centralized exchanges. However, exchanges outside ShibaSwap may not support all the tokens at the same time.
The interesting part about using ShibaSwap is that you can get incentives in the form of tokens while using the exchange. Again, you’re guaranteed your safety and security, which we can’t say for some other exchanges.
The ShibArmy is the name for the dedicated followers and supporters of Shiba Inu. This community of over 1 million dedicated ShibArmy is scattered all over different social media platforms dedicated to Shiba Inu. The community waxes stronger with each passing day.
Shiba Inu “Artist” Incubator
The Shiba Inu Incubator is the art-supporting platform on the Shiba ecosystem. It is going to feature an NFT creation platform to nurture creativity and give artists a launchpad upon which they can show the world what they’ve got and get rewarded for doing so. The resulting NFTs will later be displayed and sold through ShibaSwap–Shiba Inu’s decentralized exchange.
Shibarium was proposed by Royshi, the Shiba Inu Coin’s creator. It is going to be a blockchain or layer-2 solution that complements the already existing Ethereum blockchain upon which the Shiba Inu ecosystem sits. Royshi said Shibarium will charge minimal fees, or even zero for every service that runs on it.
Comparing Passive income opportunities with Shiba Inu Ecosystem vs doge Ecosystem
For the Shiba Inu ecosystem, the major means of earning passive income is through the ShibaSwap platform. ShibaSwap features several passive income opportunities that include BURY (Staking), DIG (providing liquidity), SWAP tokens and WOOF Returns. Let’s look at what these passive income features entail:
This feature allows you to stake your tokens on ShibaSwap. In return, you earn “Woof” rewards proportional to the amount of crypto you’ve contributed to the staking pool. By staking your tokens, it means you lock up a fraction in the staking pool for a period, to enhance the operation of the blockchain.
You can stake SHIB, LEASH, OR BONE, and earn xSHIB, xLEASH, or tBONE respectively in return. Woof returns are released weekly, but you can only withdraw 33% of those weekly Woof Returns, while the other 67% is time-locked for 6 months.
DIG on the ShibaSwap platform means to provide liquidity i.e add part of your tokens to liquidity pools and earn rewards as a liquidity provider (LP). You earn BONE rewards as a ShibaSwap LP—proportional to your share of the pool. Your returns add up in real-time. They reflect in the pool, and you can claim them by withdrawing your liquidity.
Woof isn’t necessarily a passive income-earning opportunity It’s a system of depositing and withdrawing your DIG rewards. Why’s that? You have to deposit your ShibaSwap LP tokens in an allocated pair box to earn rewards. So, you’re WOOFing, whether you’re depositing or withdrawing your SibaSwap LP returns.
Doge Passive Income Opportunities
Here are some of the ways you can earn passive income on the Dogecoin ecosystem;
Dogecoin folding allows you to earn Dogecoin when you help doctors and scientists find cures at Dogecoin Folding@Home, a distributed computing project. Here’s how it works: You join a team of “dogefolders” by using your computing power to help find cures for diseases. In return, you get Doge rewards for your efforts.
Get Tipped on the Doge Community
You can get Dogecoin tips by being an active participant in the Doge Reddit community. By interacting with other community members and offering useful advice and valuable info, you can earn yourself Dogecoin rewards.
Another way to earn Dogecoin passively is to become a miner. Mining involves carrying out mathematical calculations or solving puzzles used to verify and validate transactions on Dogechain―Dogecoin’s blockchain. Mining hardware includes CPUs (computer processors), GPUs (graphic cards), or ASIC miners. Also, you can use Dogecoin mining software like EasyMiner (for beginners), CGminer (for ASICs), CPUMiner (for CPUs), etc.
Although the Shiba and Doge ecosystems each offer several passive income opportunities, it’s clear from what we see above that the Shiba ecosystem is way more sophisticated than the Doge ecosystem. The Shiba ecosystem makes every utility adventuresome and well-aligned in a funny way with the Japanese dog (Shiba Inu) mascot. But it’s obvious that its Doge counterpart still got many miles to cover.