How are they similar and how are they different, can both exist, does one have more basis than the other, why are they important?
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Instead of giving you 3 walls of text I will refer you to a few good videos on the topic:
Introduction to the simulation hypothesis (this is more philosophy than science):
Kurzgesagt: https://youtu.be/tlTKTTt47WE?feature=shared
Vsauce3: https://youtu.be/3d9i_0Ty7Cg?feature=shared
The science that can be done with this idea (this is about a paper a research team published) from Cool Worlds: https://youtu.be/HA5YuwvJkpQ?feature=shared
And the complete different thing, the holographic principle from PBS Space Time:
Introduction: https://youtu.be/tJevBNQsKtU?feature=shared
The main thing: https://youtu.be/klpDHn8viX8?feature=shared
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