The World will be nothing if it doesn’t have color and the Mind will be nothing if it doesn’t have Imagination. Today in this article, I will be explaining What is Ethereum and the complete Difference between Bitcoin and Ethereum is. I will also be going to compare it to each other and let you know which will be the best in the Future.
After the Largest Market Cap in the new world of Digital currency called Cryptocurrency, Ethereum came to recognization between Investors and many big-small Crypto Enthusiasts. This new internet currency is not only a given a new name for the status quo but also allows for the fast development and deployment of new emerging applications. It enables dozens of new and unique and incredibly innovative cryptocurrency to come out in the world.
Although the Ethereum currency is now getting pretty ordinary between programmers and tech world, there are many less to none tech-savvy having a hard time understanding what this (New World) Currency actually is? So to make it easy for everyone I wrote this article in most simple, less tech-savvy way.
What is Ethereum and The Difference Between Bitcoin and Ethereum
If I try to explain What is Ethereum in a most simple way than I would say it is a Blockchain-based Decentralized platform which allows creating Decentralized Applications (Dapps). Here are some points to follow before we continue:
- Always remember, Blockchain is a structure where almost every Cryptocurrency runs. It’s a Database with no proper central Server that has an ability to keeps all the tracks of exchanges and transactions done by anyone.
- Decentralized Apps are those applications that serve a certain amount of purpose and capability to a user.
The new world Currency, Ethereum, Built-in such way that it enables all the developers in the world to create smart contracts. Now let me explain what is Smart Contracts, Smart contracts are those scripts that can automatically execute any certain task or tasks when conditions met. To demonstrate this properly here’s an example, a smart contract can technically say,” Pay Adam 40$ if he ships 100 Bananas to my house by August 22, 2018,” and now the script will pay Adam when the certain conditions are going to meet.
These Smart Contracts by a machine called “Turing-complete Ethereum Virtual Machine (EVM),” which maintained and run by an International Public Networks of Nodes.
The Cryptocurrency name of the Ethereum Network can be called Ether. And Ether has Two different Functions:
- Compensate the Full Mining nodes that full power its whole Network. This kept running everything smoothly on Administrative Level.
- Can pay people under smart contract conditions. This will Motivates users to keep working on Ethereum platform.
The New level of Difference Between Bitcoin and Ethereum
The Interest in Bitcoin is increasing day by day, and Ethereum is not that far from becoming first Digital Currency to be used in High levels. Although Every currency comes under the scope of comparison with Bitcoin because it got the best success among all of them.
First, learn something Bitcoins, it launched around 2009 and came out as the world’s first cryptocurrency with one goal in the creator’s mind to decentralized universal currency forever. This coin doesn’t need any intermediary financial institutions and still be safe and secured with valid transaction records. This historical revolution was made with the help of “Blockchain technology.”
The blockchain technology is a total digital ledger and also continuously recording all the transactions and verifying them side by side. Through this technology, all the bitcoin transactions tracked and verified can be done. And since the Global Network of Communication Nodes maintains the whole blockchain, it makes it hard to crack and pretty much incorruptible. Every Block added in it get continuously verified.
Ethereum is similar to Bitcoin in a distributed Public Blockchain Network. Although Ethereum and Bitcoins are both a cryptocurrency and can be used among all users, still there is a noticeable difference between two of them.
Bitcoin, for example, utilizes the whole blockchain to track ownership of the digital currency, making this transaction a peer to peer electronic cash system. But Ethereum on the other side, focus on running programming codes for applications. The application Developer community largely uses it to pay for any sort of services and transaction fees on the Ethereum network.
Both of the Bitcoins and Ethereum are totally Decentralized which means they have no proper central control or higher issuing authority. All Miners runs their networks by validating transactions to earn Bitcoin or Ether (Ethereum).
So in totally Ethereum was first developed for Application developers to pay in return for services and now its a digital currency used by millions of people around the world. Bitcoin and Ethereum are different but in many ways they both walks and talks in the same way. I hope this explains your query on What is Ethereum and the difference between both of the cryptocurrency. You can start your daily profits through Ethereum Mining by free sign up and invest as low as 100$ and get started instantly. Also, you can contact us on – (+91) 9810822553 for any sort of help on where to start and how to start investing questions.
This article was just a info and you should research more before you invest. We are not liable for any loss in investment.