Ethereum Vs. Bitcoin – 2 Key Developments of Blockchain Technology
Bitcoin is the most popular and largest used cryptocurrency in the world. In fact, the Blockchain Technology was originally designed for the exchange of Bitcoins. Blockchain Technology works on the concept of distributed network, where the ledger of transactions is recorded by each node in the network. The concept of distributed database allows users to send and receive currency without the need of trusted centralized authority such as a bank.
Which Cryptocurrency is Better and Why?
Both Bitcoin and Ethereum are based on Blockchain Technology. However, Ethereum’s Blockchain expands the concept of a distributed ledger and allow more advanced commands. Ethereum’s differentiating factor is the addition of Solidity programming language to Blockchain interactions. Solidity programming language allows users to create “Ethereum Smart Contracts.”
Ethereum has many aspects apart from being a digital currency. Ethereum data blocks can function as autonomous contracts, holding more than just transaction information and are powered by Ether – Ethereum’s Blockchain based cryptocurrency which is held in the Ethereum wallet.
It would be apt to conclude that like Bitcoin is for money and payments, Ethereum is for applications of all shapes and sizes. With a built-in scripting language and distributed ethereum virtual machine, smart contracts can be built to carry out all sorts of functions autonomously. Using Ether, nodes can be paid for their processing power in running decentralized apps, and entire decentralized autonomous organizations can exist on ethereum Blockchain network.
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