Ethereum(ETH) is a decentralized open source blockchain with intelligent contract capabilities. Ethereum is the platform's native cryptocurrency.
It is the second largest cryptocurrency by market capitalization in the world after Bitcoin. Ethereum is the most actively used blockchain. Ethereum was proposed by programmer Vitalik Buterin in 2013. Development was crowdfunded in 2014, the network went live on July 30, 2015, with an initial shipment of 72 million coins. Ethereum virtual machines (EVMs) can run scripts and run distributed applications.
Ethereum was used for decentralized financing, NFT creation, exchange, and many early coin offerings.
In 2016, hackers used a bug in a third-party project called DAO to steal $ 50 million worth of ether. As a result, the Ethereum community resolved to hard-share the blockchain to undo the theft, and Ethereum Classic (ETC) continued the original chain. Ethereum has begun implementing a series of upgrades called Ethereum 2.0. This includes migrating to evidence of interest and improving transaction throughput using sharing. Comparison to Bitcoin Etherium differs from Bitcoin, the cryptocurrency with the largest market cap for 2020, in many ways.
1. Bitcoin is a special form of digital money where users can only send, receive and store bitcoins.
2. Ethereum is a smart contract platform that allows organizations to create many different digital ledgers to use blockchain technology and can be used to create additional cryptocurrencies running on top of its blockchain. For example, Ethereum can be used to create tokens that are 1: 1 in the U.S. Is placed with the value of dollars (not called stabitech oin) if the user wants to transfer or store the value of dollars on the blockchain.
3. Ether itself can also be sent, received and stored in the form of digital money.
4. Bitcoin is only for money, compared to Ethereum, where there is also a target to launch apps (such as Google Play or Apple Plus App Store). Its block time is 13 seconds, while Bitcoin is 10 minutes.
5. Ether mining generally produces new coins at a constant rate, changing occasionally during hard forks, but bitcoin's rate drops by half every 4 years. For proof of work (PoW), Ethereum uses the Etash algorithm, which aims to minimize the benefit of specialized mining ASICs.
6. Transaction fees differ based on computational complexity, bandwidth usage, and storage requirements (in a system called gas), but bitcoin transactions compete for the size of transactions in bytes.
7. Ethereum uses the accounting system, where the values in Vee (1 Ether, 1 ETH = 1018 Vee) are loaded from the accounts and credited to another, which is very similar to the UTXO system of Bitcoin, which is very similar to spending money and accept the change. Came back.
