The revolution that cryptocurrencies brought had changed the world in many ways. Bitcoin was the first virtual currency, which gave the influential push to this revolution.
Bitcoin can be described as digital money or virtual money. Bitcoin is one of the oldest cryptocurrencies and it has been flowing around for almost eight years. And, ideally, It is used to send or transfer money from one party to another party.
But, that was years ago, and along with Bitcoin, there are other popular cryptocurrencies also subsist in the market.
According to some cryptocurrency survey websites, there are more than 1,658 cryptocurrencies available and running currently on the internet. Just a few of these currencies are legit and successful today.
We can’t argue about the prominent position that Bitcoin holds, but there were some problems associated with it, like- not having any rule or condition to send the digital money. The scripting language on which the bitcoin was written is not flexible and it cannot be modified further (only possible if the developer is involved). This leads to limited functionality and operations, which cannot be extended to add multiple features to it.
Ethereum, the another cryptocurrency, is now blooming on the internet. And, even, it also surprised the entire world, just after its launch. It is not just a cryptocurrency like Bitcoin. But, it is a complete infrastructure built on blockchain, which offers its users to build and run decentralized applications.
What makes Ethereum different from the well-known digital currency, Bitcoin?
Ethereum uses the Ghost Protocol, which sets up the block time to 15 seconds, while in Bitcoin, it is set to 10 minutes.
The specialty of Ethereum is that it uses Smart contracts in between the transactions to smoothify the exchange by using conditions and rules for every specific token used. For example, if Sender A wants to send money to Sender B, but this transaction must expire before given date. It is possible by programming the smart contracts to execute, only when certain conditions are met.
Ethereum is flexible in providing its developers the power to create decentralized applications with multiple operations. Decentralized applications can do miracles by eliminating the intermediaries or any third party in between the operations. Unlike traditional applications, which run on centralized systems, decentralized applications cut out the possibility of failures and errors on any single point.
Basically, Ethereum uses wallets, which provide the interface to users to manage their tokens and smart contracts. For example, Erc20 has compatible wallets, which can be developed by a reputed Cryptocurrency development company.
Despite of all facts and figures, the possibilities of Ethereum are endless. But, here are some of the main advantages, which make it way apart from other cryptocurrencies:
- Ethereum has its own language on the blockchain, which is called the Turing. This grants the ability to exchange complicated contracts on the network and it removes third parties too.
- It is corruption-free because any kind of censorship is not possible.
- The DApps created and connected to Ethereum never go down or get shut down.
- Ethereum can be used as donations for other projects.
- It doesn’t have any limit on megabytes.
- Ethereum is faster than Bitcoin because of the less block time.
Do you observe?
How amazing the Ethereum is!
There is a very bright future for this Blockchain development company platform, where it will definitely prove as a boon for large organizations, companies, and government agencies as well.