Like the bitcoin, the Ethereum is a decentralised digital currency and a global platform for cryptocurrency transactions. The basic technology particularly associated with bitcoin is the blockchain technology. Though the blockchain technology was used typically for the transfer of digital currency, over the period it has gone beyond the transfer of cryptocurrency to many other progressive implications. The blockchain technology involves complex implementations of cryptography, coding, mathematics and essential resources. In the course of fast technological development, all aspects including digitally stored property assets, trading, regulatory compliance etc. have been done through latest technological applications to make them more flexible, transparent, reliable and safe. If you intend to gain out of bitcoin cryptocurrency blockchain, get in contact with Paychain for maximum reliability and safety your cryptocurrency business.
The concept of Ethereum was published by Vitalik Buterin in 2013 and in 2104 the Ethereum platform was launched for the public. Initially, the Ethereum team comprised of Vitalik Buterin, Anthony Di Iorio, Mihai Alisie, and Charles Hoskison. The Ethereum completed their ICO and raised 18.4 million USD in August 2014. On 3oth July 2015, the Ethereum released its “Frontier” and the journey of Ethereum is on its wheel towards a fast growing, promising and prominent cryptocurrency platform in the world.
There is a difference of opinion on the similarities of Ethereum and bitcoin. Ethereum is a blockchain network like bitcoin but with a few significant technical differences. The most important difference between the bitcoin and the Ethereum is the capability and purpose. Bitcoin is based on peer to peer electronic currency system through certain blockchain technology which enables the members to do online payments of their bitcoin.
The blockchain technology in the case of bitcoin also used to track the bitcoin ownership. On the other hand, the Ethereum blockchain emphasizes on the running of decentralised application’s programming code. The miners in Ethereum focus on earning the Ether instead of mining bitcoin as done in the bitcoin blockchain. The Ether is a form of crypto token further fuelling the blockchain network beyond the cryptocurrency which is tradeable. The Ether is also used to pay transaction fees and other services by the developers in the Ethereum network.
There is one more type of token called Gas besides Ether crypto token which is used for paying the miners fee to include transactions into their block. Gas is important because every smart contract execution needs a specific amount of Gas.