Discovering Ethereum
Ethereum is a decentralized, open-source blockchain platform that allows for the creation of smart contracts and decentralized applications (DApps). It was first proposed in late 2013 by Vitalik Buterin, the co-founder of Bitcoin Magazine, and was launched in 2014.
Difference between BTC & ETH
One of the key differences between Ethereum (ETH) and Bitcoin (BTC) is that Ethereum allows for the creation of smart contracts. Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller directly written into lines of code. The code and the agreements within are transparent and cannot be altered, making them secure and immune to censorship.
Another difference between ETH and BTC is that Ethereum’s blockchain is Turing complete. That means it can process more complex transactions and can perform a wide range of computations. In contrast, Bitcoin’s blockchain is Turing incomplete. It can only perform a limited set of operations.
Potential Pros & Cons
Ethereum has the potential to revolutionize industries beyond just finance. For example, it could be used to create transparent and secure voting systems, to streamline supply chain management, and to facilitate the creation of a decentralized sharing economy.
However, Ethereum is not without its challenges. One of the main issues is scalability. The network can currently only handle a limited number of transactions per second. There are also concerns about the potential for hacks and vulnerabilities in smart contracts. Despite these challenges, Ethereum has a strong developer community and has made significant progress in addressing these issues through updates and upgrades to the network.
In conclusion, Ethereum is a powerful platform that has the potential to revolutionize a wide range of industries through the use of smart contracts and decentralized applications. While it still faces some challenges, it has made significant progress and has a strong developer community working to continuously improve the network.
