This article is a basic guide to Ethereum blockchain. In case you want to revise your idea about blockchain technology, our blog All you need to know about blockchain technology will come in handy.
Let us make this clear to you, blockchain technology is far beyond Bitcoin. It has plenty of other applications than digital currencies. Building and initiating blockchain technology requires huge computing resources. It requires complex coding, cryptography and algorithm resources.
What is Ethereum?
In simple words, ethereum is an open software platform based on blockchain technology. It allows developers to design and deploy decentralized applications. It is also a distributed public blockchain network like bitcoin. The major difference between the two is the purpose and efficiency.
Here is a list of some differences between bitcoin and ethereum which shows that ethereum is little stronger and offer huge potential as well:
- Bitcoin has the power to create a new block every 10 minutes, whereas Ethereum creates similar kind of blocks every 15 seconds.
- Bitcoin is limited to 21 million coins, of which 16.7 million are already been created till December 2017. Ethereum doesn’t have such a currency cap.
- 12.5 new bitcoins are been created every 10 min, on the other hand, 3 new ethers are created every 15 secs.
- Ethereum has a full general-purpose language integrated and the program created using this inbuilt language is known as “Solidity, is used to write “Smart Contracts and DApps”. And on Bitcoin, the in-built scripting language comes with limited functionality.
- Bitcoin and Ethereum’s blockchain can well handle accounts and transactions but Ethereum can efficiently store and execute newly coded programming logic.
Benefits of Ethereum Decentralized Platform
Immutability: No third-party can make any data alteration.
Tamper-proof: Apps are based on a network formed around the principle of general agreement, so corrupting or duplicating any data or getting the censorship is next to impossible.
Secure: Protected with cryptographic codes and unique digital signature “hash” which requires huge computing resources to decode each node, information from network computers. Thus, it makes data well protected from hackers.
Zero downtime: Apps are always active as they constantly sync with new information and can never be turned off.
What are Smart Contracts?
SmartContracts help you exchange money, property, shares or anything valuable in a transparent and hassle-free way that too avoiding the intervention of any third-party. Ethereum blockchain is mainly used to encode contracts. While conducting on blockchain a smart contract becomes a self-operating program that automatically works when specific conditions are met. As they run over blockchain technology with the help of Ethereum, they get all the benefit and thus safe to run.
Considering the potential of different cryptocurrencies, a business must dive deep and learn more. However, time will reveal the actual leader. Blockchain technology has a lot of potentials to support different industries.
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