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PostPosted: Tue Apr 03, 2018 11:04 am 

Joined: Wed Jan 17, 2018 7:28 am
Posts: 29
Is Ethereum based on Bitcoin?

PostPosted: Tue Apr 03, 2018 12:55 pm 

Joined: Fri Dec 08, 2017 7:05 am
Posts: 28
Ethereum is a different crypto currency than Bitcoin. Ethereum is considered by many people as the dominant crypto currency of the future, that will overtake Bitcoin.

Ethereum is based on a different technology, from the technology of Bitcoins. Bitcoin is a digital currency and nothing more. But Ethereum is a technology of ledger, which is used by the companies and developers to build new computer programs. Bitcoins operate on technology of blockchain and so does Ethereum. But the blockchain of Ethereum is found to be much more robust than Bitcoin blockchain. The Bitcoin blockchain version is 1.0 but the Ethereum blockchain version is 2.0. This version of Ethereum blockchain allows the developers and companies to build decentralised applications on its top.

Unlike Bitcoin, which is simply a crypto coin based on blockchain technology, Ethereum is an open platform for software, based on technology of blockchain. Ethereum is similar to Bitcoins in many ways. But it is also way different. There is significant technical difference between the blockchain technology of Bitcoins and Ethereum. Bitcoin is a crypto currency with a different purpose and Ethereum is a crypto currency with a distinct purpose and capability. Bitcoin is a peer to peer cash system, by virtue of the application of its blockchain technology. This technology enables the payments made by Bitcoins. Bitcoin blockchain technology is useful in tracking down the ownership of Bitcoins. The Ethereum blockchain targets on smoothly running the programming code of any decentralised computer application.

The Ethereum miners use the Ethereum blockchain to mine Ether. Ether is a type of crypto coin. Ether helps in fuelling the Ethereum network. Ether is a tradable crypto currency. But Ether is also used by the developers to make payments for fees for transactions made and other services availed on network of Ethereum.

Ethereum can be termed as a development over Bitcoin. The Bitcoins transactions are open to public, whereas Ethereum keeps the details of senders, the receivers and the amount obscure. Ethereum focusses on privacy.

PostPosted: Wed May 30, 2018 11:43 am 

Joined: Wed May 30, 2018 11:36 am
Posts: 1
The attempts to endure Bitcoin more closely resulted in the discovery of blockchain, the technology that powers it. The blockchain is not just the hottest subject in the FinTech world but furthermore a sought after technology in many industries.

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