Ethereum is an application running on network of computers that makes sure that all data known as smart contracts are duplicated and is there on all the computers present on the network without intermediaries.
Ethereum works on blockchains, which contains blocks of data, which means transactions and smart contracts. These blocks are created by some participants and are distributed to other participants who need it. These blocks form a chain according to the fingerprint of the previous block.
Ethereum's block time is shorter
The time limit between two block sin Ethereum is 14 seconds. It signifies that Ethereum records its transactions faster than the traditional bitcoin form whereas a bitcoin is slower and writes in every 10 mins. Ethereum is way faster than it is.
Ethereum has smaller blocks
Ethereum's maximum block size is 2kb. However, the size in Ethereum is measured according to the complexity in contracts. It is also called the Gas limit per block, which varies from block to block. Ethereum can access around 70 transactions in a block, which is lesser than the bitcoins capacity as it can get around 1500-2000 transactions in one block.
Each block creates approx 5 fresh ETH. A block is mined in every 14 secs. Hence, on an average there is 2.25m blocks mined every year.
A few blocks that are formed later and are not a part of the main blockchain is refereed as uncles. These uncles are not a waste but are used as a reference by the later blocks. These reference blocks create 4.475ETH, which is called as uncle reward. More or less 500 uncles are created per day.
A minor who references an uncle also produces 0.15 ETH per uncle. Here miners are rewarded which is also called the Ghost protocol. Ethereum has blockchain like bitcoin, which contains data. Ethereum’s tokens are created through the process of mining at a rate of five ether per mined block.
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