Ethereum Vs Bitcoin: What’s The Main Difference? | The Huffington Post

While Bitcoin has long been dominant in the cryptocurrency scene, it is certainly not alone. Ethereum is another cryptocurrency related project that has attracted a lot of hype because of its additional features and applications.2016-12-20-1482198878-2452631-EthereumAndBitcoinWhatsTheDifference.pngEthereum: More Than Just MoneyThe first thing about Ethereum is that it is not just a digital currency. It is a blockchain-based platform with many aspects. It features smart contracts, the Ethereum Virtual Machine (EVM) and it uses its currency called ether for peer-to-peer contracts.Ethereum’s smart contracts use blockchain stored applications for contract negotiation and facilitation. The benefit of these contracts is that the blockchain provides a decentralized way to verify and enforce them. The decentralized aspect makes it incredibly difficult for fraud or censorship. Ethereum’s smart contracts aim to provide greater security than traditional contracts and bring down the associated costs.The smart contract applications are powered by ether, Ethereum’s blockchain based cryptocurrency. Ether, as well as other crypto-assets, are held in the Ethereum Wallet, which allows you to create and use smart contracts. The system has been described by the New York Times as..“a single shared computer that is run by the network of users and on which resources are parceled out and paid for by ether.”Implement Smart Contracts With Your Own CryptocurrencyEthereum allows you to create digital tokens that can be used to represent virtual shares, assets, proof of membership and more. These smart contracts are compatible with any wallet, as well as exchanges that use a standard coin API. You can copy the code from Ethereum’s website and then use your tokens for many purposes, including the representation of shares, forms of voting and also fundraising. You can either have a fixed amount of tokens in circulation or have a fluctuating amount based on predetermined rules.You Don’t Need Kickstarter When You Have EthereumOne great feature of Ethereum is that it gives developers a means to raise funds for various applications. For your new project, you can set up a contract and seek pledges from the community. The money that is raised will be held until the goal is reached or until an agreed upon date. The funds will be released back to the contributors if the goal is not met, or go on to the project if it is successful. Kicking out Kickstarter means that the third party is taken out, along with their rules, and also the fees they charge (when you include processing fees, Kickstarter can take up to 10% of a project’s budget).

Source: Ethereum Vs Bitcoin: What’s The Main Difference? | The Huffington Post