It’s not the Other Bitcoin: Ethereum
Launched publicly in 2015 by Vitalik Buterin and his team, Etherum is a computing platform that features smart contracts, which have the ability to support all sorts of decentralised software applications. People who add their computing power to its international network of public nodes earn the cryptocurrency Ether, in much the same way as Bitcoin mining, which pays for the platform’s running cost.
What is Ethereum, is it the Same as Bitcoin and How can I use it?
In its short lifespan, it has become the second biggest cryptocurrency, attracted the interest of many investors, and miners who may well have switched some of their equipment away from mining Bitcoin. Because it’s still less valuable and popular than Bitcoin, it is easier to mine full blocks and profit from the Ether reward, even in home conditions without special equipment.
Ethereum can be used as one digital platform that performs advanced computing calculations for many diverse software systems, from pricing to electricity grids to betting. For large companies that rely on highly-advanced calculations, it is set to make a massive difference. Ethereum and Bitcoin are similar because they are based on blockchain technology, but their core aim is different. Bitcoin is focused on being a currency, and is concerned with transactions and ownership. Ethereum is primarily used for deploying networks of decentralized applications, where Ethereum’s blockchains run the codes that coordinate the programs.
Ethereum itself is an open blockchain platform, and it contains the cryptocurrency Ether (ETH), whereas people mine Bitcoin’s blockchain for Bitcoins directly. The mining principles are the same: you are rewarded for improving the blockchain’s computing performance.