What is Ethereum
Using the same block-chain based principle as Bitcoin, Ethereum has adapted and developed the idea to create an altogether new technology. It was created to be able to do a lot more than Bitcoin was, put simply, Ethereum is an open source platform based on blockchain technology. Ethereum differs from Bitcoin by allowing developers to create and deploy decentralized applications (DApps) using the Ethereum blockchain.
Ethereum does offer the same peer to peer method of exchange that Bitcoin offers, however you use the currency Ether. Ether is the store of value used within the Ethereum platfrom. Ether can be used as a currency and also to pay for transaction fees and services within the eco-system.
One of the major differences on the Ethereum network is the ability to use and create smart contracts.
What is a Smart Contract?
A smart contract is is an agreement between two or more parties in which the terms of the agreement are written into the lines of code which make up the contract. This information is then stored on the distributed ledger known as the blockchain. Smart contracts allow agreements to settled in a ‘trustless’ manner between parties who do not need to know each other and are able to remain anonymous.
Smart contract were first proposed by Nick Szabo in 1994. Nick Szabo was one of the original members of the cypherpunks who were the first users of Bitcoin, and potentially those who helped to create Bitcoin. Nixk Szabo is in fact rumoured to be Satoshi Nakamoto himself.
Recent cryptocurrency news
Ripple Update: News, Developments & Announcements: Standard Chartered, Axis, ZB.Com, Ron Will, Huobi
Ripple has been on fire lately, not necessarily in terms of price when compared to Bitcoin or others, but in terms of action. Many new developments, partnerships and updates have been announced recently. Since the [...]
Ethereum Movements The price of Ethereum has hit a new high at above $450 threshold, with current price being at $460, up around 40% in the past 7 days. The ETH price been sideways lately, [...]
Dan on BTC Growth Dan Bilzerian, king of Instagram and professional poker player, has seen significant gains in his bitcoin investment and he’s told his 23 million social media followers all about it. Dan, who [...]
Zurich, Switzerland: Solar Bankers, a mature company that has the world’s slovenly and inefficient energy markets in its sights, has launched SunCoin in an ICO that will ultimately see the firm using blockchain technology to [...]