Dis/advantages Of Ethereum | Ethereum Use Cases
The blockchain is a wonderful, novel thing. But in order to know when a blockchain is the tool to fix a problem, it is important to understand what the blockchain does well. The data written on the blockchain cannot be changed. It can be updated, but the previous versions are still kept. In addition the details of the transaction (sender, receiver approximate time) are always recorded. What is stored on the blockchain is safe. No one has ever stolen from a blockchain wallet, without having the passwords. So protect those passwords. Ok, big proviso here. It is fair to say that data and Eth on the blockchain is not at all safe. Phishing scams are actively trying to steal your passwords and code written in Solidity is sometimes found to be flawed resulting in funds being lost or locked. The two multisig wallet incidents recorded here are good examples. But the underlying technology is secure and these weaknesses will be resolved as the technology matures The Ethereum Network is distributed amongst thousands of individual computers in a variety of countries. No individual, country or organization can control the blockchain Public: All transaction are view able by everyone. This is both up and down. Privacy is coming but if you want a fully private set of transactions, maybe Ethereum is not for you While a major development goal for Ethereum is speed, it will always be slower than traditional computer processes. Its distributed architecture drives this and I cant see it changing Every transaction takes gas, because it is requiring work from a number of computers Internet based. There is no offline Ethereum. No network, no Ethereum Storage is very expensive. While there is no limit to the size of data that can be stored on the blockchain, the price of writing the data can be Continue reading >>
What Is Ethereum? A Step-by-step Beginners Guide
If you want to know what is Ethereum and how it works and what it can be used for, without going deep into the technical abyss, this guide is perfect for you. Important Note: This guide assumes a basic understanding of blockchain technology. If youre unfamiliar with blockchain, check out this step by step introduction for beginners . Beyond Bitcoin & first generation decentralized applications Although commonly associated with Bitcoin , blockchain technology has many other applications that go way beyond digital currencies. In fact, Bitcoin is only one of several hundred applications that use blockchain technology today. [Blockchain] is to Bitcoin, what the internet is to email. A big electronic system, on top of which you can build applications. Currency is just one. Sally Davies, FT Technology Reporter Until relatively recently, building blockchain applications has required a complex background in coding, cryptography, mathematics as well as significant resources. But times have changed. Previously unimagined applications, from electronic voting & digitally recorded property assets to regulatory compliance & trading are now actively being developed and deployed faster than ever before. By providing developers with the tools to build decentralized applications, Ethereum is making all of this possible. At its simplest, Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications. Is Ethereum similar to Bitcoin? Well, sort of, but not really. Like Bitcoin , Ethereum is a distributed public blockchain network. Although there are some significant technical differences between the two, the most important distinction to note is that Bitcoin and Ethereum differ substantially in purpose and capabil Continue reading >>
4 Amazing Benefits Of Ethereum Over Bitcoin
Bitcoin and Ethereum had always have strong competition between each party. Over the years, Ethereum was able to give Bitcoin a strong fight when it comes to winning peoples hearts and catching peoples attention. Some people that had a problem using Bitcoin always run to Ethereum. What is Ethereums advantage over Bitcoin? It Ethereum worth the risk? Lets find out! In todays contemporary world, the latest hype that is going on is the Crpto currency trend. People are confused between Bit coin and Ethereum and they actually do not know which surpasses the other. Though both the ecosystem is trying to do things in their own way, there are definitely some distinctive marks between the two. Various people are of impression that Bitcoin is better compared to all other currency platforms where they are token or digital asset. Bitcoin is one of the first major crypto currencies and has been around for nearly 9 years now. Ethereum is a very new currency platform that has been launched just a few years ago. Ethereum in comparison to Bitcoin offers some very interesting technological facts. The platform runs on smart contracts, which are a very new revolutionary technology, and it is being heard that this technology would also be part of the Bitcoin platform. Ethereum is technologically smarter while Bitcoin is not as sound and lacks decentralized applications. This makes Ethereum better than Bitcoin. Ethereum is technologically sound . Since Ethereum is a relatively new platform there is much more availability of coins. Bitcoin in comparison is a lot scarcer. Bitcoin is known to have a coin supply cap of 21 million BTC. Ethereum has around 92 million coins that are being circulated. People usually tend to overlook the fact that it will remain an inflatory currency. People tend to Continue reading >>
What Is Ethereum And How Does It Differ From Bitcoin?
What is ethereum and how does it differ from Bitcoin? The ethereum cryptocurrencyCredit:Bloomberg Ethereum is a rising star in the cryptocurrency world. It has quickly become the second largest digital currency in just over two years, booming in value and spurring the rise of hundreds of new rivals to Bitcoin. Launched in 2015, the value of ether (ethereum's currency)has increased rapidly. It suffered a set back before Christmas 2017, suddenly dropping from $850 to around $690 -a drop of about 20 per cent. Since then it has continued to show intense volatility, hitting highs of $1400 in January before slumping to less than $560. Last year sawmonths of increase in the price of Ethereum and rival cryptocurrencies like Bitcoin and Litecoin.At the start of 2017, one coin was worth around... Register or log in to view this and other Technology Intelligence articles. It's free and easy to do. Access brilliant stories, features and analysis Sign up to our exclusive Technology Intelligence daily newsletter Become part of our ambitious new Tech networking community Continue reading >>
Why Is Ethereum Different To Bitcoin?
Ethereum differs from Bitcoin in 7 main ways: 1. In Ethereum the block time is set to 14 to 15 seconds compared to Bitcoins 10 minutes. This allows for faster transaction times. Ethereum does this by using the Ghost protocol. 2. Ethereum has a slightly different economic model than Bitcoin Bitcoin block rewards halve every 4 years whilst Ethereum releases the same amount of Ether each year ad infinitum. 3. Ethereum has a different method for costing transactions depending on their computational complexity, bandwidth use and storage needs. Bitcoin transactions compete equally with each other. This is called Gas in Ethereum and is limited per block whilst in Bitcoin, it is limited by the block size. 4. Ethereum has its own Turing complete internal code... a Turing-complete code means that given enough computing power and enough time... anything can be calculated. With Bitcoin, there is not this form of flexibility. 5. Ethereum was crowd funded whilst Bitcoin was released and early miners own most of the coins that will ever be mined. With Ethereum 50% of the coins will be owned by miners in year five . 6. Ethereum discourages centralised pool mining through its Ghost protocol rewarding stale blocks. There is no advantage to being in a pool in terms of block propagation. Continue reading >>
What Advantages And Disadvantages Does Ethereum Have Over Bitcoin?
What advantages and disadvantages does Ethereum have over Bitcoin? What advantages and disadvantages does Ethereum have over Bitcoin? What can you do with Ethereum that you simply cannot with Bitcoin? What price do you pay for these additional functionalities? I am just summing up some points found on various website and forums, thanks to original authors. While both the technologies focus on financial market and are based on a cryptographic blockchain with several programmatic features, they still differ significantly in many areas. For instance, Bitcoin is basically a cryptocurrency which was designed to replace the notes and coins in your pocket with a much reliable and easily available internet-based alternative. Whereas, Ethereum is a programmatic platform that can be utilized to build, deploy and implement smart contracts equally contributed by human and computer counter-parties. Both Bitcoin and Ethereum serve as currencies, they serve different purposes. Where Bitcoin is intended to be a general purpose currency, Ethereums Ether (its own internal currency) is used specially to finance the internal processes of Ethereum. In short, Bitcoin can be seen as an alternative currency whereas Ethereum is said to be the alternative law. All transaction processors come to an agreement in Bitcoin about what happened and when according to the transmission and storage of the Bitcoin value token. Whereas, the same is taken care of by Ether in Ethereum, along with the agreement about all processing done in all shared programs on Ethereum World Computer. Continue reading >>
What Are The Advantages And Disadvantages Of Ethereums Blockchain Architecture? Steemcreated With Sketch.
Bottom dollar: Ethereum is a platform, and thus will never be seen as efficient asother faster blockchains. Many complain at the speed of transactions for its cryptocurrency ETH, and I myself have had some laggy delays in transactions, as has @craig-grant who has talked about this in his videos. The roadmap instils major upgrades all the time it seems, and this includes moving Ethereum from a proof of work platform to a more efficient proof of stake one. This will be a tricky upgrade that will keep the developers busy, as well as the daily attacks that happen on the blockchain by rogue hackers. The worst thing I find about Ethereum is the lack of documentation to help people become Ethereum developers. I myself tried a few years ago and failed. Most of the online content is out of date and only covers the basics. To get to any depth within smart contracts is a tough gig. The Ethereum blockchain is such a new technology just like Steemit. Hopefully someone will put some Ethereum documentation together just like we've done with our FAQ section on Steemit - well done to Mr @timcliff on that one. Bottom dollar: Ethereum is a platform, and thus will never be seen as efficient asother faster blockchains. Many complain at the speed of transactions for its cryptocurrency ETH, and I myself have had some laggy delays in transactions, as has @craig-grant who has talked about this in his videos. I disagree with this statement entirely. ETH blocktimes are not slow at all ~15s. I am not sure what sorts of lag you are talking about but I send dozens of transactions every day and I would have conformations within a minute. Just because Ethereum is a platform does not mean it is inherently inefficient. The roadmap instils major upgrades all the time it seems, and this includes moving E Continue reading >>
Ethereum Vs. Bitcoin, Is One Cryptocurrency Better Than The Other? | Digital Trends
Cryptocurrencies can be a little confusing. Are they digital money or more like gold? Are they a new way to pay for things online or a way to store value? Those arent easy questions to answer when youre talking about hundreds of different cryptocurrencies, some old, some new, and some very different from the rest. When you focus Ethereum vs. bitcoin, though, there are some stark, obvious differences. Their age is the most obvious, with bitcoin having entered this world as the very first global cryptocurrency in 2009 and Ethereum only showing up in 2015 as a potential alternative. Although it is less proven than its predecessor, Ethereum does have a few nifty features which give it a lot more potential than its older sibling in some key areas. For the purpose of this guide, well look at two shared aspects of the cryptocurrencies: Their ability to act as a store of value and as transactional mediums. Well also take a look at some of the unique features which make them stand apart. If you want a more general look at cryptocurrencies, or the steps for how to buy , sell or trade bitcoin and Ethereum, have a read of some of our other guides. The most successful cryptocurrency for storing value continues to be bitcoin. As the most valuable coin in the world by quite some margin and the progenitor of the entire cryptocurrency revolution bitcoin has proven itself. Its far more recognized than any of its peers, and that makes it easier to buy, store, and sell. Thats not to say that Ethereum and its coin, Ether, have been ineffective. For such a young currency, Ethereum has proved to be one of the most popular. At the time of writing its market value and 24-hour trading volume are second only to Bitcoin. The actual monetary value for a single ETHhowever, is less than five percent Continue reading >>
Ethereum Vs Bitcoin: What's The Main Difference?
12/20/2016 08:56 am ETUpdatedDec 06, 2017 Ethereum Vs Bitcoin: What's The Main Difference? 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. The 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 Cryptocurrency Ethereum 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 repr Continue reading >>
Blockchain: A Very Short History Of Ethereum Everyone Should Read
Blockchain: A Very Short History Of Ethereum Everyone Should Read Opinions expressed by Forbes Contributors are their own. Even those who are not familiar with blockchain are likely to have heard about Bitcoin, the cryptocurrency and payment system that uses the technology. Another platform called Ethereum, that also uses blockchain, is predicted by some experts to overtake Bitcoin this year. Ethereum is an open-source public service that uses blockchain technology to facilitate smart contracts and cryptocurrency trading securely without a third party. There are two accounts available through Ethereum: externally owned accounts (controlled by private keys influenced by human users) and contract accounts. Ethereum allows developers to deploy all kinds of decentralized apps. Even though Bitcoin remains the most popular cryptocurrency, its Ethereums aggressive growth that has many speculating it will soon overtake Bitcoin in usage. While there are many similarities between Ethereum and Bitcoin, there are also significant differences. Here are a few : Bitcoin trades in cryptocurrency, while Ethereum offers several methods of exchange, including cryptocurrency (Ethereums is called Ether), smart contracts and the Ethereum Virtual Machine (EVM). They are based on different security protocols : Ethereum uses a "proof of stake" system as opposed the "proof of work" system used by Bitcoin. Bitcoin allows only public (permissionless or censor-proof) transactions to take place; Ethereum allows both permissioned and permissionless transactions. The average block time for Ethereum is significantly less than Bitcoins: 12 seconds versus 10 minutes. This translates into more block confirmations, which allows Ethereums miners to complete more blocks and receive more Ether. It is estimat Continue reading >>
What Advantages And Disadvantages Does Ethereum Have Over Bitcoin?
What advantages and disadvantages does Ethereum have over Bitcoin? What advantages and disadvantages does Ethereum have over Bitcoin? What can you do with Ethereum that you simply cannot with Bitcoin? What price do you pay for these additional functionalities? I'll answer the middle question from the White Paper . Bitcoin can allow simple scripting and a weak version of smart contracts. The scripting that you can do has these limitations (quoting from the white paper, where UTXO means "unspent transaction outputs") Lack of Turing-completeness - that is to say, while there is a large subset of computation that the Bitcoin scripting language supports, it does not nearly support everything. The main category that is missing is loops. This is done to avoid infinite loops during transaction verification; theoretically it is a surmountable obstacle for script programmers, since any loop can be simulated by simply repeating the underlying code many times with an if statement, but it does lead to scripts that are very space-inefficient. For example, implementing an alternative elliptic curve signature algorithm would likely require 256 repeated multiplication rounds all individually included in the code. Value-blindness - there is no way for a UTXO script to provide fine-grained control over the amount that can be withdrawn. For example, one powerful use case of an oracle contract would be a hedging contract, where A and B put in $1000 worth of BTC and after 30 days the script sends $1000 worth of BTC to A and the rest to B. This would require an oracle to determine the value of 1 BTC in USD, but even then it is a massive improvement in terms of trust and infrastructure requirement over the fully centralized solutions that are available now. However, because UTXO are all-or-no Continue reading >>
What Are The Advantages Of Creating Your Own Token On The Ethereum Blockchain Rather Than Creating A Cryptocurrency From Scratch?
What are the advantages of creating your own token on the Ethereum blockchain rather than creating a cryptocurrency from scratch? A recent venture a majority of companies have began testing is using cryptocurrency as a method of fundraising for different startups. By using ICOs, companies are able to persuade investors to contribute in the form of cryptocurrency. The company can choose between using an entirely new crypto currency, or they can use a third-party companys cryptocurrency, such as Ethereum, to gain tokens against it. The former strategy is predominantly used by these companies because it offers several advantages not found elsewhere. Some of these advantages are detailed below. 1. Blockchain technology is not only complex it is also very hard to master. Making a new cryptocurrency from scratch using this technology takes up a lot more time, money, and labor to achieve the same result you can get using the Ethereum blockchain. Most startup companies dont have the necessary technical staff or resources to create a whole new cryptocurrency using blockchain, nor do they have the time. 2. One of the major advantages of Ethereum is that they have a strong and established blockchain already in work. You dont have to waste time and money creating a whole new blockchain system in order to establish your own cryptocurrency. Moreover, Ethereums system is trusted worldwide and investors wont hesitate to fund your business. If you start your own cryptocurrency from scratch it will take a lot more time to gain awareness and influence globally, especially if the blockchain behind it isnt trustable. 3. Another advantage of using Ethereum is that it uses simple and easy-to-learn language on the blockchain. What this mean is that you can easily make simple or complicated co Continue reading >>
Bitcoin Vs Ethereum: Driven By Different Purposes
Bitcoin Vs Ethereum: Driven by Different Purposes Ethereum has received a lot of attention since its announcement at the North AmericanBitcoinConference in early 2014 byVitalikButerin. The natural consequence of its rising popularity has been its constant comparison toBitcoin, the first virtual currency. It is important for investors to understandthe similarities and differences between BitcoinandEthereum. Bitcoin, the first virtual currency, was born seven years back. It introduced a novel idea set out in a white paper by the mysterious SatoshiNakamoto:Bitcoinoffers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government issued currencies . There are no physicalBitcoins , only balances associated with public and private keys. Over these years, the acceptance of the concept of a virtual currency has increased among regulators and government bodies.Althoughit isnt a formally recognized medium of payment or store of value, it has managed a niche for itself and continues to coexist in the financial system despite being regularly scrutinized and debated. The attempts to understandBitcoinmoreclosely resulted in the discovery of blockchain , the technology that powers it. Theblockchainis not just the hottest topic in theFinTechworld but also asought after technology in many industries. Ablockchainis a public ledger of all transactions in a given system that have ever been executed. It is constantly growing as completed blocks are added to it. The blocks are added to theblockchainin linear, chronological order through cryptography, ensuring they remain beyond the power of manipulators. Theblockchainthus stands as a tamper-proof record of all transactions on the network, accessible to all Continue reading >>
Ethereum Vs. Bitcoin
The AskMen Acquire team thoroughly researches & reviews the best gear, services and staples for life. Cryptocurrencies are on the rise and are beginning to function just like the US dollar, Swiss Franc, or Japanese Yen but in encrypted digital form. Using cryptography, a system of generating codes to secure information, holders of cryptocurrency can do business transactions digitally, while maintaining privacy and security on a global scale. Right now, there are two majorcryptocurrencies Bitcoin and Ethereum. These two currencies are fighting for dominance in the digital world. Both have their unique advantages and disadvantages. Both have the potential to change how we conduct global commerce and trade. To get a better idea of how they stack up against one another, we took a look at the benefits and flaws of Bitcoin and Ethereum. Bitcoin was launched in 2009 as an alternative to the worlds fiat currency system. It is the worlds first decentralized digital currency. Note: Fiat currency is the popular currency used by the majority of governments. This is a currency with full legal tender, but no physical commodity. Bitcoin is the first of its kind so it has taken the lead as the dominant cryptocurrency. This leadership role has given it an air of legitimacy as the preeminent digital currency of choice, since it has weathered the battles to be accepted, a battle it still fights to this day. Bitcoins launch was exciting and attracted many early-adopters who hoped to cash in on Bitcoin as it blazed new trails into the financial world. As a result, Bitcoin exchanges and trading services began to offer currency exchange, margin trading, data services, and liquidity for Bitcoin holders. As more of these specific financial centers sprung up, Bitcoin became more accepted, and i Continue reading >>
What Benefits Can Ethereum Offer Over Centralized Models?
Across every single layer of web development and technology, simplification is always the preferred route when evaluating two options. While thats a broad generalization, its true that when considering long term resources and general benefits of one option over another, the simpler product or service should win out most of the time . As Bitcoin, blockchain tech and now Ethereum have been proliferating throughout cutting edge early adopter circles, were seeing an early rush to be first-movers on capitalizing on the technology. Just about any app you can think of now that flows through a centralized server system could in theory become a Dapp (Decentralized Application). However, technology creators and advocates should objectively question whether Ethereums technology is right for them and if a blockchain or Ethereum based Dapp model actually holds benefits to their core idea over building a centralized model. What are the best examples of where decentralization and distribution trump traditional centralized models? Ethereum Smart Contracts ALWAYS Execute As Written Contracts of all types are written to be enforced and honored, however when the centralized model of having a contract written and managed by a lawyer or needing to be enforced by a judge or legal entity, the confidence that a contract will work as expected is not always there. Theres a sense of confidence when a business doesnt need to worry that their operations will execute as expected within the confines of their DAO (Distributed Autonomous Organization) or smart contract network. Whats more, the human and technological layers of enforcing contracts and operations arent needed as much anymore. Its expensive to keep employees within roles that are oriented towards ensuring that processes are happening as Continue reading >>