Bitcoin is a buzz word and I am sure many of us have heard a lot about Bitcoin or even used it as well. A number of businesses are now supporting this much popular cryptocurrency which is challenging the traditional form of currency with its encryption and other benefits involved.
But have you heard about another popular form of cryptocurrency ‘Ethereum’? Well, it is gaining a lot of popularity now and its value is rising. In June 2017, Ethereum value reached its highest which is more than $420. Although it is just a tenth of the value of Bitcoin but this altcoin promises many great features which makes investors excited.
Ethereum was launched in 2015 which is actually the name of the technology on which the Ether-coin runs on. It allows payments to be done anonymously through the internet and uses a decentralized ledger to show these transactions. This decentralized ledger is known as the blockchain. There is no third party or a bank which is the feature which allows users the benefits of avoiding fees and other hassles. It has security and protection against theft and frauds like Bitcoin and anyone in the network can view the transactions in the public ledger.
Ethereum differs from Bitcoin in a few important ways. Bitcoin is widely used as a cryptocurrency while Ethereum is a platform where all its potential lies. Ethereum creates blocks of transactions more rapidly than Bitcoin and this is the efficiency which makes it better to use than Bitcoin.
Another great feature is that Ethereum allows applications to run on its network. Anyone can run programs on it and these programs can interact with each other. Ether is the second largest cryptocurrency after Bitcoin and its total value as in August was 28 billion dollar compared to the cryptocurrency Bitcoin which was 57.2 billion dollars.