A study of ETH and BTC?—?Stuart
Ethereum is a far superior blockchain to bitcoin for the following 5 reasons… has been gaining a lot of hype recently with the recent integration with VISA as a USDC settlement layer. I thought it would be quite prudent to make some further comparisons between ETH and BTC that could potentially shed some light as to why VISA didn’t choose the BTC blockchain.
Ethereum is a far superior blockchain to bitcoin for the following 5 reasons…
Ethereum is more than a simple payment system.
It is nothing less than a world-computer that can one day bring the internet to a higher level?—?a decentralized, distributed, and open-source internet. Ethereum is a platform for building decentralized applications that can be used for many other things, including but not limited to cryptocurrencies. This is because smart contracts, DApps, and DAOs are built on top of the Ethereum Virtual Machine, which is a Turing-complete programmable computer. This makes Ethereum a decentralized blockchain computer, and on top of this blockchain computer, you can build other applications. As such, Ethereum is infinitely more powerful than Bitcoin. It is the world’s first smart contract platform, and it will bring the internet to a new level once developers use it to build the next generation of decentralized applications. The revolution has only just begun.
Ethereum has Vitalik Buterin. Bitcoin has Satoshi Nakamoto.
Satoshi Nakamoto has gone silent since the release of the Bitcoin whitepaper, and nobody knows who he is. Vitalik is not only a brilliant thinker, but he is also the founder of Ethereum. Vitalik is an excellent communicator and speaks at conferences about the future of cryptocurrency. He is honest and transparent and he has never hidden his identity. He has been hacked two times, but he has never lost anything because his passwords were not in his e-mail account.
In Vitalik, we have a leader who is at the head of a new generation of blockchain developers. In the future, Ethereum will be the number one blockchain platform, and Vitalik will be the main driving force behind this change.
Ethereum has a stronger community
Bitcoin has a very well-established community and many developers fear that their blockchain is becoming centralized?—?The ASIC miners are the only ones who can mine Bitcoin. But Ethereum is completely different. Ethereum is more decentralized, and therefore Ethereum has a much larger community than bitcoin. The Ethereum community is a diverse group of people?—?from miners to developers, from techies to finance professionals. The Ethereum community is working together to create the future of cryptocurrencies. The community is also very helpful and you can get instant support from the people. No more hard forks
“Ethereum is the only platform that won’t see any more hard forks” — Vitalik Buterin.
Ethereum is getting better and faster with every hard fork. After the success of its hard forks, Ethereum is the only platform that won’t see any more hard forks. With its unique design and technology, Ethereum will get even better and faster.
Ethereum has a better hashing algorithm
Ethereum has a better hashing algorithm than bitcoin. Ethereum’s hashing algorithm is called ETHASH, and uses 11 rounds of the Keccak algorithm, whereas Bitcoin uses SHA-256. Thus, Ethereum’s mining difficulty is far lower than Bitcoin’s.
On the other hand, Ethereum’s Ethash algorithm is much better at dealing with “application-specific integrated circuits” (ASICs), in large part because of the memory requirements. The time it takes to generate a new block is different for both Bitcoins and Ethers. While a new Bitcoin block is generated every 10 minutes on average, a new block takes approximately 14 seconds to generate in Ethereum.
Ethereum has nearly unlimited smart contract potential
Bitcoin is a simple payment system. Ethereum is a simple payment system and it’s a platform for the creation of decentralized applications.
This means that Ethereum has almost unlimited potential. In the future, the world-computer that is Ethereum will provide the foundation for the next generation of decentralized applications, and it will bring the internet to a new level…
Closing thoughts
Decentralized applications will play a large role in Ethereums future by helping it stay decentralized. To better understand what it means let’s take a look at how a decentralized application works.
A Decentralized Application
Decentralized applications are not like web applications, they are applications that run on a blockchain. They can be anything from a game to a social media platform. They are not controlled by any single entity but by a network of computers. These computers all run an application that keeps track of the application’s data and state. Any changes are made to the data are made by the network meaning there is no one single place where the data is stored and there is no one central figure who has control. It is a very interesting concept that works around the idea of trust. Blockchain technology makes it possible. It is what allows for trust to be established without a central figure or company. The technology does this by making it possible to store data in a very secure way that is also transparent.
The Blockchain and Web3.js
Web3.js is an open-source JavaScript library that allows for the connection of a dapp to a blockchain. It makes it possible to read and interact with an Ethereum blockchain. Through Web3.js, developers can create decentralized applications that can have a variety of uses. Web3.js can be used to create browsers, wallets, and dapps.
What do you think?
ETH to the MOON!? BTC to the MOON!? Humans to the MOON!??
Thanks for reading :)
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