What is Ethereum and who made it? The bitcoin was doing fine, then why was Ethereum created? The Ethereum experts will be answer these questions in this article. When one thinks about blockchain tech, bitcoin is the first word that comes to mind but there many other applications that go beyond the crypo-currencies. Ethereum is based on block chain tech that lets the developers work and deploy de-centralized applications.
Who created Ethereum?
Ethereum was created by Vitalik Buterin. Dr Gavid Wood is the co-founder of Ethereum and he said while the Ethereum is similar to the Bitcoin, there are some major differences between the two. The main is the difference in their use and purpose.
For instance, the Bitcoin is more like a peer to peer payment system and mining is done for bitcoin. In Ethereum blockchain, miners work for Ether which is a token that the Ethereum network uses.
Ether is used by developers to pay the Ethereum transaction fees and services that work on the Ethereum world. So, bitcoin is like a currency but Ethereum is a type of application of blockchain.
Ethereum blockchain also boasts some unique features such as the ability to create smart contracts which automatically self-executes and contract handles the management, performance and payment.
So Ethereum has an incredibly bright future since it expands functions of bitcoin and other applications.
May 15, 2017
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