What Is Ethereum?
Ethereum is a public distributed ledger that is based on blockchain tech and is an open-source platform that can run decentralized applications or dApps. The platform was launched with the help of a crowd sale by Vitalik Buterin in 2015 who is a programmer, cryptocurrency researcher, and the founder of Ethereum.
The blockchain network was split into two different blockchains during 2016 when the original platform became Ethereum Classic and the separated version continued as Ethereum. The current price of Ethereum is $156.65, but that continually fluctuates according to the market.
What Is Ether?
Ether is the native cryptocurrency token of the Ethereum network traded on every cryptocurrency exchange across the globe. The coin powers the whole Ethereum platform and it can be sent instantly and cheaply over the internet. People can also use it in various Ethereum-based applications.
Ether performs as a vehicle which you can use to roam around on the Ethereum platform and developers mostly need it because they can use it to develop and run applications on the platform. Ether is used across the world keeping two things in mind: the coin can be traded similar to other cryptocurrencies on a crypto-exchange, and it can also be used on the Ethereum platform to run decentralized applications as well as to monetize work on the network.
What Are Smart Contracts?
A crypto contract, commonly known as a smart contract is a self-executing computer program that facilitates and verifies credible transactions without taking any help from mediators. Such contracts are stored on the blockchain where agreements between traders are written in cryptographic lines of codes. The agreement then exists across the distributed blockchain platform and can be tracked by every participant.
Ethereum vs Bitcoin
There are similarities as well as differences between both Bitcoin and Ethereum. Although both are blockchain-based cryptocurrencies, the former has a lower coin supply than the latter and is more liquid within the market. Ethereum has more uses than Bitcoin and it uses better technology. But if you talk about the transaction speeds, Ethereum takes less time to process a transaction as compared to Bitcoin. The time Bitcoin takes to create a block is 10 minutes while Ethereum takes 12 to 18 seconds to complete creating a block and adding it to the ledger.
Ethereum (ETH) crossed the 100 million supply milestone in 2018, whereas the king of all cryptocurrencies, Bitcoin, has a supply of only 21 million. Ethereum has decided not to set an upper cap on the total supply of the coin.