When bitcoin first came on the scene back in 2009, it changed the way in which we viewed currency and value. Bitcoin also paved the way for a range of other blockchain-based currencies. One of the most popular of these spinoff currencies is Ethereum, which is a comprehensive network that enjoys several benefits over bitcoin.
The Application Platform
While bitcoin works very well as a store of value and not as well as a medium of exchange, Ethereum has one massive advantage of being a technology that allows for applications to run on the network. What this means is that the network allows for apps, smart contracts and contains an internal currency called ether. This, in turn, has led to the speedy growth of the platform with several applications being built on the cryptocurrency. What’s more, the network is often used by start-ups to raise funds via initial coin offerings that further increase the importance of the network.
You can buy Ethereum in Australia from Bitcoin Dealers office.
To date, a large range of projects base themselves on the Ethereum network with industries such as intellectual property, crowdfunding, Asset issuance, domain registration and even online casinos all using the network. Ethereum allows developers to build applications without having to build their own blockchain and in turn these apps can interact with one another on the blockchain and in fact, an entire network of interconnected apps can develop from it.
Here’s a look at some more advantages of Ethereum over bitcoin.
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Blockchain Language
Interestingly, Ethereum was the turning language on the blockchain. This allows for the exchange of either simple or complex contracts on the network, eliminating third parties. This makes Ethereum a highly successful and popular app on the blockchain that few other cryptocurrencies have.
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Great Backing
Further, Ethereum has the backing from corporate clients and the price of its cryptocurrency has therefore skyrocketed. The Ethereum Enterprise Alliance continue to work with plenty of enterprise grade companies in all sectors from healthcare to banking and more. The only other cryptocurrency that can match this level of buy in from convenient business hubs is bitcoin.
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Forward Planning
Ethereum comes with a well thought out roadmap of where it wants to be in the next 3 to 5 years and they’re implementing it with great gusto. Ethereum is a platform with a clear vision of exactly where it wants to go and what it wants to achieve.
Bitcoin, as many may know, was created by Satoshi Nakamoto, a person or group that is shrouded in mystery. This has therefore led to serious issues in terms of the overall consensus and policy as to what direction bitcoin ought to take. In fact, the forking of the cryptocurrency has been due to its lack of cohesion. On the other hand, Vitalik Buterin, the creator of Ethereum, has always been in the open.
Buterin is a Canadian citizen who was born in Russia. He had already published his idea for the cryptocurrency back in 2013 at just 19 years of age. He then set the platform up over the next two years. The fact the Ethereum does has a visual creator has helped the crypto deal with issues of governance and conflict far more effectively than bitcoin.
