🚀 Introduction
When the bitcoin is created, it was the first cryptocurrency. People also think that we can use blockchain for other purpose rather then just use for a currency e.g ownership documents, law inforcement, voting system etc.
- Ethereum is a blockchain platform that allows developers to build decentralized applications (dApps) on top of it.
- Ethereum is Immutable(not changeable) public database(ownership / distrubuted & secure) / ledger.
- In BTC we can only used a ledger for currency but in Ethereum we can use it for any kind of data.
- Allow you to send and receive value without a middleman. & send value(ether) equivalent to BTC.
- Any value of money,ownership rights, real state ownereship, shares, registers or promises can be stored in decentralized manner.
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Ether & Bitcoin
In backend both are based on blockchain technology but they are different in terms of technology and currency.
| Name | Technology | Currency |
|---|---|---|
| Bitcoin | Bitcoin | BTC |
| Ethereum | Ethereum | Ether/Eth |
Smart Contracts
- Smart Contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code.
- Smart Contracts are stored on the blockchain and automatically execute when certain conditions are met (Laws).
- Smart Contracts are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without the need for an intermediary.
- Smart Contracts are written in a programming language called Solidity.
- Smart Contracts are used to create dApps.
- Smart Contracts are used to create tokens.
- Smart Contracts are used to create ICOs.
- Smart Contracts will govern the economy of feature.