There’s popular cryptocurrency many are talking about these day know as Ethereum.
Why? Well one reason is the price which has increased over 1000% in the last three months. Price isn’t also its main popular basic. Big firms like JP Morgan Chase, IBM, and Microsoft consider it to be the new Bitcoin. The rivalry with Bitcoin and Ethereum starts with how the basic Bitcoin coding was developed. Bitcoin’s known for having slow transactions, and in rare occasions, even slower if there’s a problem with the blockchain. This pushed others to look alternative cryptocurrencys to process their transactions.
Similar to Bitcoin, Ethereum’s system is created on a blockchain where every transaction is publicly recorded. A public ledger is commonly found in most cryptocurrencys these days, however Ethereums is faster. However, Ethereum has gained fan base as it promise to do more in development than Bitcoin. It’s software uses smart contracts permitting the creation of online markets. If that doesn’t make sense, then the developers are still trying to find a better way to explain it. One example in development would allow farmers to put their produce for sale to consumers and receive payments from consumers without needing a third party, such as a credit card machine. The similar approach can also be used to pay for electricity, sports bets and even Ponzi schemes.
While Ethereum is relatively new and still being developed, the public version of Ethereum could have similar technical and legal problems that have damaged Bitcoin. Most Bitcoin supporters say Ethereum will have security issues due to greater complexity. So far, Ethereum has had less testing, and DDOS attacks compared Bitcoin. The design could also open up to intense scrutiny from authorities given that potentially fraud contracts, like Ponzi schemes, being written directly into the Ethereum code.
Little do many know, Expanse (EXP) is based on a Ethereum system, being more secure, stress tested, faster, and using smart contract. When the crpytocurrency community saw the potential EXP, the price increased almost 1200%.
Popper, N. (2016). Ethereum, a Virtual Currency, Enables Transactions That Rival Bitcoin’s