The intentions of creating Ethereum were rather to complement Bitcoin than to enter the race for leadership on the digital market. Although they have a lot in common, these two differ technically in many ways. Firstly, Ethereum is faster than Bitcoin, it takes only seconds to make a transaction. Secondly, the Ethereum network blockchain has a more refined structure allowing to run their own applications and providing more uses when the Bitcoin blockchain can be described as a database of accounts to store money. What’s more, Ethereum enables to create new cryptocurrencies. On the other side, Bitcoin has a lower coin supply and is more liquid. The two giants have separate tracks to follow without any competition.
The appearance of Bitcoin made a lot of noise in the world of digital technologies, and with the matter of time, the topic has not lost steam. In 2015, crypto enthusiasts got a new virtual machine that created a number of disputes around and new opportunities for heady ambitions. That was the beginning of emerging of the second most popular digital token – Etherium.
The cryptocurrency researcher, Vitalik Buterin, had his own point of view on Bitcoin. The programmer was sure in the need of a scripting language for the currency in order to develop the application. Gaining no support for his consumptions, Buterin develops a new platform that is similar to Bitcoin in many ways, but at the same time containing also a number of crucial differences. The researcher came across the word ‘ether’ meaning ‘light-bearing’; it refers to the hypothetical invisible medium that allows light to travel. This way the new cryptocurrency got its name, but nobody knows whose travel route reaches the peak in the future, Bitcoin’s or Ethereum’s.
The usual person will say that cryptocurrency is a tricky thing to work with. The most common accusations of digital money are ‘bubble’, ‘pyramid’, ‘huge investments’ and even such terms as ‘blockchain’ and ‘mining’ won’t relieve people’s anxiety. However, the situation differs when there is an option to get free Ethereum that will help to get to know digital currencies at least to start. Users get their free Ethereum with the help of so-called Ethereum faucets, the website that reward users with some Ethereum for completing tasks. These are registration on different sites, interacting with the advert, visiting numerous links, etc. The main thing is that one does not have to either invest in mining or buy ‘strange’ coins in order to have some amount on the Ethereum
One more term to learn for crypto fans is Ethereum Classic. The last one consists of Ethereum, a blockchain ledger and a complex of services and applications functioning its basis. This open-source platform features smart contracts. In simple words, smart contracts are a kind of agreement between two people that have a form of computer code. Ethereum Classic allows users to create contracts that are more complex bringing the digitalized value to a higher level of development. The main goal of it is to make Ethereum widespread throughout the world practicing and implementing the numerous advantages of using blockchain.
In spite of the existence of quite different types of investments, cryptocurrency is one of the options to pay attention to. Early-stage investors in Ethereum made a fortune in pure profits. Speaking about today’s situation, crypto investors getting involved now may get a great profit from the next huge rise in case they are aware of how the whole system works. Taking into account the benefits of the blockchain technologies, they have an opportunity to participate in the market to the utmost. To say more, Ethereum blockchain is unlikely to be broken thanks to its technical architecture.
It is always a must to investigate, learn and be patient to keep up with the present sometimes making great steps forward and thinking about the future. The future in the digital world.