Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications.
#Ethereum & Bitcoin similarities and differences ?
-Like Bitcoin, Ethereum is a distributed public blockchain network. Although there are some significant technical differences between the two, the most important distinction to note is that Bitcoin and Ethereum differ substantially in purpose and capability. Bitcoin offers one particular application of blockchain technology, a peer to peer electronic cash system that enables online Bitcoin payments. Bitcoin blockchain is used to track ownership of digital currency (bitcoins), while the Ethereum blockchain focuses on running the programming code of any decentralized application.
#Beyond a tradeable cryptocurrency, Ether is also used by application developers to pay for transaction fees and services on the Ethereum network.
#“Bitcoin is first and foremost a currency; this is one particular application of a blockchain. However, it is far from the only application.
#What is a smart contract? Smart contract is just a phrase used to describe computer code that can facilitate the exchange of money, content, property, shares, or anything of value. When run on the blockchain a smart contract becomes like a self-operating computer program that automatically executes when specific conditions are met. Because smart contracts run on the blockchain, they run exactly as programmed without any possibility of censorship, downtime, fraud or third party interference.
That is Ethereum... 🍃 🍂
