ETHEREUM AND BITCOIN SIMILARITIES
Ethereum In many ways is similar to Bitcoin. It’s also a public, peer-to-peer network or blockchain with its own digital currency called Ether. Ethereum was created by Vitalik Buterin in 2014 and the purpose of Ethereum is to be a platform on which smart contracts can be built and run.
Basically, Ethereum was designed to be a world computer.
Where Bitcoin stores a list of balances and transactions on its blockchain, the Ethereum blockchain is designed to store different types of data.
Developers around the world can build and run decentralized applications on the Ethereum blockchain. The purpose of these is to improve the industries of finance, personal information storage, governance and more by using the transparent nature of a blockchain.
The biggest difference is the purposes or ultimate goals of these projects.
Bitcoin was designed for wealth storage, a digital gold if you will, and eventually become a globally adopted currency which could improve or replace conventional money to some extent.
The purpose of Ethereum is to function as a platform upon which smart contracts and decentralised apps can operate.
Another important difference is the supply. Where the number of Bitcoin is capped at 21 million ever to be produced, Ethereum is not capped to any specific quantity. Both Bitcoin and Ethereum are produced in a process called mining. Visit our blog page to learn more about Bitcoin Mining. ?