Will Ethereum defeat Bitcoin ?

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Ethereum is a global, open forum for money and new software. You can write code that manages the money on Ethereum, and construct apps that are available anywhere in the world. It’s is the #2 Cryptocurrency on Coin Market Cap . It is also called the reason for Blockchain version 2.0 and Web version 3.0 Technology .
Blockchain technology, while widely identified with Bitcoin, has numerous other uses that go far beyond digital currency. Bitcoin, in fact, is only one of several hundred apps that today use blockchain technology.
Construction of blockchain implementations has taken a complex history in scripting, cryptography, mathematics, as well as essential tools until relatively recently. But it has changed times. Etherium renders all the commercial uses of blockchain technologies feasible by supplying developers with the resources to create decentralised apps.

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Main Differences between BTC and ETH =>

Like Bitcoin , ethereum is a public blockchain distributed network. While there are some major technological differences between the two, the most important distinction to notice is that Bitcoin and Ethereum vary significantly in intent and capacity. Bitcoin provides one particular application of blockchain technology, a peer-to - peer electronic cash system that allows Bitcoin online payments. Although bitcoin is used to monitor the ownership of digital currencies (bitcoins), ethereum focuses on running the programming code for any decentralised application.
In the Ethereum, instead of mining for bitcoin, miners are working to earn Ether, a form of crypto token that fuels the network. In addition to cryptocurrency trading, Ether is often used by application developers to pay transaction fees and utilities on the ethereum network.

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Token that is used to pay miners' fees for including transactions in their block, is called gas, and any smart contract execution involves a certain amount of gas.

An Era of New Generation Contracts on Ethereum =>

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Smart contract is just a term used to describe a programming code that can make capital, content, property, shares, or something of value easier to trade. When running on the blockchain, a smart contract becomes like a self-operating computer program that runs automatically when specific conditions are met. Because smart contracts run on the blockchain, they run exactly as scheduled without any possibility of censorship, downtime, fraud or third-party interference .

EVM (Ethereum Virtual Machine) : One of the most disruptive change in Blockchain Technology

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A very limited set of operations was designed prior to the creation of ethereum applications. Developers were faced with a problem. Either extend the spectrum of Bitcoin and other apps, which is very complex and time-consuming, or create a new blockchain app and a new platform. Vitalik Buterin recognises this challenge and provided a modern solution. The central invention of Ethereum, the Ethereum Virtual Machine (EVM), is Turing 's extensive programme running on the Ethereum network. It helps anyone to run any programme irrespective of the time and memory specified programming language. The Virtual Network Ethereum makes it much faster and powerful than ever to build blockchain apps. Etherum is now able to develop potential tens of thousands of different applications on the one platform instead of having to construct a completely original blockchain for each new application.

In Future ; Only cryptocurrency which has rival to compete with bitcoin is ethereum and it’s use cases will continue to grow and many multinational companies will use this to make their system more secure and decentralised .

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Written by

Btech Computer Science, Maharshi Dayanand University, Rohtak (2023)

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