[Blah-Chain : Talk9. Ethereum]
As we talked before, the public blockchain is a decentralized and transparent ledger of which Bitcoin revolutionized — financial transactions between peers.
Vitalik Buterin wanted to implement decentralization in various fields other than financial fields, so everyone can share information and freely participate in development. He created Ethereum in 2015.
Although Ethereum is a public blockchain as well, it is different from Bitcoin.
Ethereum is a computing platform or “operating system” based on Blockchain Technology. It supports various application development.
Although Bitcoin is only available for transactions,
Ethereum is available for storing and executing information such as smart contracts and building applications.
Ethereum applications are mainly built using the language. Since Ethereum is an opensource project, any developer can create applications on it.
Ethereum has also developed quite much from Bitcoin. Bitcoin creates a block every 10 minutes, and the maximum block is 4MB.
However, Ethereum creates blocks every 10 seconds; the block size is not limited.
Bitcoin has wallet addresses to support its primary function of transacting between peers financially;
on the other hand, Ethereum supports wallet address and code which can be executed when certain conditions are met.
The biggest reason why Ethereum could be innovative is because of its smart contracts and Decentralized Applications (dApps). Whenever Ethereum is mentioned these days, we generally know it for this feature. Let’s dive into smart contracts and dApps in the coming episodes.
