Rabi Siddique
207 words
1 minutes
Ethereum - What it is and How it's different from Bitcoin

Ethereum is one of the most well-known and widely used blockchain platforms in the world, second only to Bitcoin. While both Ethereum and Bitcoin are blockchain-based cryptocurrencies, Ethereum was designed with a broader purpose in mind.

What is Ethereum?#

At its core, Ethereum is a decentralized platform that allows developers to build and deploy smart contracts and decentralized applications (dApps).

It was launched in 2015 by a group of developers led by Vitalik Buterin, with the goal of creating a more versatile blockchain network that could support a wide range of applications beyond just digital currency.

Expand the Use of Blockchain Technology#

The creators of Ethereum saw the potential for blockchain technology to be used for more than just financial transactions. They envisioned a platform where developers could build applications that operate in a decentralized, trustless environment, free from the control of any single entity.

A decentralized social media platform built on Ethereum would allow users to control their data, without relying on a centralized company like Facebook or Twitter. This could prevent issues like censorship or data breaches.

Enable Smart Contracts#

Ethereum was specifically designed to support smart contracts—self-executing agreements that run exactly as programmed. This allows for the automation of complex processes, reducing the need for intermediaries and increasing efficiency across various industries.

Ethereum - What it is and How it's different from Bitcoin
https://rabisiddique.com/posts/ethereum/
Author
Rabi Siddique
Published at
2024-08-16