What is Ethereum and how is it different from Bitcoin?

Ethereum is the second-largest cryptocurrency platform by market capitalization, behind Bitcoin. It is a decentralized open-source blockchain featuring smart contract functionality. Ether is the cryptocurrency generated by Ethereum miners as a reward for computations performed to secure the blockchain.

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How is Ethereum different from Bitcoin?

This cryptocurrency, in turn, offered security in each and every one of its transactions, making them worth using “Blockchain” technology.

Ethereum likewise operates as public and distributed Blockchain network, but there are substantial differences with Bitcoin, despite the fact that both can be exchanged and extracted by its users.

• Bitcoin, for example, uses Blockchain to track ownership of the digital currency, making it a highly effective digital cash system between two users. For its part, Ethereum aims to launch the programming code of a certain application.
• The maximum limit for Bitcoin is 21 million of this currency, which will be reached at a certain time, while the supply of Ether could be infinite. In terms of mining, Bitcoin blocks take approximately 10 minutes to be mined and Ethereum has set a maximum target of about 12 seconds. This means that Ethereum will have faster validations than Bitcoin’s.
• That said, Ethereum followed in the footsteps of the technology previously used by Bitcoin and greatly improved its capabilities. It is a network that has an Internet browser, payment system, and encrypted language, allowing users to create decentralized Ethereum applications on the Blockchain.

These applications can be decentralized updates of previously existing concepts or completely innovative ideas. This, in essence, eradicates potential intermediaries and the expenses they entail. A clear example is found in the “likes” and “share” of famous users or artists who have a Facebook profile, where the only profit produced is through the ads placed on their personal pages and which redirect directly to Facebook.

The same would happen with a decentralized version of the bitcoin software, where you would receive part of the profits produced in the future by the company and not just an artifact for contributing to it. This is how Ethereum eliminates payments to intermediaries for the performance of any type of service.