“What is the future of Ethereum?” and “What are the differences between Ethereum and Bitcoin?” We wanted to give a detailed answer to these frequently asked questions.
Ethereum, which emerged only two years ago, has developed in a very short time and has reached a market value of around 30 billion dollars.
Still 23 years old. The reason for this intense interest in Ethereum, developed by Vitalik Buterin, is that Ethereum can bring important solutions in different areas than Bitcoin.
When we look at the technologies that make up the infrastructures of Bitcoin and Ethereum, Ethereum stands out one step further we can safely say. Basically, Ethereum is a faster technology than Bitcoin.. Average block creation time in Bitcoin is 10 minutes. Ethereum, on the other hand, plans to reduce this time to 12 seconds.. This means transactions are confirmed just as fast.
Aside from that, Ethereum has smart contract functionality and with this it differs significantly from Bitcoin.. Thanks to smart contracts, lawyers, notaries etc.. You won’t need any mediators like. In addition, smart contracts not only define the rules and penalties related to the contract, as a traditional contract does, but also ensure the automatic fulfillment of these obligations.
An example of smart contracts
Let’s say you rented an apartment from me. You paid the rental price using cryptocurrency via Blockchain. You receive a receipt included in our virtual contract; I will give you a digital key that will expire on a certain date. If the key does not arrive on time, Blockchain will refund the money you paid.
If I send the key before the rental start date, the system will leave the key to you and the fee to me when the time comes.. Hundreds of people witness this agreement between us and the delivery is smooth.. I can give you the key with peace of mind. Because I am sure of the payment I will receive.
Smart contracts can be used in many areas from finance to insurance, from real estate to loan use.. Apart from eliminating the cost in traditional contracts, smart contracts are a more secure method.
On the other hand, using its own special scripting language, Ethereum also allows the development of decentralized software protocols.. Thanks to these protocols, it is also possible to create thousands of “altcoins” using agreed contracts within the same main operating system and over a single blockchain.
Many people often compare Ethereum and Bitcoin, as we do, but the truth is the point is that they are completely different projects and each has different purposes.
We can only say that the usage area of Bitcoin is more limited than Ethereum.. For this reason, it can be said that the future of Ethereum is brighter.
Putin’s support is important
Russian President Putin also fully supports Ethereum, for Ethereum to become popular We know you’re trying. When we take this into account, it can be assumed that Ethereum can overtake Bitcoin, but nothing is certain in the world of crypto money.
Companies worldwide in cooperation with Ethereum
Finally, worldwide activity giant companies that run the business in cooperation with Ethereum. The number of these companies is increasing day by day.. For now, we can list the prominent ones as follows:
BBVA, BP, Deloitte, ING, Microsoft, Intel, JP Morgan, National Bank of Canada, Samsung, Santander, Toyota, Thomson Reuters
Note:
A more comprehensive article on what can be done with Ethereum’s smart contracts will be published in the coming days.