Bitcoin
and cryptocurrency have practically been synonymous with each other. However,
that ended as soon as YoCoin entered the
arena. So, how did YoCoin manage to do that? Well, it’s because YoCoin relies
on the Ethereum blockchain, which, has a lot more to offer than the Bitcoin
blockchain.
Beyond Money
One
thing about the Ethereum blockchain is that it has more to do with than just
money or cryptocurrency. There are several aspects that come into play with the
Ethereum blockchain. For starters, it provides the ability to create smart
contracts. Additionally, it offers features such as the Ethereum Virtual
Machine or EVM.
The
smart contract feature relies on applications within the blockchain system to
negotiate and facilitate contracts. These contracts can be verified and
enforced using a decentralized approach. The very same decentralized approach
also prevents censorship and fraud. The end benefit is that users enjoy an
extremely high level of security. Plus, the costs are lower as well.
Use Digital Tokens to Establish Smart Contracts
Ethereum
permits the creation of digital tokens that can be used to denote assets, proof
of membership or virtual shares. The smart contracts work with any wallet and
also with exchanges that rely on standard coin APIs. The code can be accessed from the Ethereum
website, after which, you can use your tokens for a wide range of purposes.
This could include voting, fundraising, and share representation.
It
is possible to ether have a fixed amount of tokens or a fluctuation amount
depending on previously established rules.
Raise Funds
“So, basically, Ethereum
allows you to fund any project or even without having to depend on a middleman
like Kickstarter.”
Developers
can use Ethereum to raise funds for whatever purpose they choose. For instance,
one can create a contract for a project and even request communities to pledge
a certain amount. The money that comes in will be held till your objectives are
reached or till the set date.
When
the objective isn’t met, the funds are automatically credited to the
contributors. So, basically, Ethereum allows you to fund any project or even
without having to depend on a middleman like Kickstarter. As a result, you even
end up saving money by not having to pay the middle man. Every penny pledge can
be used to support your cause.
Autonomy
Ethereum
also creates the organizational structure needed to run your project. For
example, you can seek proposals for a project from other users directly. There
are no people in the middle to interfere. Additionally, your project is
protected from external problems and the decentralized approach eliminates the
possibility of downtime.
Other Benefits Over Bitcoin
“Also, Ethereum mining
is more rewarding than Bitcoin mining. This is because Ethereum uses a proof of
work algorithm called Ethash.”
The
block time for the Bitcoin block chain is ten minutes, while Ethereum’s is
significantly faster, mainly because of the GHOST protocol. The reduced block
time allows for faster confirmations.
Also,
Ethereum mining is more rewarding than Bitcoin mining. This is because Ethereum
uses a proof of work algorithm called Ethash. It is a memory hard hashing
algorithm that allows for decentralized mining, unlike Bitcoin’s centralized
ASICs.
Finally,
Ethereum is Turing complete, which means it has computation capabilities.
Bitcoin does not have this.
Want to know more what is YouCoin?
Visit Website: https://yocoin.org
Twitter – https://twitter.com/yocoin15
Facebook – https://www.facebook.com/yocoin15
Youtube – https://www.youtube.com/channel/UCoLaDZ34-Q4Dk9PbOrLt0jA
Visit Website: https://yocoin.org
Twitter – https://twitter.com/yocoin15
Facebook – https://www.facebook.com/yocoin15
Youtube – https://www.youtube.com/channel/UCoLaDZ34-Q4Dk9PbOrLt0jA
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