While most people believe that Bitcoin is only
cyrptocurrency created with the Blockchain technology, the truth is that there
are myriad of others that are equally intriguing. When it comes to deducing as
to which platform is likely to help in achieving the expectations associated
with the blockchain technology, there are quite a few options to choose from.
Bitcoin
Is One of Many
Given its widespread media coverage and the level of
obsession over its founder Satoshi Nakamoto’s mysterious whereabouts, Bitcoin
has inevitably diverted the attention from the countless other digital
currencies entering the market. One of the more recent blockchain technologies,
Etherium is regarded as an effective approach towards developing a platform
that would deliver on the expectations people have for the technology. More
recently develeoped currencies such as YoCoin is based on the Etherium
platform.
Ethereum
Features
Unlike Bitcoin that possesses a host of restrictions,
including scalability that puts a cap of 21 million on the number of Bitcoins
that can be created, Etherium is essentially the largest and most highly
developed of the blockchain platforms with two major features that set it a
class apart from the former.
●
While
the functionality of Bitcoin is largely limited, Currency such as Yocoin uses the
Etherium blockchain technology used by allows the development of more
sophisticated and high-standard applications.
●
Ethereum
enables secure, anonymous transactions without third-party intervention.
●
It
is a cloud-based system used by many companies to create applications.
●
Ethereum
is being adopted by many ‘big name’ companies, making it likely to be a lasting
feature of the new cloud-driven world of technology.
Etherium,
the Future of Blockchain Technology
According to its co-creator, Vitalik Buterin, the basic
agenda behind the creation of Etherium was to make it easier to utilize large
numbers of applications at once. Bitcoin, for example, requires a huge number
of applications to develop a separate layer of coding to use the features and
functionalities of blockchain technology. . In addition to being extremely
inconvenient, this practice involved a lot of complexity in creating different
applications that could work in sync with each other.
Etherium offers high flexibility in terms of developing
different applications using a single technology. Many companies are investing
in the development of Ethereum and building products on this stable platform.
To cite an example of how successful and highly advanced the
Etherium technology is, there was an Etherium based crowdfunding platform
called the DAO, which was hacked in June 2016 and $50 worth of Ether (virtual
currency) was robbed from the online account. However, the Etherium technology
had an extraordinarily simple way of reversing the situation by restoring the
system to a pre event before the hack took place. And as you might suspect, the
hack was reversed and the stolen ether was completely restored.
Although Etherium might not be completely hack proof as of
now, there is a whole lot of research going on to address the inadequacies and
fix the vulnerabilities of the technology in delivering hi tech protocols such
as Smart Contracts. And this is just one of the reasons why Etherium can be
rightly touted as the future of blockchain technology.
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