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Sunday, April 3, 2016
|Bitcoin and Ethereum|
A new blockchain network that continues to gain strong interest is called Ethereum. Ethereum was founded by a programmer named Vitalik Buterin and it's blockchain launched in July of 2015. Ethereum has some similarities to Bitcoin and is being touted as another Bitcoin 2.0 project. Bitcoin is the older of the two networks, which began in January of 2009.
Ethereum works by utilizing smart contracts with a decentralized platform that runs on a public blockchain. Developers can create different applications and deploy them on the network. Ether is what fuels the Ethereum network and it is mined similar to Bitcoin. Ether is currently valued at $11.59 per ETH. Ether has seen a tremendous bump in price since roughly three months prior when it was trading in the $2-$3 range. Since then, more and more exchanges are now offering Ether. Additionally, many companies and businesses are experimenting with this new technology. Impressively, Ethereum currently holds the second largest cryptocurrency market capitalization behind none other than Bitcoin. Below is a market cap comparison of Bitcoin vs. Ethereum:
estimated as of 04/03/2016 Bitcoin $6.43 billion Ethereum $912 million
As you can see, in total valuation Bitcoin is still the top dog, but Ethereum is growing quickly. Another detail to note about Ethereum is the amount of Ether supply in circulation. Currently there are over 78 million Ether available, whereas there are just over 15 million Bitcoins in circulation. The big question is which one of these networks will become more popular in the future? Also, will these two networks compete or complement one another? If you want to learn more about Ethereum, visit their website https://www.ethereum.org/. If you want to learn more about Bitcoin check out https://bitcoin.org/en/ . Post your comments and thoughts about Ethereum and Bitcoin below.