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Tuesday, December 7, 2021

How Does Ethereum Differ To Bitcoin

Hello in this lesson we are going to cover what a fearsome is and how it differs and compares to Bitcoin because I’m sure you’ve all heard of Bitcoin especially if you’ve got this far in this course and proposed Boston College her theory as well I’m thinking why are people even advocates of fear.

When asked what exactly it is or how it differs to Bitcoin and what are the cryptocurrency in general. Many Bitcoin they very hard to tell you what is different about it but they know what’s the same about it.

So, in general, that’s just Coba what is essentially the same but one thing I want to cover is first is e for is is the tiptoe currency. So a lot of people when they referred to him the most likely was t e for a Fiori. Is actually an inferior is the block. Shane implementation it is built on.

So, first of all, that’s the first thing I want to make clear. If people talk about Experion in the form of currency then they are talking about the effect which is built on top of the rim which is a blockchain implementation.

That’s something worth noting though as we mentioned it’s a cryptocurrency that has that’s one of the things the similarities to be and Nover similarity is it’s based on blockchain-based on the rim which is a blockchain implementation and as of 2017 it is the second law just cryptocurrency or nothing you can guess the largest is Bitcoin.

So that will give you a sense of scale and it is also the centralized and distributed Letcher the way Bitcoin works in that manner. And also use is an open ledger. So there’s a lot of similarities. And also another thing if you this morning as well you can Moyen for more coins.

AK If for coins so you can go down that route as well. But one of the main things one of the other things that make it feel really great is something called Smart contracts which essentially automated with nowhere. Yes, but there were no intermedia. You can think of in my case the vending machine if you go into a conventional store and maybe you want to buy some chocolate.

You pick it up. You take the counter and you pay for it. Whereas in a vending machine we go out to the vending machine select which one you want to use in some sort of selection system. Pay the money.

When this overall payment. It gives you it is a simpler that it’s all automated and small contracts are essentially a souped-up version of this. They allow the facilitation of various other forms.

For example, imagine SBM be without a central party. So when you put them in you just go to a particular room you use your phone. For example, you scan your phone within an uneasy check. I just let you in any sign doing when you go I you are all automated doesn’t require some sort of central authority to be tracking it.

So that’s one of the main differences where if of one is blocks of transactions can be created. Faster. So it is faster to use as well compared to Bitcoin and no difference is it. Land use allows for computer applications, not just currency to run on the network and this is probably always the most fundamental difference is that Bitcoin is they and say if Meriam because again they fear him is a lot of training alimentation is closer to a lot Chinese aka a decentralized distributed system.

What you store and track on the system is unlimited currency. So a couple of examples could be cloud storage like Dropbox but without a central fort storing your files where they could potentially go down. Diedre Hakko maybe financially they go down because they aren’t operating very well.

You could lose your Foyles or the result it’s stored on several different computers on a distributed decentralized network so you could use if Meriam for cloud storage you could use it for storing messages.

For example, any sort of communication because there have been several cases such as yet where social networks have gone down a lot of time they haven’t been able to sustain even growth for profitability. As a result a long time the actual messaging the content desolating they do sometimes allow users a little bit of grace period to download their content.

But imagine if it was stored on a central system so even if the Creator was no longer Ramilison individual company the content still could still be there could still be accessible by the public. And they also have immense implications on all trials as well that a few of the differences. So how big is it?

How big is it for him or more specifically if that could die? The most successful incrementation well over five million Wallace capable of storing iffier in. And in terms of a market cap the market cap 30 billion dollars as of October 20 fans and team.

And how does that compare to Bitcoin? Bitcoin has a market cap of 100 when we are told there one hundred billion dollars. So it is quite a bit smaller than Bitcoin but it is still significantly larger than other alternatives. So this has just been a quick lesson on what the fear is and how it defers and compares to become PM any questions feel free to reach out and the usual family fortune.

And I look forward to seeing you at my next lesson.



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