Ethereum is a multi-use software network that features its own tokens, called ether… like the gas.
Ethereum enables developers to create and bring to market smart contract applications. Smart contracts can potentially revolutionize how transactions are done in various industries. Think DocuSign for HR paperwork but each transaction is in blockchain. You also pay to use the platform using Ether.
This ability to push innovation forward is the reason that investors and tech entrepreneurs are trading in Ethereum or creating businesses utilizing its network.
What is Ethereum’s value and does it offer more potential than Bitcoin?
If you are tired of the comparison between Bitcoin and Ethereum, don’t worry, there’s more.
Bitcoin was created as an alternative to national currencies and thus aspires to be a medium of exchange and a store of value.
Ethereum, on the other hand, was intended as a platform to facilitate immutable, programmatic contracts, and applications via its own currency.
Just to be clear, Bitcoin and Ethereum are both digital currencies. But the primary purpose of ether is to facilitate and monetize the operation of the Ethereum smart contract and decentralized application or dapp platform without any downtime, fraud, control or interference from a third party.
Ethereum was created to complement Bitcoin but its popularity has made it the competitor of every cryptocurrency out there.
Although Ethereum remains second to Bitcoin, Ethereum creator Vitalik Buterin said he plans to continually improve Ethereum to enable it to be in the conversation as one of the top blockchain networks.