Initially proposed by Vitalik Buterin in 2013, Ethereum was developed by Buterin, and some other co-founders, and launched in 2015. and is also accepted as a mode of payment by many companies and stores around the world. The cryptocurrency is traded in various crypto exchanges like Coinbase, Binance, Bitstamp, etc. Apart from transferring value within the network, Ether, as a cryptocurrency, has intrinsic value outside Ethereum’s network as well. The fees levied for the use of smart contracts or for dapps based on Etherum’s network is paid using Ether. Ethereum’s network is programmable and can be used to implement smart contracts which are self-executing protocols that can be used to execute various kinds of transactions and also to create decentralized apps ranging from finance-related platforms to games. However, there are no government regulations or guidelines regarding its usage in the mainstream economy.Įthereum is a decentralized blockchain-based platform that facilitates the use of ‘smart contracts’, the creation of ‘decentralized apps’ or ‘dapps’ and also has a native cryptocurrency called ‘Ether’ or ‘ETH’. Cryptocurrencies are traded in the country through various crypto exchanges. Yes, buying, selling or owning cryptocurrencies is legal in India. These contracts are used for the creation of decentralized apps on the platform and are executed automatically once all the required criteria are fulfilled during a transaction. Ether can be purchased as per its present value in INR through the exchange.Ī smart contract is a set of predefined rules/criteria that is framed in with the consensus of both parties during a transaction that is meant to be executed on Ethereum. Users need to create a trading account on any of these exchanges. The total production quantity of Bitcoin is limited to 21 million but Ether has no such limitation.Įthereum or Ether can be purchased in India from cryptocurrency exchanges such as CoinDCX, WazirX or CoinSwitch Kuber. However, historically, the market value of Bitcoin has always been higher than that of Ether. Ethereum’s network validates and creates new blocks much faster than Bitcoin’s network which makes transactions on Ethereum’s network faster. While Bitcoin is just a cryptocurrency, Ethereum is a decentralized platform that has its native digital currency - Ether - and can be used for several other applications such as creating games or banking apps. Ether can also be bought, sold or traded on various cryptocurrency exchanges such as Coinbase and Binance. Ethereum, as a platform, can be used to implement smart contacts and create decentralized apps whereas, Ether can be used to make payments within Ethereum’s network as well as other platforms where it’s accepted. While Ethereum is a blockchain-based platform, Ether is a cryptocurrency that was initially intended to be used for monetary transactions with Ethereum’s network. What is the difference between Ethereum and Ether?
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