With over 3.9 million active crypto wallets, how do you not know about Ethereum?!

Investing in cryptocurrencies is one of the best ways to get passive income yields. Among those many cryptocurrencies lie Ethereum.

Bitcoin is the most well-known and popular, which makes it loom far above many of its competitors. However, Ethereum is only second after Bitcoin. 

So, will it be possible for Ethereum to surpass Bitcoin in long-term investments? To learn more, read on as we discuss some essential basics of this famous cryptocurrency. 

What is Ethereum?

Despite many new cryptocurrencies in the market, Ethereum is still the second largest. If you check the market cap of Ethereum, it’s over 100 trillion US dollars and growing in popularity. Ethereum is also described as a free-source platform for creating smart contracts. 

Benefits of Ethereum

The primary feature of Ethereum is that Ether is its cryptocurrency. However, many more things make it impressive. So before you invest in crypto, know some factors behind the rising fame of Ethereum. 

Ethereum includes advantages like: 

• Scripting language to create protected programs
• Decentralized platform for smart contracts 
• A virtual engine that executes scripts on the blockchain
• An open-source, public blockchain for anonymous and secure transactions

One advantage of Ethereum is its decentralized network for smart contracts. It means that no centralized authority has command over creating new blocks. Instead, thousands of global miners perform these tasks through the internet.

What Makes Ethereum Blockchain Special? 

Ether is a cryptocurrency that bears its own against other countries currencies. It differs from tokens created on a blockchain, and the usage is only within their platform. Therefore, for Ethereum to thrive as self-sustaining crypto, it has to establish itself against other coins. 

Also, it must impact peoples’ lives and make them choose it. For this reason, Ethereum is not only a currency but differs from other cryptocurrencies. By contrast, it’s a complete blockchain network.

Like Bitcoin, it also has many different features besides being a currency. For example, Ether has various types of currency. The four currency versions are Ether Classic, Ether, and two other Dapps, but the centralized type of Ether is Ethereum.

Consider checking out the Ethereum price cad if you’re thinking about investing in cryptocurrency.

Transaction Difference of Bitcoin vs. Ethereum 

Ethereum has a more sophisticated block creation system that allows instant transactions. As a result, you don’t need to solve a mathematical equation to complete any transaction through the Ethereum network. Instead, you use some code to work as an automated executor of your smart contract’s terms. 

A scoring system will check all offered solutions and pick the highest score. It’s called Proof of Work and defines why Ethereum has no risk for computations using unconfirmed transactions. 

Know More About Ethereum

Ethereum is a virtual machine with blockchain code and enables the creation of new scripts on its network. It has become very popular because it performs distinguishable from Bitcoin. Also, the concept of a smart contract offers a safer way to hold data on the blockchain without leaning on a centralized authority. 

Want to learn more all about cryptocurrency? For more information, check out our other blog posts.