Ethereum is a decentralized software platform. No one authority has the overall control over the network. Ether is the cryptocurrency of the Ethereum network and is the second most popular digital token after bitcoin . Ether , by its purpose, is different from bitcoin and is not meant to serve as a competitor to bitcoin.
A lot of miners around the world are competing with each other in an attempt to create and validate a block. For every new block, ether gets generated and the miners are rewarded. Miners not only confirm and validate transaction within the network but also generate new tokens. Mining is a process when a group of nodes completes a ‘Proof of work’ challenge, which is essentially a mathematical puzzle.
We know that both Bitcoin and Ethereum networks are powered by the principle of cryptography. Still, the two have many differences. Transactions on the Ethereum network may contain executable code, while data affixed to Bitcoin network transactions are generally only for keeping notes. The smart contract is another major difference between Ethereum and Bitcoin. It’s basically a contract, but instead of being written physically or in a digital format, it’s written in code. The creator then uploads the contract into the blockchain.
We can arrive at a conclusion that both are emerging technologies. They both have immense potential to prosper in future.
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