Bitcoin has been one of the most talked about topics in the past few years. With its explosive growth and the fact that it was created by an unknown person, the currency has been the talk of the town. However, there are some people who feel that Bitcoin is not the best option for their financial needs. They prefer to go for a more stable option. The question now is what is Ethereum?

What is Ethereum?

Ethereum is an open source software platform which was created by Vitalik Buterin. It is similar to the Bitcoin network, but it is faster and more secure. The main difference between Bitcoin and Ethereum is that Bitcoin is a decentralized currency while Ethereum is a decentralized platform. The idea behind the creation of Ethereum is to create a decentralized platform which will be used by all the developers to create smart contracts. These contracts will be programmed on the platform so that they can execute certain functions without any interference from a third party.

Ethereum is a platform that will be used by developers to create different types of applications. It is similar to the Microsoft Word where developers can create different types of applications. However, the applications created on the platform will be able to run independently.

The platform is currently being developed by a group of people called the Ethereum Foundation. The foundation has set up a number of development teams which are working on different projects. The development teams have been given a budget to complete the projects within a specified time period.

What is the difference between Ethereum and Bitcoin?

Both the platforms use blockchain technology, but they have some differences. In the case of Bitcoin, there is no central authority and it is a decentralized system. On the other hand, Ethereum is a centralized system which is controlled by a small group of people. This makes it a very attractive option for the developers.

There are also some technical differences between the two systems. For example, Bitcoin is a peer-to-peer network which means that every node in the network stores the entire history of transactions. This is because each node is responsible for maintaining the network. However, in the case of Ethereum, there is a single server which maintains the whole network. The server acts as a super node which controls the entire network. This allows the server to maintain a larger number of transactions.

What is the future of Ethereum?

Ethereum has already been launched and it is now available for download. However, it is still under active development. There are many developers who are working on various projects to make the platform better. There are also a number of development teams which have been assigned with different tasks. The development teams have been allocated funds by the Ethereum Foundation to complete the projects within a given time frame.

The project has received a lot of attention from investors and developers. Some of the major players in the cryptocurrency market are planning to develop applications on the platform. This will help in increasing the value of the platform.