The technology-driven world has given us access to so much information and new developments that have transformed how things work and operate. One of the biggest developments in the 21st century is Blockchain. This distributed ledger technology initially got fame from Bitcoin. Blockchain formed the underlying technology of Bitcoin exchange. However, it took a step forward and expanded its use cases to different segments. But what continued to attract the attention of many was Bitcoin and another cryptocurrency that actually laid the foundation for a new currency or what we have popularly known as a digital currency. The latter is not just limited to bitcoin, but we have other cryptocurrencies like Ethereum, which not only offer an open-source platform for decentralized application development, but it is also a currency. Ahead in the blog, we are going to discuss some of the key features of Ethereum and Ether. While both are discussed in the same context, they are very different.
As discussed above, Ethereum is an open-source platform that aids decentralized applications of dApps development. It is based on Blockchain and allows the user to access the applications from anywhere. Besides, Ethereum garnered a lot of attention because of smart contracts. These are pre-programmed digital contracts that are signed between two parties. Once the conditions of the contract are met, the payment is executed. Ethereum empowers the seamless working of smart contracts. Ethereum developers work on creating decentralized applications and smart contracts using Ethereum Blockchain. The code written in Ethereum is non-hackable and is completely safe, thus making smart contracts safe self-executing contracts that are free from the threats of hacking and data breach.
Now that you know about Ethereum, let us focus on Ether. The latter is not owned by anyone, rather it works on a computer network, and this needs to be powered. Ether is what comes into the picture here. Ether is a digital asset that works the same way as the bonds and security that aids the payment. But we cannot claim that Ether is a digital currency, though it is a digital asset. Ether is a fuel that powers the decentralized application developed on Ethereum Blockchain.
So, if we have to conclude, then we can say that Ethereum is the forerunner which is backed by the fuel or power of Ether. Ethereum developers work on Ethereum Blockchain and explore the different ways of using this technology for transforming business operations and end-experience. At the same time, there is a greater demand for a skilled workforce and Ethereum experts.
Blockchain is here to stay, and the Ethereum platform is a versatile option that not only leverages the Ethereum developers to create decentralized applications and also earn rewards.