{"id":22337,"date":"2023-03-02T04:58:27","date_gmt":"2023-03-02T04:58:27","guid":{"rendered":"https:\/\/zebpay.com\/in\/?page_id=22337"},"modified":"2023-04-04T06:26:22","modified_gmt":"2023-04-04T06:26:22","slug":"what-is-ethereum","status":"publish","type":"page","link":"https:\/\/zebpay.com\/in\/learn\/topics\/what-is-ethereum","title":{"rendered":"What is Ethereum"},"content":{"rendered":"
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What is Ethereum?<\/strong><\/h1>\n\n\n\n

If you are initiated in crypto or have atleast heard about anything related to crypto, chances are high that you might have heard about Ethereum. But why is it that an asset which was launched as early as 2015 become such a phenomenon? We\u2019ve got everything covered. In this article, we will explore all details regarding Ethereum to a granular level, and we assure you that if you stick around till the end, you will be able to explain the concepts of Ethereum to your friends and family effortlessly.<\/p>\n\n <\/div>\r\n

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History of Ethereum<\/strong><\/h2>\n\n\n\n
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Why was Ethereum created?<\/h5>\n\n\n\n

Ethereum is a decentralised, open-source blockchain platform that was first proposed in 2013 by Vitalik Buterin, a programmer and crypto researcher. The project was officially launched in July 2015, with the launch of the Ethereum network and the issuance of its native crypto, Ether (ETH).<\/p>\n\n\n\n

The Ethereum network is designed to enable the creation of decentralised applications (dApps) and smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. <\/p>\n\n\n\n

Ethereum’s initial coin offering (ICO) in 2014 raised over $18 million, and the platform has since grown to become one of the largest and most widely used blockchain platforms in the world. As of Jan 2023, Ethereum is valued at over $ 171 billion and is trading at $1543 ( market capitalisation and price is dynamic).<\/p>\n\n\n\n

Ethereum has levelled up after the introduction of its newest upgrade known as the Merge. We will dive deeper into Ethereum Merge later.<\/p>\n<\/div>\n<\/div>\n\n <\/div>\r\n<\/div><\/div>\n\n

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How does Ethereum<\/strong> Differ from Bitcoin?<\/h2>\n\n\n\n
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Purpose<\/h5>\n

Bitcoin was created primarily as a digital currency, while Ethereum was developed to build smart contracts and decentralised applications (dApps).<\/p>\n <\/div>\n <\/div>\n<\/div>\n

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Blockchain technology<\/h5>\n

Both Bitcoin and Ethereum use blockchain technology, but Ethereum’s blockchain is more versatile and can support a wider range of applications.<\/p>\n <\/div>\n<\/div>\n<\/div>\n

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Token<\/h5>\n

The token used on the Bitcoin network is Bitcoin (BTC), while the token used on the Ethereum network is Ether (ETH).<\/p>\n <\/div>\n<\/div>\n<\/div>\n

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Supply<\/h5>\n

Bitcoin has a capped supply of 21 million coins, while the supply of Ether is not capped and will continue to be created through a process called staking.<\/p>\n <\/div>\n<\/div>\n<\/div>\n

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Transaction speed<\/h5>\n

Bitcoin’s block time is around 10 minutes, while Ethereum’s block time is around 15 seconds, making Ethereum faster when it comes to confirmations of transactions.<\/p>\n <\/div>\n<\/div>\n<\/div>\n

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Consensus algorithm<\/h5>\n

Ethereum and Bitcoin use different consensus algorithms. Ethereum uses Proof of Stake (PoS) and Bitcoin uses Proof of Work (PoW).<\/p>\n <\/div>\n<\/div>\n<\/div>\n

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Flexibility<\/h5>\n

Ethereum’s flexibility allows for more complex and customizable decentralised applications to be built on top of it, whereas Bitcoin is primarily used as a digital currency.<\/p>\n <\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n <\/div>\r\n<\/div><\/div>\n\n

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