A quick introduction to Ethereum 

Many people who start investing in cryptocurrencies tend to go for those that already have an established reputation. This makes a lot of people start investing in any of the two biggest digital assets, Bitcoin and Ethereum. As Bitcoin remains to be the top crypto, many are fascinated with how Ethereum stays on the second top spot, thus proving to be a great BTC alternative. 

Many are amazed and curious about this promising crypto and the potential that it holds. Although it may have a lower value compared to BTC, it is undeniable that the number of things that can be made with it is endless. 

Quite similar to BTC, Ethereum's Ether token is also accepted as a form of payment in many establishments and online transactions. Many sites like Bitcasino have also accepted ETH as a form of payment alongside BTC. Today, many people consider its usefulness and wide acceptance as a great reason to invest in this. Here is a closer look at Ethereum if you wish to know more about it. 

What is Ethereum? 

Ethereum works as a blockchain-based technology where users can create and run their smart contracts with the help of decentralized applications. Its main goal is to provide its users with data-friendly services for anyone who wishes to use it. 

The official currency that runs on the Ethereum network is called Ether (ETH). With the credibility of Ethereum, ETH can now be used on countless applications as long as users have their digital wallets. 

How it started

Ethereum was developed by Russian-Canadian programmer and writer Vitalik Buterin. With his past working experience with Bitcoin, he was able to create a crypto that can address the lapses he saw on BTC. With the help of the team he created, Ethereum was launched in 2015. 

Upon the launch of Ethereum, it was seen that it had a handful of differences when compared to Bitcoin. Here are some of those. 

• Security protocols - BTC uses a proof-of-work (PoW) system while ETH uses a proof-of-stake (POS)
• Average block time - BTC’s average block time is 10 minutes while ETH’s is 12 seconds
• Coin supply  - BTC is capped at 21 million while ETH doesn't have a supply cap, except for an annual limit/increase

Smart contracts 

The use of smart contracts is one of the things that make Ethereum different from Bitcoin. These contracts are programmed with special conditions that people would have to meet to obtain their preferred result. 

Smart contracts also protect users from scams. The reason behind this is that these contracts are used to control the circulation of the currency. These self-fulfilling contracts also remove the need for a third-party platform, thus ensuring users of trustless transactions. 

Overview 

Overall, it can be said that Ethereum is a valuable asset whose potential should be widely known. By learning more about its basics, we know that people will surely learn how to enjoy seeing it grow as an investment or using it for their transactions in Bitcasino or any other online sites.