The world around us is constantly upgrading and changing for the better. The advancement in technology has helped mankind to grow and develop in various sectors. The conventional process of conducting business has also evolved as people now initiate and close transactions by using various digital platforms.
The global financial market also experienced a revolutionary change with the introduction of Bitcoins in 2008. Ethereum, on the other hand, holds a similar concept to Bitcoins but still is different in many ways. It is an entirely different blockchain technology which in fact came into existence from the idea of Bitcoins.
To begin with, Ethereum has its own currency which goes by the name of Ether which is gaining a lot of popularity in the present market. The cryptocurrency is listed as ETH on various crypto exchange platforms. Ethereum is managed by a group of individuals who operate under the creator of Ethereum, Vitalik Buterin. Coins are released on Bitcoins through mining. On the other hand, the digital currency of Ethereum works on ICO [Initial Coin Offering] system. Due to the sudden rise in the demand of this cryptocurrency, people are trying to avail free Ethereum so that the benefits of this blockchain can be utilized to the maximum.When it comes to processing transactions, Ethereum is faster and effective than Bitcoins as it can process close to 15 transactions per second, whereas Bitcoins can only manage up to 2-3 transaction within the allotted time. The average time taken to formulate a block in Bitcoins typically takes around 10 minutes. Ethereum takes a much shorter time to create a block within the blockchain as it requires only 10-15 seconds to process it.
Ethereum also has various other applications connected with it, namely Smart Contracts, Smart Property and DAO [Decentralized Automation Organization]. The introduction of these applications has helped to increase the overall popularity of Ethereum. With Smart Contracts, individuals can process all the necessary information on the concerned blockchain which remains completely secure as it cannot be manipulated by a third party. With the incorporation of DAO, the decisions of a concerned firm now could be made on an electronic basis with the help of various computer codes, which are supervised by the members of the concerned firm.
These are some of the features and benefits of using Ethereum which have also contributed significantly to elevating the demand of the concerned blockchain system.