Bitcoin is the cryptocurrency that has captured the attention of the entire globe and it seems to pop up in the headlines every day at the moment. While leading the way in the cryptocurrency movement, it is also important to remember that there are other cryptocurrencies out there and that these can also be used for gambling. We've previously spoken about Litecoin and Dogecoin but today it's time to turn our eye to Ethererum, or Ether as it's also known. Ethereum Blockchain is the next most popular cryptocurrency after Bitcoin and it also has seen a spike in interest over recent months so it's worth taking your time to get up to date on what it is.
While Bitcoin works purely as a cryptocurrency, thereum Blockchain has a wider range of functions. It contains its own cryptocurrency, known as Ether, but can also be used for smart contracts and it has its very own thereum Blockchain Virtual Machine (EVM), a programme which executes scripts using international public node networks.
Its story began inside the brain of Vitalik Buterin, a teenager who had been involved in Bitcoin development. Wanting to improve Bitcoin but finding his suggestions fell on deaf ears, he instead focused on his own cryptocurrency programme which would later become thereum Blockchain. He secured financing for the project through a crowdfunding initiative which was funded by Bitcoin.
Ethereum's range of abilities extend far beyond being simply a cryptocurrency and, as such, it's distribution and use has spread in a different way to that of Bitcoin. Ether as a currency can be used in several online casinos, such as Crypto-games, FortuneJack and Betcoin Casino.
thereum Blockchain encompasses something much greater than a mere cryptocurrency but if you are to compare its digital currency component (Ether) with Bitcoin, you can see that they are not exactly the same. There are differences in how the respective cryptocurrencies work and some of the key ones are:
- The average block time for Bitcoin is around ten minutes while an thereum Blockchain one can be completed in twelve seconds.
- Bitcoin miners currently earn roughly 12.5BTC for mining while Ethereum pays out 5ETH for each block.
- Bitcoin transactions are costed according to the block size while Ethereum Blockchain transactions take more factors into account, such as the size required and the bandwidth usage.
- Ethereum also makes use of EVM, which allows for any transaction to be completed given enough time and energy, something which Bitcoin transactions cannot avail of.
So there you have it: a quick overview of what thereum Blockchain is and how it is related to Bitcoin. We hope that this can help clear up any doubts you may have had regarding the new kid on the block in the cryptocurrency world.