Ethereum is the second most popular cryptocurrency and is a blockchain protocol that allows people around the world to send and receive funds without an arbiter intervention. The major difference between Ethereum and Bitcoin is that Bitcoin is nothing more than a digital dollar but Ethereum can host smart contract technology.
Ether vs Ethereum- Understanding The Difference!
This smart contract technology helps people to make deals in the form of computer codes which can be sent automatically without a mediator. Everyone who deals with cryptocurrency will be familiar with Ethereum too. Now, have you heard about Ether? Is it the same as Ethereum? This article reveals the difference between Ethereum and Ether. Let’s see.
A Brief About Ethereum
Ethereum is a smart contract that allows other blockchain applications to be built on it. Smart contracts are essential for the working and other applications of Ethereum. This smart contract on certain conditions can automatically move funds from one person to another which can be viewed on the public blockchain making Ethereum a transparent network. Ethereum ensures the movement of funds in about 16 seconds. On the whole, Ethereum is an open software platform based on blockchain technology that enables developers to frame and expand the broadcast operations. Ethereum replaces a more restrictive space of Bitcoin and replaces it with a language that allows developers to write their own programs.
What Is Ether?
All the programs and services linked with the Ethereum network need some computing power. This power can be given by programming Ether. Ether is something that plays the role of cash or similar to a security or bond. It is also a solution for various payment issues. Ether doesn’t require a third party to process or approve its transactions. In the case of the Ethereum platform, the only digital asset accepted as the payment of transaction fees is Ether. It can be programmed to operate various decentralized applications, to power smart contracts, etc.
Comparison Between Ethereum and Ether
Let’s see a comparison between Ethereum and Ether. Here are some of the differences between both of them.
- Ether is the cryptocurrency generated by the Ethereum platform as a reward and is the only currency accepted in the payment of transaction fees. But Ethereum is simply a crypto platform.
- You can buy and sell Ether, but not Ethereum.
- The one and only purpose of Ether is to enable operations on the blockchain but Ethereum has more than one application.
- Ether is considered as a fuel for the apps and Ethereum is a decentralized network.
So, there is nothing to confuse between Ether and Ethereum. Ethereum is a blockchain-based decentralized platform and the cryptocurrency runs on this Ethereum network is known as Ether. I hope all our readers got answers to your tangled thoughts.