Consensus is a process whereby the peers synchronize the data on the blockchain.There are a number of consensus mechanisms or algorithms.
One is Proof of Work. Another is Proof of Stake.There's also Proof of Elapsed Time, as well as Simplified Byzantine Fault Tolerance.
Bitcoin uses Proof of Work, while Ethereum uses Proof of Work currently, but is moving towards Proof of Stake.The Hyperledger Sawtooth uses Proof of Elapsed Time.
While Bitcoin is focused upon transferring monetary value between parties, it has a very limited programming language.
Ethereum, on the other hand, uses a more expansive set of programming languages and tools to allow for many other types of programs and applications.
The core invention of Ethereum is it's EVM, or Ethereum Virtual Machine.The EVM runs on the Ethereum network, and it runs a Turing-complete software.
Vitalik Buterin is the person who wrote the white paper for Ethereum.
Some of its key features include the immutability of data, that unauthorized users cannot make changes to that data,the Ethereum development platform is designed to make corruption and tamper proof applications,the secure apps are sent decentralized and secured with cryptography,and they're protected against hacking attacks and fraudulent activities,and lastly, it's designed with zero downtime.
That is because the applications on the network are decentralized, and on many, many machines,if some of those machines go down, the Ethereum network maintains a stable state of the Ethereum network.
Ethereum applications do not have a middleman; instead, users interact in a P2P fashion with other users through a variety of interfaces - social, financial, gaming,
etc. Since the applications are developed on the decentralized consensus-based network itself, third-party censorship is virtually impossible. Malicious actors cannot
secretly tamper with the application by changing the code and compromise all application users (or nodes that are actively interacting with it). These Decentralized
Applications have come to be known as Dapps.
Since they are cryptographically secured, Dapps are referred to as 'secure applications'. Some of the high profile Dapps built on the Ethereum platform include:
•Augur, which is a Decentralized Prediction Market. Learn more at https://augur.net/.
•Digix, which tokenizes gold on Ethereum. Learn more at: https://digix.global/.
•Maker, which is a Decentralized Autonomous Organization (DAO). Learn more at: https://makerdao.com/.
The Ethereum network is a distributed global public network, which means it is not run on central servers in a certain geographical location. Instead, the computing
power that runs the network is contributed by nodes that are spread across the globe. In other words, Dapps have 'zero downtime' - they never go down and, in general,
cannot be switched off.
With the advent of the Ethereum blockchain platform and the scripting functionality or smart contracts that it enables, there are ongoing attempts to do the same for
the Bitcoin blockchain, which does not allow for this, due to security reasons. RSK is one such smart contract platform that seeks to achieve this "with a 2-way peg to
Bitcoin". The added functionality can go a long way in making the Bitcoin blockchain useful for use cases other than cash Transfers.
One is Proof of Work. Another is Proof of Stake.There's also Proof of Elapsed Time, as well as Simplified Byzantine Fault Tolerance.
Bitcoin uses Proof of Work, while Ethereum uses Proof of Work currently, but is moving towards Proof of Stake.The Hyperledger Sawtooth uses Proof of Elapsed Time.
While Bitcoin is focused upon transferring monetary value between parties, it has a very limited programming language.
Ethereum, on the other hand, uses a more expansive set of programming languages and tools to allow for many other types of programs and applications.
The core invention of Ethereum is it's EVM, or Ethereum Virtual Machine.The EVM runs on the Ethereum network, and it runs a Turing-complete software.
Vitalik Buterin is the person who wrote the white paper for Ethereum.
Some of its key features include the immutability of data, that unauthorized users cannot make changes to that data,the Ethereum development platform is designed to make corruption and tamper proof applications,the secure apps are sent decentralized and secured with cryptography,and they're protected against hacking attacks and fraudulent activities,and lastly, it's designed with zero downtime.
That is because the applications on the network are decentralized, and on many, many machines,if some of those machines go down, the Ethereum network maintains a stable state of the Ethereum network.
Ethereum applications do not have a middleman; instead, users interact in a P2P fashion with other users through a variety of interfaces - social, financial, gaming,
etc. Since the applications are developed on the decentralized consensus-based network itself, third-party censorship is virtually impossible. Malicious actors cannot
secretly tamper with the application by changing the code and compromise all application users (or nodes that are actively interacting with it). These Decentralized
Applications have come to be known as Dapps.
Since they are cryptographically secured, Dapps are referred to as 'secure applications'. Some of the high profile Dapps built on the Ethereum platform include:
•Augur, which is a Decentralized Prediction Market. Learn more at https://augur.net/.
•Digix, which tokenizes gold on Ethereum. Learn more at: https://digix.global/.
•Maker, which is a Decentralized Autonomous Organization (DAO). Learn more at: https://makerdao.com/.
The Ethereum network is a distributed global public network, which means it is not run on central servers in a certain geographical location. Instead, the computing
power that runs the network is contributed by nodes that are spread across the globe. In other words, Dapps have 'zero downtime' - they never go down and, in general,
cannot be switched off.
With the advent of the Ethereum blockchain platform and the scripting functionality or smart contracts that it enables, there are ongoing attempts to do the same for
the Bitcoin blockchain, which does not allow for this, due to security reasons. RSK is one such smart contract platform that seeks to achieve this "with a 2-way peg to
Bitcoin". The added functionality can go a long way in making the Bitcoin blockchain useful for use cases other than cash Transfers.
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