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How is Ethereum different from other cryptocurrencies?

How is Ethereum different from other cryptocurrencies?

How is Ethereum different from other cryptocurrencies?

Tue Jun 25 2019 07:47:00 GMT+0000 (Coordinated Universal Time)

If you asked the average person on the street to tell you about cryptocurrency, they might just be able to let you know a bit about bitcoin.

And with good reason: BTC has long been the poster boy of crypto given that it was the first digital currency to become available, and given its number one status in terms of value, you suspect that it will be here for a long time to come.

After all, the development of crypto allowed many brands – including ourselves here at Bitcasino (one of the best bitcoin casinos around) – to thrive!

However, there are plenty of other cryptocurrencies and alt coins out there, and it’s no coincidence that Ethereum has been the second most valuable digital currency for the past two years.

The key point to note is that ETH is a much different coin from BTC, or any of the other major cryptocurrencies for that matter. The use case is what makes Ethereum a unique player in the crypto world, and why it is so popular with users and businesses alike.

More than just a coin

Bitcoin, and many of the other occupiers of the crypto space, are merely a currency that can be used to buy and sell products and services.

Ethereum, meanwhile, is a technology that goes far beyond just a means to an end.

The founders wanted to create a bit of tech that acted as a ledger, with companies able to build new programs and software based upon it. The blockchain powering Ethereum has also been used to develop decentralised apps.

Institutional investment

Ethereum utilises sophisticated technology that has received plenty of backing from institutional investors.

The Enterprise Ethereum Alliance (EEA) is a group of businesses, including Fortune 500 firms, that have joined together to help develop the blockchain and take the technology onto the next level. Members of the partnership include Microsoft, Intel and Samsung – these are top-level brands at the cutting edge of new tech.

Few of the other cryptos have enjoyed such prominent investment from noted, illustrious partners, and the EEA sets them apart from their competition.

Smart contracts

The innovation that sets Ethereum apart is the ability for smart contracts to be built upon their blockchain network.

For many tech enthusiasts, these smart contracts are the future of business operations – a set of transactions that are safe, reliable and do not require human or third-party intervention.

Smart contracts on a blockchain such as Ethereum’s are also super-fast, and for companies that succeed (or otherwise) based upon the rapidity of their transactions – think retailers and banking institutions – the possibilities provided by smart contracts are of immense appeal.

The Internet of Things

You might have heard a bit about the Internet of Things (IoT), which is basically how household items and appliances become self-serving networks capable of all manner of things. Think of coffee machines that can self-order pods and beans when they are running low on stock.

Many IoT processes will be developed and built using the Ethereum blockchain, and this again will ensure that third-party investors keep a close eye on the company’s movements.

Distributed applications

The whole technological landscape as we know it could be shifted by distributed applications, or “Dapps” as they are known.

These apps could revolutionise business by providing the underlying framework for transparent and in many cases incentivised ways of working that are safe and reliable.

Dapps are wholly decentralised and stored on the blockchain, so there’s no corporate or commercial involvement, with more of an emphasis on quicker development time, security and scalability than is the case with traditional applications.

Already, we are seeing businesses taking Dapps from the shadows and bringing them into the mainstream, from asset management services to logistics and resource planning.

As the technology becomes more familiar, so too will the ingenuity with which Dapps are used.

The future is bright for ETH

When bitcoin first came along, it was said to be a “disruptor”: a digital currency source that was anonymous, sped up transactions, and gave people an alternative to traditional currencies and their unpredictability as far as price and value are concerned.

Ethereum is something altogether different. Yes, it is a cryptocurrency, but this is a project brought together by some seriously sharp minds who recognised a use case and have delivered upon it. The future looks extremely bright for anyone with a stash of ETH in their wallet. 

However, the key thing to remember about crypto is that this isn’t a competition. This is about giving members of the public an opportunity to pay for things in an autonomous fashion, without the need for a financial provider getting involved.

Here at Bitcasino, we welcome players who want to use their bitcoin, Ethereum and Litecoin wallets as a payment method. We offer withdrawals in your chosen crypto too, and these are completed safely and in the quickest possible timeframe.

You can choose between crypto casino games and slots, poker and a range of other titles, with all titles available to be played using your preferred currency.

Casino gaming is a fantastic way to make your crypto investments work for you.

Words: Sean McNulty
Images: Shutterstock

How is Ethereum different from other cryptocurrencies?