Ethereum is the blockchain technology that everyone has started talking about, what is it and how does it compare with bitcoin?
What Ethereum and bitcoin have in common is blockchain, a system of recording ownership of an asset using a distributed ledger. The ledger is stored on every computer used to transact the asset, so in order to hack into it, the hacker would have to hack into every computer used in the system.
Bitcoin is one iteration of the blockchain, in this case, used as a form of digital currency, and is especially popular with the libertarians, who don’t like the way central banks control the money system.
Ethereum, by contrast, is an open sourced platform for using blockchain and could be used for multiple purposes, depending on any specific application produced using the platform.
An application using Ethereum should offer, immutability, meaning a third party can not change the data, it should be corruption & tamper-proof, secure and there should be zero downtime.
Ethereum applications available at the moment include Weifund, used for crowdfunding campaigns supporting the trading of investments, Uport to enable control of identity and personal information, without relying on government institutions, BlockApps supporting enterprises creating and managing blockchain applications and Provenance for creating a more transparent supply chain.
Invezz has produced this infographic that explains more.