Connect with us

Latest

News

Understanding the difference between Ethereum and Bitcoin

What is Ethereum and how is it different from Bitcoin?

Alex Christoforou

Published

on

6,237 Views

Ethereum has received a lot of attention since its announcement at the North American Bitcoin Conference in early 2014 by Vitalik Buterin.

Ethereum’s rise to popularity has been largely attributed to its constant comparison to leading cryptocurrency Bitcoin, but the two blockchain based, disrupting technologies have divergent goals.

Samantha Radocchia via Quora.com explains the fundamental differences between Bitcoin and Ethereum.

The Primary Difference Between Ethereum And Bitcoin: A Beginner’s Guide

Today’s hype surrounding Bitcoin, Ethereum, cryptocurrency, and blockchain technologies rivals the dot-com bubble in the 90s. There is a lot of money pouring into this space, and it doesn’t seem to be slowing down anytime soon.

Unfortunately, while the masses may be able to say, “Yeah, I’ve heard of Bitcoin,” a large percentage of people still aren’t quite sure what it is—and are even more confused about Ethereum.

If you’re even remotely interested in this space, consider this your beginner’s guide.

Bitcoin

The easiest way to define Bitcoin is to call it a “digital dollar.” That’s really all it is—minus all the formal regulations that come with a bank (which is what makes it such a disruptive concept). It’s not a technology. It’s not a company. It’s your money, held in a digital form.

Anyone can create an account to buy and sell Bitcoin through websites like Coinbase. The price of Bitcoin then fluctuates based on supply and demand. However, now people are beginning to convert their Bitcoin into what are called “tokens,” which companies issue during an ICO, or Initial Coin Offering, which allows people to invest in a company by purchasing tokens with their Bitcoin. Based on the supply and demand of those tokens, their price (just like a share of stock after a company holds an Initial Public Offering, otherwise known as an IPO) goes up or down. These tokens operate on a secondary market, separate from the rise and fall of Bitcoin’s market as a currency.

Some people buy Bitcoin because they want to store their money somewhere other than a bank. Some buy Bitcoin as an investment, believing that its price a few months or years from now will be substantially higher than it is today. And some people purchase Bitcoin as a means of investing in companies that raise money through an ICO, since equity in those companies cannot be purchased with traditional currency. You can only purchase tokens with Bitcoin or Ether, which is Ethereum’s cryptocurrency.

Ethereum

Ethereum is another cryptocurrency, and one many people see as potentially overtaking Bitcoin as the dominant coin in the market.

In any economy, currency is relative. Since Bitcoin has been the leading coin since the beginning, the price of every other “altcoin” (and there are a lot of them) is measured against Bitcoin. Take Litecoin, for example. It is a currency that has its own market and holds its own merit, but while Bitcoin is priced at over $3,000 per, Litecoin currently sits around $45 per. So, while it has its own value, it is by no means a market leader.

What makes Ethereum different is its technology, not the fact that it’s yet another cryptocurrency. Ethereum’s coin value is referred to as “Ether,” and just like Bitcoin is bought and sold, and used by investors to buy into ICO opportunities.

The difference between Ethereum and Bitcoin is the fact that Bitcoin is nothing more than a currency, whereas Ethereum is a ledger technology that companies are using to build new programs. Both Bitcoin and Ethereum operate on what is called “blockchain” technology, however Ethereum’s is far more robust. If Bitcoin was version 1.0, Ethereum is 2.0, allowing for the building of decentralized applications to be built on top of it.

In a nutshell: it’s great for innovation.

Furthermore, there is heavy support behind Ethereum’s technology in what is called The Enterprise Ethereum Alliance. This is a super-group of Fortune 500 companies that have all agreed to work together to learn and build upon Ethereum’s blockchain technology—otherwise referred to as “smart contract” technology. In this case, “smart contracts” mean that demanding business applications can automate extremely complex applications.

What has so many people—including me—excited about Ethereum’s technology is its potential to impact IoT projects and processes. It’s by no means a perfect technology yet, but it has absolutely opened the door for all sorts of unique innovations. For example, my firm, Chronicled, recently worked with a 3D-printing company, Origin, to develop a ‘smart tag’ for sneakers and luxury goods that could guarantee their authenticity. This was done leveraging Ethereum’s blockchain technology.

All in all, and if you’re as curious and excited about this space as I am, the major difference between Bitcoin and Ethereum is their separation of roles—and the fact that they are aiming at parallel but different goals. This article on the topic summed it up perfectly, by citing that early adopters are beginning to see the separation as such: “Where Bitcoin is disrupting currency, Ethereum is disrupting equity.”

Liked it? Take a second to support The Duran on Patreon!
Advertisement
Click to comment

Leave a Reply

avatar
  Subscribe  
Notify of

Latest

Rod Rosenstein resigns from his post before President Trump can fire him

Rosenstein’s comments about secretly recording the President backfire, and resignation may throw the Mueller Russiagate probe into question.

Seraphim Hanisch

Published

on

The Washington Times broke the story that Deputy Attorney General Rod Rosenstein resigned from his post. He submitted his resignation to Chief of Staff John Kelly.  At present the breaking story says the following:

Deputy Attorney General Rod Rosenstein is out at the Department of Justice.

Axios reported that Mr. Rosenstein verbally resigned to White House Chief Of Staff John Kelly, but CNN said that he is expecting to be fired.

Sarah Isgur Flores, a Department of Justice spokeswoman, declined to comment on the reports.

Mr. Rosenstein’s departure immediately throws Special Counsel Robert Mueller’s Russian collusion probe into chaos.

Attorney General Jeff Sessions recused himself from the investigation, leaving Mr. Rosenstein in charge.

President Trump mulled firing the No. 2 at the Department of Justice over the weekend.

CLICK HERE to Support The Duran >>

This report came after Fox News reported that the Deputy AG was summoned to the White House. Fox reported a little more detail:

Deputy Attorney General Rod Rosenstein is heading to the White House expecting to be fired, sources tell Fox News, in the wake of a report that he suggested wearing a wire against President Trump and invoking the 25th Amendment to remove him from office last year.

This is a developing story, however one major factor that comes under consideration is the fate of Robert Mueller and his Russiagate investigation, which was authorized by Rosenstein. CNBC had this to say in their piece:

Deputy Attorney General Rod Rosenstein is resigning Monday, according to Axios, which cited a source familiar with the matter.

NBC News’ Pete Williams, however, reported that Rosenstein would not resign of his own accord, and that he will only depart if the White House fired him. He will refuse to resign if asked to do so, Williams added.

Rosenstein was at the White House when Williams reported this on the air. However, President Donald Trump is in New York for the United Nations General Assembly.

Bloomberg later reported that the White House accepted Rosenstein’s resignation, citing a person familiar with the matter.

Rosenstein’s expected resignation will immediately raise questions about the fate of the ongoing investigation by special counsel Robert Mueller, who is probing Russian interference in the 2016 presidential election, and possible obstruction of justice by President Donald Trump.

Rosenstein’s job security was called into question after The New York Times reported last week that the No. 2 DOJ official had discussed invoking the 25th amendment to remove Trump, and had also talked about surreptitiously recording the president.

Rosenstein oversees the special counsel investigation, and has appointed Mueller to run the Russia probe last year, after Attorney General Jeff Sessions recused himself from the case.

The special counsel’s office declined to comment on the report.

The White House did not immediately respond to CNBC’s request for comment on Axios’ report. The Justice Department did not immediately respond to CNBC’s inquiry.

Trump has repeatedly blasted Mueller’s inquiry, which also is focused on possible collusion with Russia by members of the Trump campaign.

He has called the investigation a “witch hunt,” and has repeatedly vented frustration about Sessions’ recusal, which directly led to Mueller’s appointment by Rosenstein.

Rosenstein’s expected departure comes on the heels of a guilty plea by Trump’s former campaign manager Paul Manafort to conspiracy charges related to his consulting work in Ukraine, which predates his role on the campaign.

As part of the investigation, Mueller’s team has been locked in an ongoing back-and-forth with Trump’s legal team over an in-person interview with the president.

Trump’s lawyers, including former New York Mayor Rudy Giuliani, have signaled that Trump is unwilling to sit for an interview, calling it a “perjury trap” and setting up a potential challenge for Mueller to subpoena the president.

This story is developing. Please check back for updates.

 

 

Liked it? Take a second to support The Duran on Patreon!
Continue Reading

Latest

European Council crushes Theresa May’s soft Brexit dream (Video)

The Duran – News in Review – Episode 116.

Alex Christoforou

Published

on

UK Prime Minister Theresa May hoped that the European Council was ready to see things her way, in terms of proceeding with a soft Brexit, which was essentially no Brexit at all…at least not the hard Brexit that was voted on in a democratic referendum approximately two years ago.

Much to May’s surprise, European Council President Donald Tusk delivered a death blow verdict for May’s Brexit, noting that EU leaders are in full agreement that Chequers plan for Brexit “will not work” because “it risks undermining the single market.”

Without a miracle compromise springing up come during the October summit, the UK will drift into the March 29, 2019 deadline without a deal and out of the European Union…which was initially what was voted for way back in 2016, leaving everyone asking, what the hell was May doing wasting Britain’s time and resources for two years, so as to return back to the hard Brexit terms she was charged with carrying forward after the 2016 referendum?

The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss what was a disastrous EU summit in Salzburg for UK PM Theresa May, in what looks to be the final nail in May’s tenure as UK Prime Minister, as a hard Brexit now seems all but certain.

Remember to Please Subscribe to The Duran’s YouTube Channel

Via Zerohedge

Tusk was speaking at the end of an EU summit in Salzburg, where the leaders of the 27 remaining states in the bloc were discussing Brexit. He said that while there were “positive elements” in May’s Chequers plan, a deal that puts the single market at risk cannot be accepted.

“Everybody shared the view that while there are positive elements in the Chequers proposal, the suggested framework for economic co-operation will not work, not least because it is undermining the single market,” Tusk said. He also said that he could not “exclude” the possibility that the UK could exit the EU in March with no deal.

May has been urging her European counterparts to accept her controversial Chequers plan which has split both the Conservative party and the broader UK population after it was thrashed out back in July. However, despite the painfully-slow negotiation process, which appears to have made little headway with just a few months left, the UK is set to leave the EU on March 29 2019 – with or without an exit deal.

The main sticking point that has emerged, and left May and the EU at loggerheads, has been how to avoid new checks on the Irish border. May has claimed that her proposals were the “only serious, credible” way to avoid a hard border in Northern Ireland. She said during a press conference after the Salzburg meeting that she would not accept the EU’s “backstop” plan to avoid a Northern Ireland hard border. She said the UK would shortly be bringing forward its own proposals.

May also said that there was “a lot of hard work to be done,” adding that the UK was also preparing for the eventuality of having to leave the EU without a deal. Tusk, meanwhile, said that the upcoming October summit would be the “moment of truth” for reaching a deal, and that “if the conditions are there” another summit would be held in November to “formalize” it.

Liked it? Take a second to support The Duran on Patreon!
Continue Reading

Latest

Russia makes HUGE strides in drone technology

Published

on

The US and Israel are universally recognized leaders in the development and use of unmanned aerial vehicles (UAVs) or drones. Thousands of American and Israeli UAVs are operating across the world daily.

The US military has recently successfully tested an air-to-air missile to turn its MQ-9 Reaper drone into an effective long-endurance, high-altitude surveillance unmanned spy aircraft capable of air-to-surface as well as air-to-air missions. This is a major breakthrough. It’s not a secret that Russia has been lagging behind in UAV development. Now its seems to be going to change with tangible progress made to narrow the gap.

Very few nations boast drones capable of high-altitude long endurance (HALE) missions. Russia is to enter the club of the chosen. In late 2017, the Russian Defense Ministry awarded a HALE UAV contract to the Kazan-based Simonov design bureau.

This month, Russian Zvezda military news TV channel showed a video (below) of Altair (Altius) heavy drone prototype aircraft number “03”, going through its first flight test.

Propelled by two RED A03/V12 500hp high fuel efficiency diesel engines, each producing a capacity of 500 hp on takeoff, the 5-ton heavy vehicle with a wingspan of 28.5 meters boasts a maximum altitude of 12km and a range of 10,000km at a cruising speed of 150-250km/h.

Wingspan: about 30 meters. Maximum speed: up to 950 km/h. Flight endurance: 48 hours. Payload: two tons, which allows the creation of a strike version. The vehicle is able to autonomously take off and land or be guided by an operator from the ground.

The UAV can carry the usual range of optical and thermal sensors as well as synthetic-aperture ground-surveillance radar with the resolution of .1 meter at the range of 35km and 1 meter at the range of 125km. The communications equipment allows real-time data exchange.

Russia’s UAV program currently underway includes the development of a range of large, small, and mid-sized drones. The Orion-E medium altitude long endurance (MALE) UAV was unveiled at the MAKS 2017 air show. Its developer, Kronstadt Technologies, claims it could be modified for strike missions. The one-ton drone is going through testing now. The Orion-E is capable of automatic takeoff and landing.

It can fly continuously for 24 hours, carrying a surveillance payload of up to 200 kg to include a forward looking infra-red (FLIR) turret, synthetic aperture radar and high resolution cameras. The drone can reach a maximum altitude of 7,500 m. Its range is 250 km.

The Sukhoi design bureau is currently developing the Okhotnik (Hunter) strike drone with a range of about 3,500km. The drone made its maiden flight this year. In its current capacity, it has an anti-radar coating, and will store missiles and precision-guided bombs internally to avoid radar detection.

The Kazan-based Eniks Design Bureau is working on the small T-16 weaponized aerial vehicle able to carry 6 kg of payload.

The new Russian Korsar (Corsair) tactical surveillance unmanned aerial vehicles (UAV) will be upgraded to receive an electronic warfare system. Its operational range will be increased from 150km to 250km. The drone was revealed at Victory Day military parade along with the Korsar unmanned combat helicopter version.

The rotary wing drone lacks the speed and altitude of the fixed wing variant, but has a great advantage of being able to operate without landing strips and can be sea-based. Both drones can carry guided and unguided munitions. The fixed-wing version can be armed with Ataka 9M120 missiles.

The first Russian helicopter-type unmanned aerial vehicle powered by hydrogen fuel cells was presented at the Army-2018 international forum. With the horizontal cruising speed of the drone up to 60 kph, the unmanned chopper can stay in the air at least 2.5 hours to conduct reconnaissance operations. Its payload is up to 5 kg.

Last November, the Kalashnikov Concern reported that it would start production of heavy unmanned aerial vehicles capable of carrying up to several tons of cargo and operating for several days at a time without needing to recharge.

All in all, the Russian military operate 1,900 drones on a daily basis. The multi-purpose Orlan-10 with a range of 600km has become a working horse that no military operation, including combat actions in Syria, can be conducted without. Maj. Gen. Alexander Novikov,
the head of the Russian General Staff’s Office for UAV Development, Russian drones performed over 23,000 flights, lasting 140,000 hours in total.

Russia’s State Armament Program for 2018-2027 puts the creation of armed UAVs at the top of priorities’ list. Looks like the effort begins to pay off. Russia is well on the way to become second to none in UAV capability.

CLICK HERE to Support The Duran >>

Via Strategic Culture

Liked it? Take a second to support The Duran on Patreon!
Continue Reading

JOIN OUR YOUTUBE CHANNEL

Your donations make all the difference. Together we can expose fake news lies and deliver truth.

Amount to donate in USD$:

5 100

Validating payment information...
Waiting for PayPal...
Validating payment information...
Waiting for PayPal...
Advertisement

Advertisement

Quick Donate

The Duran
EURO
DONATE
Donate a quick 10 spot!
Advertisement
Advertisement

Advertisement

The Duran Newsletter

Trending