It goes without saying that the two most notable cryptocurrency to date are bitcoin and ethereum. Both of these are valued at $8469.81 and $179.59 respectively. Bitcoin was the very first to arrive at scene, designed by Satoshi Nakamoto, the great enigma, whereas ethereum was designed 5 years later by the 23 years old Vitalik Buterin. Even though both are cryptocurrencies and they follow the same consensus mechanism which is called proof of work, there are a ton of features that make these two very unlike each other and potential rivals.
The most important difference between bitcoin and ethereum is that, fundamentally Bitcoin was just designed to be a financial tool which was supposed to carry out financial transaction of any sort over the network, providing security and transparency to all the nodes on the network. Beyond that bitcoin has no other functionality. It is meant to fulfill one role only; that of a ledger to carry out financial transactions.
Ethereum on the other hand has emerged to be a very flexible instrument upon which many other platforms can be built. These are called dapps, short for Decentralized applications. These applications are designed using a language supported by ethereum. The most important feature of ethereum is smart contracts. A Smart Contract is merely a piece of code that collects some real time data, based upon that data it reaches on a decision and then it makes a transaction. This transaction could also be a function that needs to be performed, given a defined condition in the contract becomes true.
With the inclusion of smart contracts, ethereum has produced myriads of use cases. Smart contracts can be used in a variety of fields ranging from healthcare, gaming, supply chain management and numerous others. Its utility spans over quite a few fields and makes it highly adaptable. There now exist over a thousand applications that are hosted over the ethereum network.
The one detrimental feature that is common between…