The Bitcoin has been dominating the world’s market for the last several years, but this is not the only one cryptocurrency that has been present because we have another one called Ethereum, which is equally good. Ethereum attracts a lot of attention from the investors because it offers additional features and applications. We will help you discover everything Ethereum has to provide and help you choose the best cryptocurrency that will meet your needs.
Ethereum is more than money
First of all, Ethereum is not entirely a cryptocurrency, but a blockchain platform which supports many features. It has smart contracts, Ethereum virtual machine and uses its currency which is called Ether. Considering that platform uses smart contracts, it has stored applications for contract negotiation and facilitation. The smart contracts are decentralized, and it makes it very hard to breach them or for someone to commit a fraud. These contracts are powered by Ethereum’s blockchain based cryptocurrency, or by other crypto – assets, which are stored in Ethereum Wallet and they also allow users to create new smart contracts, but also use them.
Use smart contracts for personal cryptocurrency
The great thing about Ethereum is that it provides you to make digital tokens which can be used to represent virtual shares, assets, proof of memberships and much more. The smart contracts are compatible with any wallet. You have an opportunity to copy the code from the website and then utilize tokens for various purposes. In this case, you can have a certain number of tokens which are fixed, or you can have a fluctuating amount based on specific rules.
You don’t need Kickstarter with Ethereum
The Ethereum has one great feature, and that is it gives developers means to earn funds for numerous applications. The money developers make, will be held until they reach the goal or until they agree on a date. If developers fail to achieve the goal, then the money will be returned to contributors. On the other hand, if the project is successful, the money will be invested. Kickstarter means you eliminate the third party, together with the rules and fees they charge. When you include Kickstarter’s price, it may cost you up to 10% of the entire investment, which is not that large, if you manage to achieve your goals.
You don’t need traditional management skills
With the help of Ethereum, you are not only raising the fund, but you can also use this platform as an organizational structure you start with your ideas. You can gather proposals from the people who supported your project and them as for recommendations and what should you do. In this case, you can skip the traditional structure, for example, hiring managers, experts and doing paperwork. In this way, you can get free ideas and use them to help you develop your business further. Another significant difference between Bitcoin and Ethereum is that with Ethereum only the half of money is earned with mining.