Ethereum 101: what Ethereum is and why it is constantly compared to Bitcoin 

Quick take

1 minute read

• If you are new to the crypto industry, bitcoin might be the only asset that you have heard of. 

• Of course, after just a quick Google search, you’ll be able to see that there are so many more digital assets out there, including Ethereum.

If you are new to the crypto industry, bitcoin might be the only asset that you have heard of. Of course, after just a quick Google search, you’ll be able to see that there are so many more digital assets out there, including Ethereum. The Ethereum network is the most active blockchain in the world (yes, even more than bitcoin), but it can be quite hard to understand the true potential that the project has on our day-to-day lives.

I suppose you could call this an Ethereum 101 lesson on how the project works and what it’s all about.

To start with, Ethereum is a decentralised system meaning that no single governing body controls it. A majority of entities online are controlled by a single body, business, or some sort of centralised governance. It is a system that has been in place for centuries and most likely isn’t going away any time soon. There are flaws in this of course and I suppose, that is where crypto comes in.

Given that Ethereum, and many other crypto-related projects, are decentralised, no one controls them. There is no central point of failure as volunteers on computers from all over the world are in charge of how it progresses. As a result of this, it can never go off-line and personal information would stay on the user's computer. 

All content stays in control of the creators themselves and they don’t have to obey any rules that are put in place by other public platforms such as YouTube. This is both good and bad but for the sake of this conversation, we’re just going to highlight what the network is about.

Even though they are compared to each other constantly, bitcoin and Ethereum are two very very different projects and have completely different goals in the long term.

Bitcoin may take all of the publicity and limelight but Ethereum is working quietly in the background being successful as ever.

Bitcoin is known as the asset that can make you rich overnight but Ethereum could truly change the world how society works in the future.

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