This is usually the next question asked after: “what is Bitcoin?” or “what is Blockchain?” Ethereum (ETH) represents an ambitious blockchain project moving cryptocurrency into uncharted territory by decentralizing a wide range of products and services.
If we think of Bitcoin as digital gold, storing value, then Ethereum clearly takes a different approach. It creates wrappers in which users place custom assets and add rules governing their operations and transfers.
Investors consider Bitcoin a precise tool for a specific job, while Ethereum is more like a Swiss army knife. It enables users to interact with it in novel ways and create new products. In this article, we will go further into the specifics of Ethereum and how it has become the second-largest crypto according to current market capitalization.
Ethereum Basics
Ethereum performs two tasks. It:
- Tracks changes on its blockchain (confirming transactions like Bitcoin)
- Tracks potential changes called “State” (Bitcoin does not do this)
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