Crypto Academy Week 9 - Homework Post for Professor @alphafx by @sadiaanyat

Hello Steemians!

First of all, I would like to congratulate all the newly appointed professors thanks to @steemitblog for starting the Season 2 of Steemit Crypto Academy Courses as It's a huge source of knowledge.

So, let's start my Homework Task Season 2 Week 1 for Professor @alphafx.

Assignment:

> Give a detailed comparison between two blockchain platforms of your choice.

First of all, i will give a brief introduction of blockchain and then compare the Ethereum and bitcoin.

Blockchain

Blockchain is a platform that enable crypto currencies to work. It was founded by Satoshi nakamoto in 2009. This platform does not entail any third party for bussiness activities. Blockchain is a decentralized platform which eliminate the need to trust on any centrel party and widely used in engineering tasks. It's a dispersed directory that keeps track of P2P network transactions

In recent years, blockchain has gotten a lot of recognition as the base of all cryptocurrencies. The three main technologies which used in the blockchahin technology are shared ledger, distributed network and Cryptography of private key. Since this patform is immutable, so it's supposed to revolutionalize the global economy by allowing secure, fast and transparent solution which can be public or private. A lot of bussinesses are interested in incorporating the blockchain technology'unique capabilities into their compliance system.

Working of Blockchain Technology

The blockchain's process is not overly complex. At first, every other node receives all newly registered transactions. Then all participent nodes collect all new transactions into a block. After that, working is started by nodes to find out the proof-of-work for its block. In forth step, the blocks are supported by all the nodes only if all the block' transactions are valid.Finally, nodes start working on creation of next block in chain to demonstrate their approval for the previous block. For building new blocks, the hash of an accepted block is used as previous block. As the blockchain is decentralized platform, so it is impossible to hack it. The cryptography (The practice of communicating by coded messages) technique is used to host all the applications and to pass the digital instrument values from one user to anotherin this distributed ledger.

The** bitcoin **is the first and largest crypto-currency. It was founded by Satoshi Nakamoto in 2008. It is a kind of digital currency and an online equivalent of cash that can be used to purchase and sell products and services. This deal, though, is only done with the shops that support bitcoin. Bitcoin is a peer-to-peer (P2P) mechanism which is distributed and does not depend on the influence of a any financial control.

Source

The Ethereum is a second largest crypto-currency which was established in 2013 by Vitalik Buterin. Ether has characteristics that distinguish it from bitcoin. Ethereum is best known for its smart contracts, which are a big advancement. In the Ethereum network, a new block is discovered in every twelve seconds.
Ethereum may refer to three different objects which are Ethereum protocol, Ethereum network and Ethereum project.

Source

Comparison of Bitcoin and Ethereum

All cryptocurrencies(including Bitcoin and Ethereum) are worked on Blochchain infrastructure. But bothese these currencies are distinct from one another. Bitcoin is just a digital currency, while Ethereum is a distributed ledger technology used for businesses to implement latest ideas.

1- Access mode

Access mode of bitcoin and ethereum is public.

2- Technology:

Both Bitcoin and ethereum worked on Blockchain technology

3- Average block time:

Average block time for ethreum is 15 second and Average block time for Bitcoin is 10 minute

4- Transaction:

15 Ethereum transactions are occure in one second. But only 7 bitcoin transactions are take place per second.

5- Privacy:

Ethereum is Decentralized smart application that cannot altered, ZK notes and Bitcoin is Decentralized store of value, a peer-t-peer digital currency

6- Storage

Storage of Bitcoin is Hardware wallet, Cold storage wallet and for Ethereum the storage is Stack, Memory, non-volatile storage

7- Minning

Bitcoin Minning is base on proof of work(PoW) alogorithm and Ethereum Minning is base on proof of stake(PoS) alogorithm

8- Votality8- Votality

Bitcoin are more volatile than traditional currencies but Etheruem closes in on the lowest volatility of all time

9- Block size limit

Block size limit of bitcoin is 1MB but Block size limi for ethreum is 10 to 20 kb.

####10- Application:
Bitcoin is a Medium of exchang and pitched as digital currency, while ethereum is Platform with its own currency that allows for immutable, programmatic peer-to-peer contracts and applications.

11- Supply limit:

There are total 21 millions bitcoin but there is There is no limit ethereum' total coin supply.

12-Ammount of unmined cryptocurrencies

There are 17 million bitcoin in circulation while there are more than 100 million Ether in circulation

####13- Future Importance
Bitcoin's implied volatility is expected to reach 70% by June 2020, up from 55% in mid-December 2019. while The price of ethereum is forecast to more than double by the end of 2020, to $1488.

Disscussion

Source

The above analysis reveals that bitcoin and ethereum both are decentralized and built on the blockchain. Bitcoin is kept in hardware wallets, while ethereum is kept in a stack or non volatile memory. However, ethereum is better than bitcoin in that the overall coin has no cap, although there are just 21 million bitcoins in the world.
Ethereum is a cryptocurrency that has more utilities than bitcoin. This cryptocurrency has a unique function called a smart contract. Smart connections may be used for a variety of purposes other than Bitcoin. It is obvious from the comparison above that ethereum transaction speed is faster than bitcoin transaction speed, as it takes just fifteen seconds to complete a transaction while bitcoin takes ten minutes.

Ethereum transaction fees are less expensive as compare to Bitcoin transaction fees. Ethereum is latest version of Bitcoin , allowing decentralized apps to be built on top of it. As it is just setting its price and demand pattern, Ethereum trade and business happens fastly and quickly.

Conclusion:

The comparison of these two currencies shows that they work on same platform but with different features. The ethereum is advanced version of bitcoin with faster transaction speed and less cost as compare to bitcoin.

The ethereum introduced introduced in 2014, five year later to bitcoin(2009). So it cover a lot of weak points and holes which existed in bitcoin cryptocurrency. Bitcoin is just money but ethereum is databse/website that companies use to create new services. Ethereum is more faster and less cheaper
As it's just fixing its price and demand pattern, Ethereum trade and business happens very quickly.
> *All this discussion shows that ethereum is better than bitcoin. **All this discussion shows that ethereum is better than bitcoin. *