{"id":21502,"date":"2018-01-26T10:47:42","date_gmt":"2018-01-26T10:47:42","guid":{"rendered":"https:\/\/digileaders.com\/?p=21502"},"modified":"2018-01-31T14:52:51","modified_gmt":"2018-01-31T14:52:51","slug":"ethereum-vs-bitcoin-simplified","status":"publish","type":"post","link":"https:\/\/digileaders.com\/ethereum-vs-bitcoin-simplified\/","title":{"rendered":"Ethereum vs Bitcoin: simplified"},"content":{"rendered":"

Continuing from my previous blog “<\/span>blockchain simplified<\/span><\/a>” I wanted to introduce some key concepts and give people a basic understanding from which they can continue to develop an understanding of the blockchain ecosystem.<\/span><\/p>\n

First both run on blockchain technology, however differ in implementation and purpose.<\/span><\/p>\n

Think of Bitcoin using one database and ethereum using a different one.<\/span><\/p>\n

Both have all the features inherent in Blockchains and both are widely supported around the world, although the organisations running them are fundamentally different.<\/span><\/p>\n

Overview Diagram<\/b><\/h4>\n

\"\"<\/p>\n

<\/h3>\n

Table of key differences between Bitcoin and Ethereum<\/b><\/h4>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Differences<\/b><\/h4>\n<\/td>\n

\n

Bitcoin<\/b><\/h4>\n<\/td>\n

\n

Ethereum<\/b><\/h4>\n<\/td>\n<\/tr>\n

Purpose<\/span><\/td>\nCryptocurrency (BTC)<\/span><\/td>\nGeneral purpose platform including Cryptocurrency (ETH)<\/span><\/td>\n<\/tr>\n
Speed of transaction<\/span><\/td>\nAround 10 mins<\/span><\/td>\nAround 15 seconds<\/span><\/td>\n<\/tr>\n
Development environment<\/span><\/td>\nLimited function set<\/span><\/td>\nRich functionality support complex business logic (Turing complete)<\/span><\/td>\n<\/tr>\n
Mining rewards<\/span><\/td>\nSmaller rewards as time goes on<\/span><\/td>\nFixed rewards<\/span><\/td>\n<\/tr>\n
Perfect for:<\/span><\/td>\nDigital Currency<\/span><\/td>\nSmart contracts including Digital currency payments<\/span><\/td>\n<\/tr>\n
Transaction model<\/span><\/td>\nBlock based, all compete evenly<\/span><\/td>\nDependant on Bandwidth, storage and processing needed (GAS)<\/span><\/td>\n<\/tr>\n
For the Geeks<\/b><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Computational puzzle (Proof of work)<\/span><\/td>\nSHA 256<\/span><\/td>\nEthhash<\/span><\/td>\n<\/tr>\n
Mining system <\/span><\/td>\nAsics \/ FPGA<\/span><\/td>\nGPU<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

I believe that blockchain will have an Internet level impact on the world possibly even greater over the next 10-15 years. \u00a0I know as a <\/span>Digital workplace<\/span><\/a> provider we are taking this extremely seriously and striving to lead in this area of Digital workplace evolution.<\/span><\/p>\n

Hopefully this helps you to start to develop your understanding of what is an initially confusing and complicated space that will impact us all.<\/span><\/p>\n

 <\/p>\n

\"\"<\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Continuing from my previous blog “blockchain simplified” I wanted to introduce some key concepts and give people a basic understanding from which they can continue to develop an understanding of the blockchain ecosystem. First both run on blockchain technology, however differ in implementation and purpose. 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