No matter how this may sound in the ears of especially the Bitcoin maximalist, who are major proponents of the Bitcoin blockchain and who seem to consider Bitcoin as a superior asset class, serving as a medium of exchange for a daily transaction: there is the need to showcase the entire possibilities of what the Ethereum blockchain is capable of in a detailed manner.
The entire world is coming to a realization that fiat currencies are becoming unsustainable and gradually losing their value.
Hence people are looking forward to currencies that are resistant to inflation, with a great sense of value, and are divisible which gives them the characteristics of money.
What is Bitcoin?
Bitcoin is the first cryptocurrency otherwise known as digital currency created by a fictitious person or group of people known as “Satoshi Nakamoto”.
Due to the tamper-proof, transparent, and immutable nature of bitcoin, it has stood the test of time and is gradually gaining ascendancy into the scheme of things in the financial world.
It is a peer-to-peer digital currency that can be sent from user to user without the involvement of a central bank or administrator.
However, as Bitcoin became more popular, the size of the blockchain it was built on eventually slowed down. Consequently, the transaction fees were becoming more expensive and the system itself has become unreliable.
The slowdown forced Bitcoin to come up with a solution that could scale since users tend to use it more frequently because of its popularity.
This has led to several blockchain splits otherwise known as “forks” but it is observed that it is still relatively slow compared to other blockchains which have been created using the Bitcoin model.
A typical example is the Ethereum blockchain, which was developed by a group of developers with its leader known as Vitalis Buterin.
What is Ethereum?
Ethereum is a decentralized, open-source blockchain with smart contract functionality.
Ether (ETH) is the native cryptocurrency of the platform.
Amongst cryptocurrencies, Ether is second only to Bitcoin in market capitalization. Anyone can deploy permanent and immutable decentralized applications on the platform, with which users can interact.
Applications of decentralized finance (DeFi) provide a wide range of financial services without the need for typical financial intermediaries such as brokerages, exchanges, or banks, such as allowing cryptocurrency users to borrow against their holdings or lend them out at interest.
Ethereum also allows for the creation and exchange of non-fungible tokens (NFTs), which are tokens connected to digital works of art or other real-world items and sold as unique digital property.
Additionally, many other cryptocurrencies operate as ERC-20 tokens on top of the Ethereum blockchain and have utilized the platform for initial coin offerings.
The team of developers in the Ethereum foundation has continued to remain consistent in the review and development of how the Ethereum blockchain can continue to improve and grow its utility in the crypto space.
The network is primed to be a hydra-headed blockchain with the potential of layering other blockchains on its network in a seamless way that projects can build efficiently.
These are some of the basic developments on the Ethereum blockchain that have given rise to massive use cases in a variety of ways.
Is Ethereum better than Bitcoin?
Everyone is open to this debate of which cryptocurrency blockchain is better than the other.
As users tend to gauge the performance and capabilities of the networks and other utilities mentioned above to determine their choice of which of the networks is better.
However, at Klever, they are not concerned about the rhetorics of the Bitcoin maximalist or the versatility of the Ethereum blockchain but are rather concerned about the possibility that is inherent in the use of these cryptocurrencies and the freedom that it can give users all over the world.
At the moment, the Klever Wallet has the capability to store both currencies in a self-custody wallet (K4 and K5), and the Klever Exchange is currently trading both currencies to our global community regularly.
Go ahead, get your Klever Wallet and download your Klever Exchange app, and become financially free.