Bitcoin was released in 2009. Ever since then, the platform has gone on to be a leader in the industry. Bitcoin is nearing its own transaction capacity but even then, it is still the most-used currency out there. Bitcoin is able to provide a decentralized mechanism, and this is especially the case when it comes to peer to peer transactions. When you look at everything in comparison, you will soon find that ETH is offering a lot more decentralized applications. When you look at Bitcoin however you will soon find that it has been adding some additional layers to the system and that now it is providing some tough competition for the ETH platform.
Bitcoin chose to add the RootStock.IO and this is a smart contract system. It is actually very similar to ETH. The functionalities of a contract are very similar to ETH too, and the only difference is that it has some additional security features. Apart from that, the Bitcoin seems to offer many more benefits.
Bitcoin started out with the aim to try and deliver a digital system. This could then specialize in being a digital gold. The purpose of its own creation is to try and provide a monetary system that is completely reliable. It needs to be free from any degree of political intervention and even unbound inflation too. ETH however started out with a completely different purpose. The aim was to try and evolve as a platform which could then go on to serve as being a world computer. Through the use of blockchain and even some independent program language, you will soon see that applications can be added and that they can also add smart contracts too. This would include the DAO.
So apart from the applications, you will see that the currency of ETH is Ether. This remains in second place and it has done for quite some time. When you look at the earlier release, you will see that Bitcoin users were way more loyal and that they trusted in the currency more. This can most certainly be seen in the market cap.
The transaction data of Bitcoin includes mechanisms. This will give you the chance to transfer ownership to the assets. This will also relay the transaction period to those of the relevant instruction. For instance, the new modification on the platform gives people the chance to lock any coins that have been sent for a specific period of time. These instructions were known as being the scripting language and they were restricted when you look at the overall transactional processing that they have to offer.
The ETH developers have been working hard to try and expand these instructions. They are working hard to try and turn these into a fully-fledged programming language such as Javascript. The feature is known as being Turing-Complete. This addition of the language offers a much greater attack to try and surface the rivals. The result is that ETH suffers from a much inferior level of value when compared to the Bitcoin platform in general.
The users of Bitcoin are now known to be more economical. They are also much more politically conscious too. Their motivation is to try and remain ideological and this stems from the fact that they do not trust in the government or even in central banks. On the flip side, ETH users show much less ideological promise. A lot of people are attracted to ETH because they want to try and further financial applications. They also want to try and further their own business prospects too.
The base of Bitcoin is much more expensive when compared to that of ETH. When you look at Metcalfe’s Law you will soon find that there is a direct level of proportionality between the value of the network and of the currency ETH in general. This happens to suggest that the value of the platform is going to increase as a whole.
Blockchain
The blockchain of ETH is known as POW. This is comprised of 1 megabyte of different blocks. The mining of the blocks happens every 10 minutes and this uses the system of SHA-256 Hashing. The protocol that ETH uses is also POW, but it forks out, turning to POS.
Even though some people might see POS as being energy efficient, the use of it will try and enhance the overall centralization of the network. This happens to defeat the purpose of the blockchain network in general. When you look at Gavin Anderson, you will soon find that POS happens to promote an overall unfair system and this ultimately means that the rich become even richer. There isn’t much hope for everyone else and this is something that a lot of people disagree with.
Platform
It’s important that you consider the overall security of the platform. Miners have made huge investments in the Bitcoin infrastructure, especially in the past. The end result? The Bitcoin hash rate has now peaked, and it has gone on to reach a value of 1.8. This value is higher than the overall hash rate of ETH and this is an important point that you need to keep in mind.
The monetary cost of performing an attack of 51% on the platform is higher when compared to the cost of ETH. This means that ETH is far less secure.
The core base of Bitcoin has the benefit of having 100 different critical contributors. The complete assets come to around $10 billion and as a result, all of them happen to take a more conservative approach. The complete assets are every consecutive and they are also very well-planned too. The development is better overall and the result is that every improvement undergoes rigorous testing.
When you look at the flip side, you will see that the development of the ETH network overall follows a much less conservative approach. It is far more constrained, and they even use smart contracts on their platform too. Even though it is effective, the smart contracts do happen to be vulnerable to a high level of security issues. The reason for this is because any experienced coder can modify the smart contract. ETH don’t follow the same review process, but these contracts do happen to suffer from a huge range of bugs. Some estimates have to put the number of bugs in each line, ranging from 1-10. As a result, some DAO and even mishaps have happened on the ETH network. Therefore, it is entirely necessary that you find a way to try and secure the smart contract.
Bitcoin is the pioneer of the cryptocurrency industry and this is one title that it will most certainly never lose. The coin’s performance has resulted in a much higher level of trust and even if something did happen to compromise this, they will never lose the faith that their users have in them.
