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8 views3 pages

blockchain cryptocurrency

Uploaded by

naseerullah4041
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© © All Rights Reserved
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Naveed 1

Muhammad Ansam Naveed


Mehmood Kashif
CSC102
July 20, 2022
Bitcoin
Bitcoin is a decentralized digital currency that may be transferred directly between
users on the peer-to-peer bitcoin network without needing a central bank or single
administrator. An anonymous person or group developed the cryptocurrency in 2008 under
Satoshi Nakamoto. The currency entered use in 2009 once its implementation became
accessible as open-source software. Blockchains are decentralized open ledgers where
network nodes record and cryptographically verify transactions.
As compensation for the mining process, bitcoins are created. They might be traded for
products, services, or other money. Bitcoin has come under fire for its use in fraudulent
transactions, the sizeable amount of electricity needed for mining (and the resulting carbon
footprint), price volatility, and exchange fraud. Some investors and economists have
occasionally referred to it as a speculative bubble. Others have taken advantage of bitcoin as
an investment even though various regulatory authorities have issued investor alerts about it.
Despite the domestic and international controversy, El Salvador formally became the first
government to recognize Bitcoin as legal tender in September 2021.
Ethereum: Ethereum is a blockchain that supports smart contracts and is decentralized and
open source. The native currency of the platform is called Ether (ETH). Behind Bitcoin,
Ether is the most valued cryptocurrency in terms of market capitalization.
Ethereum was founded in 2013 by programmer Vitali Butlerin. Additional Ethereum
founders include Gavin Wood, Charles Hoskinson, Anthony DiOrio, and Joseph Lubing.
With crowdsourced funding, the development process started in 2014, and on July 30, 2015,
the network was live. Anybody can upload decentralized, permanent programmed for user
interaction to the platform. Decentralized finance (Defi) applications provide various
financial services, allowing cryptocurrency owners to borrow money against their holdings or
lend it out for interest without using traditional financial intermediaries like brokerages,
exchanges, or banks. Ethereum can also be used to generate and sell NFTs, which are non-
exchangeable tokens connected to digital artwork or other tangible products and sold as
exclusive digital property. Numerous other cryptocurrencies run as ERC-20 tokens on top of
the Ethereum blockchain and have used the platform for ICOs.
A transition to proof of stake and the usage of sharing to increase transaction throughput are
two enhancements collectively referred to as Ethereum 2.0 that have already started to be put
into practice.
Differences and Similarities Between Bitcoin and Ethereum:
i. Although both the Bitcoin and Ethereum networks are based on the distributed ledger
and cryptography concepts, there are significant technological distinctions between
the two.
Naveed 2

ii. Data connected to transactions on the Ethereum network, for instance, may contain
executable code, but data attached to transactions on the Bitcoin network is frequently
only for notetaking.
iii. Other differences include the algorithms utilized by each network (SHA-256 for
Bitcoin vs Ethos for Ethereum), the block duration (an ether transaction is completed
in seconds vs minutes for bitcoin) and the block size.
iv. By allowing the nodes of the respective networks to agree on the status of all data
stored on their blockchains and defending against some types of economic attacks on
the networks, Proof of Work (Pow), a consensus protocol that both Bitcoin and
Ethereum currently use, has become the de facto standard for both.
v. As part of its Eth2 upgrade, which consists of several connected changes that will
improve Ethereum's scalability, security, and sustainability, proof of stake (Pos) is a
new mechanism that Ethereum will convert to in 2022.
vi. Due to the high computing requirements, proof of work is occasionally criticized for
being highly energy-intensive. The basic goals of the Bitcoin and Ethereum networks
differ, which is more important. Proof of stake replaces mining with staking, which
requires less energy, and validators, instead of miners stake their bitcoin holdings to
supply the capacity to create new blocks. Bitcoin was created as an alternative to
national currencies and aimed to be both a means of trade and a store of wealth, in
contrast to Ethereum, which was created as a platform to enable immutable,
programmable contracts and applications using its currency.
vii. Although Ether is a digital currency, unlike bitcoin, its main objective is not to
establish itself as a rival to bitcoin. Instead, it seeks to facilitate and enhance the
decentralized application platform and smart contracts for Ethereum.
viii. Ethereum is a different use case for a blockchain that complements the Bitcoin
network and, in principle, shouldn't compete with Bitcoin.
ix. Ether is now directly competing with all other cryptocurrencies because of its rising
popularity, especially in the eyes of traders.
x. Since its launch in the middle of 2015, Ether has continuously behind bitcoin in
market cap rankings of the top cryptocurrencies.
xi. Because of the decentralized applications (daps), it has created in sectors including
finance (decentralized finance, or Defi applications), art and collectables (non-
fungible tokens, or NFTs), gaming, and technology that are growing in popularity; the
Ethereum ecosystem is expanding quickly.

Punctuation paragraph: Since education is a relative concept, there are many ways to
describe it. Since ancient times, people have been educated in numerous ways. "Swami
Vivekananda," the stormy mink of India, claims that education points to this occurrence as
the manifestation of perfection. For the average person, education is a way to explore career
opportunities. However, today's widely held belief that "education" can be defined as
anything that develops a person's abilities and potential. The three aspects of education stated
above may initially appear at odds with one another, yet they come together to benefit human
advancement. Education is tied to the worldly, materialistic existence, which has meaning in
the present and the spiritual growth that is occurring in the present. Education prevents a
person from participating in unfair, immoral, and unethical. Education heightens our
Naveed 3

awareness of the problems that humanity faces. Education transforms life into a celebration
by helping one understand the importance of value addition.

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