smart contracts

No Image

Pablo Soria de Lachica Explains the Difference between Ethereum and Ethereum Classic

Ethereum is one of the major cryptocurrencies in use today. With a market capitalization of $20.8 billion, it is the second most valuable digital currency after Bitcoin. Ethereum is a distributed ledger platform that specializes in running code for developing applications. These digital applications (called dapps) use the blockchain to track activities and store records of transactions without a central authority. One key feature of the platform is the ability to issue smart contracts, says Pablo Soria de Lachica, which allow the automatic exchange of payment for goods or services. Like all transactions using blockchain, these contracts are tracked on the distributed ledger and cannot be tampered with. Users mine Ether on the platform, a token that can be used as payment for services on the network. The currency is much faster to acquire than Bitcoin, with a unit of ether taking 15 seconds to mine compared to 10 minutes for bitcoin. Although Ethereum is…