From the course: Practical Blockchain and Cryptocurrency

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Understanding ETH and Ethereum blockchain

Understanding ETH and Ethereum blockchain - Blockchain Tutorial

From the course: Practical Blockchain and Cryptocurrency

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Understanding ETH and Ethereum blockchain

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- All right, let's talk about understanding the Ethereum blockchain. Now, we've already covered most of this in previous lessons, but just to summarize what we've already covered and make sure we're all on the same page. Both blockchains, Bitcoin and Ethereum, use the proof of work blockchain, but Ethereum is, as I stated before, moving towards proof of stake. And actually we already have the first proof of stake Ethereum networks online as we're recording this. So, we do see a difference out there. Bitcoin was designed as a decentralized payment system. That's the whole purpose of Bitcoin. If you read the Bitcoin white paper, it was all about transactions and currency and decentralized payment. On the other hand, Ethereum was not designed with cryptocurrency in mind. As I said, cryptocurrency does power the Ethereum blockchain, but its main purpose was really designed to write deapplications and smart contracts. Okay, I'll see you in the next sub lesson.

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