Explain Bitcoin vs. Ethereum vs. Web 3.0

by Alicia Adley Blockchain Council

The way people communicate, work, buy, and even make payments has been transformed by technology. Indeed, the majority of businesses and customers no longer favour cash transactions. As a result, we're seeing an increase in contactless payment methods such as Google Pay. Additionally, as technology advances and the usage of smartphones increases, individuals prefer digital payments more than before.

 

At the moment, we are seeing the emergence of a whole new payment system known as cryptocurrency trading, which is fundamentally different from existing digital payment systems. Although Bitcoin is the most popular cryptocurrency, there are now over 2000 distinct varieties.

 

As such, we will discuss the three most prominent cryptocurrencies in order to understand their differences.

 

Bitcoin

 

Bitcoin is both a blockchain platform and a virtual currency with which users may transact over the bitcoin blockchain network. Essentially, you may think of it as an online form of currency since it can be used to purchase a variety of services and items. However, not many businesses and stores presently accept Bitcoin as a form of payment. Additionally, several nations consider it illegal owing to its environmental effect.

 

On the other hand, a few governments and businesses have shown an interest in contributing to its rising impact. Indeed, PayPal, one of the largest payment systems, is considering enabling its customers to trade Bitcoin on the site.

 

 

 

Bitcoin has a one-of-a-kind secret code encryption, which adds to its value. Additionally, these coins do not exist in the actual world. Rather than that, each Bitcoin is a form of computer file that is stored on a digital wallet programme accessible through your computer or smartphone.

 

Additionally, you may transfer and receive Bitcoins effortlessly with the aid of other users' public wallet addresses.

 

Additionally, blockchain maintains a public ledger of all transactions. As a result, the history of transactions is readily accessible. It enables the system to detect and prevent duplicate or fictitious transactions.

 

The majority of people choose Bitcoin since it can be created and profited from utilising a supercomputer.

 

You may enrol in a cryptocurrency course to get a better understanding of Bitcoin and its network.

 

Bitcoin now supports seven transactions per second.

 

Ethereum

 

Ethereum is often referred to be the second most popular blockchain platform and cryptocurrency, after Bitcoin. However, the platform is capable of far more than processing transactions and storing digital assets. Indeed, the platform describes itself as a decentralised computer network powered by blockchain technology.

 

As with other cryptocurrencies, Ethereum is built on the blockchain technology, which enables it to be decentralised and record all transactions on a distributed public ledger.

 

Simply said, decentralisation frameworks enable each member in the Ethereum network to have a copy of each transaction record on the network's public ledger. As a result, any user may access all previous transactions as necessary. Additionally, no centralised body oversees the network's processing. Rather than that, members are the only drivers of all Ethereum network operations.

 

Additionally, the network is comprised of miners that solve complex equations in order to validate network transactions. The miner that mines the quickest receives incentives in ETH. ETH, like Bitcoin, may be used to purchase and trade goods and services.

 

Ethereum can currently process 30 transactions per second

 

 

Web 3.0

 

Web 3.0 tokens are digital assets that promote the decentralised internet concept. In a web 3.0 network, the system replicates a peer to peer network several times. Additionally, the system codifies management rules in a protocol and secures them via network-wide agreement. Additionally, it compensates its members with its native cryptocurrency for participating in consensus and transaction verification activities.

 

In this case, the Web 3.0 network leverages blockchain technology to reimagine the back end of its data structures. Additionally, it establishes control for the current internet system. Thus, two parties that are unfamiliar with or distrustful of one another may connect and conduct bitcoin trade on the basis of predetermined agreements.

 

Web 3.0 is going to be a game changer for the internet, since network members will govern the system globally. The liverpeer (LPT), BitTorrent (BTT), and helium are a few well-known Web 3.0 tokens (HNT). What distinguishes the Web 3.0 token from Ethereum and Bitcoin is its capacity to maintain its value amid market downturns.

 

Final Thoughts

 

Due to the fact that all three blockchain systems are based on blockchain technology, they are very similar in many technical areas. However, their performance and scalability are very different. Web 3.0 token outperforms both established networks in this instance due to its superior structure.

 

At the BLOCKCHAIN COUNCIL, you can learn more about cryptocurrencies. Enroll in one of the platform's various blockchain-related courses.

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Created on Nov 22nd 2021 00:35. Viewed 411 times.

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