Ethereum Is Changing India. Here’s How

Ethereum: The Backstory

While Bitcoin was created to disrupt online banking and daily transactions, Ethereum’s creators want to use the same technology to replace internet third parties — those that store data, transfer payments, and keep track of complex financial instruments. Vitalik Buterin, a 19-year-old developer who was one of the pioneers of the idea of spreading the technology underpinning Bitcoin, blockchain, to more use cases beyond transactions, proposed Ethereum in 2013. In 2015, the platform went online, converting the notion of Ethereum into a true, working network.

The primary differences between Ethereum and Bitcoin

  • There are only a limited amount of Bitcoins in total (about 21 million). The annual supply of Ethereum is 18 million, which is equal to 25% of the initial supply.
  • Bitcoin is a form of decentralized currency. Ethereum, on the other hand, aims to decentralize the entire world. The goal is for it to be available to everyone in the world one day.
  • Ethereum, like Bitcoin, is not controlled or owned by anybody; it is an open-source project created by many people all over the world.
  • For mining, they each use different hashing methods. Bitcoin employs SHA-256, but Ethereum employs Ethash.
  • The typical duration for mining a block on Bitcoin is 10 minutes, but on Ethereum, it is 12 to 15 seconds.

The applications of Ethereum

Through verifiable blockchain-based cryptography, Ethereum’s tamper-proof blockchain-based record can reassure supply chain and logistics management about the provenance of products.

Ethereum’s Future in India

Even though the government has postponed cryptocurrency legislation in the nation, RBI is preparing to launch India’s own digital currency to compete with private virtual currencies and the crypto community remains optimistic about the future.

Final thoughts

It is not an exaggeration to say that in the future, breakthroughs in the cryptocurrency/Ethereum space may emerge from India and that with the proper set of rules, it could also be a new avenue for job creation and economic progress. Ethereum is the network of choice for blockchain and cryptocurrency innovation.

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