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specific commands that can be used. This limitation provides more security because it is much more difficult to hack the blockchain within those set commands (Demeester, 2016). Bitcoins are put into circulation by mining. Mining is “is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain” (Hesoid Services LLC, 2016). Miners’ processing power is used to complete transactions, and as incentive to do so they are rewarded Bitcoin. The current reward is 25 Bitcoin per block; this reward halves every 210,000 blocks. The next halving is expected to take place in 2020. There will be a finite amount of Bitcoins created; the maximum is 21,000,000 (Janin, Ethereum For Investors Part I, 2015). Bitcoin operates on a proof-of-work basis. Proof-of-work means that in order to create blocks and add them to the blockchain you must solve very complex mathematical problems. This ensures that the information was difficult and costly to make, which helps to prevent fraud and malicious activity because of the cost involved in creating the block. The proof-of-work model, while it does help to increase security and validity, does have some negative effects. First, it does not give miners an incentive to collaborate and they don’t have anything at stake which means there is no consequence for malicious activity (Janin, Ethereum For Investors Part II, 2015). The second problem with proof-of-work is the amount of energy required to validate transactions. Many people consider this “wasted energy” and feel it has a negative impact on the environment. Now that we have an understanding of Bitcoin, let’s look at the characteristics of Ethereum and show how it differs from Bitcoin. Ethereum was designed to be much more than a payment system. It is “a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.” (Ethereum Foundation, 4PDF Image | Ethereum vs. Bitcoin
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