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2016). Ethereum’s protocol is built to allow flexibility and increase functionality to provide the ability to program many different types of smart contracts within the Ethereum system. Ethereum is written in Turing complete language, which includes seven different programming languages. We’ll note that this is very different from Bitcoin, which is written in C++. When Ethereum was launched they had an initial offering of ether (the cryptocurrency behind Ethereum). The sale of around 60 million ether resulted in raising around $18.5 million (Ethereum community, 2016). Additional ether are released via the mining process, similar to Bitcoin. The reward per block is 5 ether and remains constant, it does not halve. Also contrary to Bitcoin, Ethereum does not have a maximum total number of ether but does cap the amount released each year. Ethereum block times are currently at about 14 seconds, compared to Bitcoin’s 10 minutes. Ethereum also currently operates on a proof-of-work basis. Miners are rewarded for processing transactions and executing smart contracts, which create blocks. Ethereum is currently working towards changing to a proof-of-stake model which will change the reward system dramatically. As we discussed earlier, proof-of-work does not encourage collaboration nor does it provide any consequence for malicious behavior. Proof-of-stake will change that. In a proof-of-stake model there will no longer be miners, but validators. There will no longer be cryptographic challenges, the difficult mathematical problems that miners must solve. Validators will be required to own ether and in order to validate a block they will be required to put their owned ether on the line to certify that a block is valid. This way, if there is malicious behavior or a validator does something invalid they will lose their stake, their owned ether. 5PDF Image | Ethereum vs. Bitcoin
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