Watch the entire #BlockchainExplained series: https://www.youtube.com/watch?v=YGC9ECnot0k&list=PLJ8kQp5OiaEONnvCE9hvQSH8oRHvzBKZd
In the third video in this series, Co-founder of Ethereum, Joe explains the differences between Ethereum and #Bitcoin. While Bitcoin became a successful experiment in monetary theory, Ethereum expanded upon the underlying technology to create a platform for decentralized applications or “dapps.”
Joe elaborates on the benefits of #Ethereum, including trusted transactions, smart software objects, automated agreements and many more. “Ethereum is one of the foundational protocols of the decentralized Web,” says Lubin. Additionally, he mentions how Ethereum can already integrate and interoperate with current decentralized protocols like file storage and personal identity.
Trust is a fundamental component of decentralization and Joe illustrates how nodes play into ensuring network security and explains how Ethereum will become the foundational trust layer of the Web 3.0 movement. He goes further into detail about how Ethereum is the most decentralized blockchain platform with over 20k nodes worldwide and the number of nodes will increase when Ethereum transitions from the computationally heavy proof of work (PoW) consensus mechanism to the proof of stake (PoS) consensus mechanism.
When discussing Ethereum’s transition from proof of stake to proof of work, Lubin states, “The barrier to entry to participating, to validating transactions on the system and securing the network will drop quite dramatically.”
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https://pages.consensys.net/enterprise-ethereum-newsletter-sign-up
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– To learn more about ConsenSys visit: https://consensys.net/
– Follow Joe on Twitter for breaking blockchain insights: https://twitter.com/ethereumJoseph
– For a crash course on Bitcoin, visit: https://decryptmedia.com/resources/bitcoin
– For a crash course on Ethereum, visit: https://decryptmedia.com/resources/ethereum
– Learn more about the ConsenSys spoke, Liquality, which enhances interoperability between decentralized protocols like Bitcoin and Ethereum through Atomic Swaps: https://liquality.io
To learn more about ConsenSys visit: https://consensys.net/
Learn more about UJO Music: https://ujomusic.com/
Learn more about Civil: https://civil.co/
Follow Joe on Twitter for breaking blockchain insights: https://twitter.com/ethereumJoseph
Explore Blockchain Use Cases and Applications by Industry: https://consensys.net/enterprise-ethereum/use-cases/
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Connect With ConsenSys on
Twitter: https://twitter.com/consensys
Medium: https://media.consensys.net
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