Blockchain as a Service and the role Ethereum plays in the cryptoEcosystem evolution

Blockchains has demonstrated principal use-cases in the world of financial-services and international money-transfer. For many, Bitcoin will be their first exposure to blockchain applications. The infant ecosystem for the cryptocurrency has enabled hugely volatile trading opportunities, as well as claims of Bitcoin becoming “digital-gold.”

But on the other end of the table sits Ethereum, which is the application-layer analogue to the protocol-layer of Bitcoin. If Bitcoin is capital, then Ethereum is intellectual capital. It is the foundation for building blockchain applications that go beyond a single use-case. Although Ethereum also serves as a financial instrument, it has so far enabled the rise of its first major application: the Initial Coin Offering, or ICO.

How is Ethereum different or the same as Bitcoin?

Bitcoin and Ethereum are very closely related. Both are founded on the same five underlying classes of technology:

1. A data structure called the Blockchain which serves as the back-end database.

• The blockchain is a time-stamped, non-repudiable database that contains the entire logged history of the system.
• Each transaction processor on the system maintains their own local copy of this database and the consensus formation algorithms enable every copy to stay in sync.

1. A cryptographic token, the Bitcoin (BTC) in the Bitcoin protocol, and ether (ETH) for Ethereum.

• BTC serves as the cryptographically secured unit of value, numeraire and currency in the case of the Bitcoin protocol and hybrid fuel/currency used as a Cryptocurrency.
• ETH serves as the cryptographically secured unit of value, numeraire and hybrid fuel/currency for the Ethereum protocol.

1. A peer-to-peer network for discovery and communications.

• This turns the traditional client-server architecture into one in which all nodes are both clients and servers, decentralizing the system and removing single points of control or vulnerability.

1. A consensus formation algorithm.

• In Bitcoin, all transaction processors (miners) come to consensus about what happened and when with respect to transmission and storage of the Bitcoin value token.
• This happens approximately every 10 minutes.
• This requires a slim majority of honest processors.
• In Ethereum, all transaction processors (miners) come to consensus about what happened and when with respect to transmission and storage of the ether value token as well as coming to an agreement about all of the processing that is done in all of the shared programs on the Ethereum World Computer.
• This happens approximately every 15 seconds.
• This requires a slim majority of honest processors.

1. A virtual machine that enables decentralized applications in Ethereum and programmable money in Bitcoin.

Where can I learn more?

Visit ethereum.org for more details.

For practical example of how it works, please visit below to get started.

For more educational resource or interested in deploying a smart contract, feel free to get in touch via private message  official tele link https://t.me/voBits  official channel: https://t.me/vobitsOfficial .