Indian Prime Minister Narendra Modi early this year praised the transformative potential of blockchain and stressed on the need to quickly adapt. Of all the cryptocurrency available in the market, it is Ethereum that is outperforming all cryptocurrencies including Bitcoin. Ethereum is growing at a fast pace and India has every reason to be excited since it has a lot to offer the country.
Why is Ethereum Better than Bitcoin?
Bitcoin once considered as a golden goose is beginning to lose its value as it gives way to Ether, the cryptocurrency that fuels the Ethereum network. The main reason behind Bitcoin’s decline is its indecision and the fact that it has stagnated for the past three years. Ethereum, on the other hand, has zoomed ahead, thanks to its sophisticated technology that does everything that Bitcoin does but faster, in more volume and at a much lower cost. While the world is beginning to recognize Ethereum as the best cryptocurrency, it is time for India too to take note of that.
Visakhapatnam Emerging as Country’s blockchain hub
As part of the Indian government’s decision to adapt and to adopt blockchain, Vizag or Visakhapatnam in Andhra Pradesh is already beginning to appear as the country’s blockchain hub. Andhra Pradesh chief minister N. Chandrababu Naidu has already begun the dream project by teaming up with Southeast Asia based blockchain and cryptocurrency startups Belfrics and New York-based blockchain firm ConsenSys to drive the state’s administrative functions using blockchain technology.
How is Ethereum Different From Bitcoin?
Bitcoin has limitations, one of them being that Bitcoin transactions are very time-consuming. It can even take hours sometimes if the network is very busy. The second limitation is its price. The average transaction at this time costs nearly $1.50 which is big.
Ethereum, which was never intended to serve as a competitor to Bitcoin is a platform for all new decentralized (often financial) applications (Dapps). It runs on a peer-to-peer network of computers.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]