WHAT IS ETHERIUM and why is it important. Can ethereum Be the next bitcoin #What are smart contracts

what is ethereum @ In this video we will talk about what etherium smart contracts are and how they are changing the came. What are smart contracts and how do they work in this video we talk about why etherium is important and how can it be the next bitcoin. can ethereum be the next bitcoin. we also talk about what ethereum is and how it is changing the crypto industry

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Is Ethereum similar to Bitcoin? Well, sort of, but not really.

Like Bitcoin, Ethereum is a distributed public blockchain network. Although there are some significant technical differences between the two, the most important distinction to note is that Bitcoin and Ethereum differ substantially in purpose and capability. Bitcoin offers one particular application of blockchain technology, a peer to peer electronic cash system that enables online Bitcoin payments. While the Bitcoin blockchain is used to track ownership of digital currency (bitcoins), the Ethereum blockchain focuses on running the programming code of any decentralized application.

In the Ethereum blockchain, instead of mining for bitcoin, miners work to earn Ether, a type of crypto token that fuels the network. Beyond a tradeable cryptocurrency, Ether is also used by application developers to pay for transaction fees and services on the Ethereum network.

There is a second type of token that is used to pay miners fees for including transactions in their block, it is called gas, and every smart contract execution requires a certain amount of gas to be sent along with it to entice miners to put it in the blockchain.

“Bitcoin is first and foremost a currency; this is one particular application of a blockchain. However, it is far from the only application. To take a past example of a similar situation, e-mail is one particular use of the internet, and for sure helped popularise it, but there are many others.” Dr Gavin Wood, Ethereum Co-Founder

What is a smart contract?

Smart contract is just a phrase used to describe computer code that can facilitate the exchange of money, content, property, share ... https://www.youtube.com/watch?v=eJJd47HxNqI