Genesis Mining Eth Hash
Ethereum cloud mining is a product gaining attention. Ethereum platform has received enormously media space in the beginning of 2016. Ethereum is a decentralized platform based on the cryptocurrency Ether (ETH). Ethereum relies on a blockchain. A blockchain is a list of all historic transactions, an account ledger. The blockchain is continuously growing. Ethereum stores smart contracts in the blockchain. Ethereum operates as a large decentralized computer that can execute programs on thousands of nodes.
Ethereum currency Ether
The cryptocurrency unit of the Ethereum platform is called Ether. It´s traded like any other cryptocurrency. Ether is used to pay the nodes for computational power and services on the Ethereum decentralized network. Ether is mined by proof-of-work but will move to proof-of-stake later in 2016. Block rewards are constant over time, plus the transaction fee.
Ethereum vs Bitcoin
Both Bitcoin and Ethereum have decentralized blockchains based on cryptography. However, they differ in many other technical ways. The programming language is different between them. The block time in Ethereum is seconds while in Bitcoin it´s minutes. They also differ in the way they are meant to be used. While Bitcoin is created as an alternative to regular money and is thus a medium of payment transaction and store of value, Ethereum is developed as a platform which facilitates peer-to-peer contracts and applications via its own currency vehicle. While Bitcoin and Ether are both digital currencies, the primary purpose of Ether is not to establish itself as a payment alternative (unlike Bitcoin) but to facilitate and monetize the working of Ethereum to enable developers to build and run distributed applications (ĐApps).