Blockchain is a valuable contribution Bitcoin has made to the finance industry. The blockchain technology is being used in various crypto technology based platforms with an extensive range of application. Smart Contract is one such application created over blockchain protocols. We now have two blockchain based protocols that are built around blockchain related applications and smart contracts. One of them is Rootstock and the other one is the well-known crypto platform – Ethereum.
Rootstock is an open-source peer to peer smart contract platform. It is similar to Ethereum in many ways, except for few differences. unlike Ethereum, Rootstock makes use of the existing Bitcoin blockchain than its own blockchain. The established Bitcoin ecosystem offers a stable and scalable support system to the platform. Rising demand for Ethereum
While Rootstock works on the Bitcoin blockchain, Ethereum is a standalone open source platform cryptocurrency and blockchain platform. It offers a platform for developers to create and publish their applications on the blockchain. The computing power for these hosted applications is supplied by the network, where people contribute their computer’s processing power to maintain and run the applications. Like Bitcoin mining, Ethereum miners also receive ether rewards for their contributions. Ether is the crypto-tokens used on Ethereum and the developers have to pay ether to be able to host their applications. In addition, ether can also be sold or purchased on various cryptocurrency exchanges.
The versatility of gthe Ethereum platform and the ability to create and execute smart contracts makes it a valuable option for the banking and fintech industry. Banking and financial services companies are trying to implement blockchain technology to automate their operations while keeping the costs to a minimum. The strong Ethereum network, combined with its features and capabilities makes it an ideal choice. By using smart contracts financial institutions, trading […]
