The Ethereum blockchain is the foundation on top of which decentralized applications can be built.
Here are just a few of the decentralized applications that shine a light on how developers are building on top of the Ethereum blockchain:
- Imogen Heap used the technology to improve digital rights management for music.
- Augur and Stox have built prediction markets which are exchange-traded markets used for the purpose of trading the outcome of events.
- Digix has created digital tokens pegged to gold.Slock.it is using the technology to build smart locks, which are electromechanical locks designed to lock or unlock doors wirelessly based on cryptographic keys.
- Etheroll has built online gambling applications based on the Ethereum blockchain. RWE uses it for electric car charging management.
- uPort relies on the Ethereum blockchain to build secure identity systems for the internet whereby you don’t need a password to login.
- The Ethereum blockchain platform is estimated to have over 50% market share for initial coin offering projects, which is why Ethereum’s value is believed to extend beyond that of a typical cryptocurrency.
What Is The Enterprise Ethereum Alliance?
Where Ethereum has potential beyond most other cryptocurrencies is that a coordinated effort has been launched to create a reference standard for the Ethereum blockchain that can be used to solve problems across a wide range of industries.
The Enterprise Ethereum Alliance (EEA) includes many of the world’s leading companies, including Microsoft, J.P. Morgan, Deloitte, Accenture, BNY Mellon, Merck, Toyota, Mastercard, Cisco, Scotiabank, CME Group and even Cornell University’s Research Group.
The idea is to come together to create a private permissioned version of the Ethereum blockchain that can be used to address problems in numerous industries, such as health, automotive, technology, banking, consulting, management, pharmaceutical and entertainment.
The network effect of a coordinated group of leading Fortune 500 businesses joining forces to create a common standard adds a valuable dimension to Ethereum beyond what most other cryptocurrencies, including Litecoin, can offer.
In a nutshell, Ethereum makes it possible to employ Blockchain technologies without having to start from scratch.
What Is Litecoin?
Litecoin is a peer-to-peer cryptocurrency that is in many ways similar to Bitcoin because it relies primarily on the same open source code. It was released in 2011 by Charlie Lee, a former Google employee.
The big difference between Litecoin and Bitcoin is in the speed of transactions. Litecoin is about four times faster than Bitcoin.
Another big difference is the maximum number of Litecoins that can be created is 84 million while only 21 million Bitcoins can be produced.
Similar to many cryptocurrencies, Litecoins are released based on a geometric series that halves every 4 years.
And similar to Ethereum, Litecoin can be purchased at Coinbase.
According to EtherScan, the total supply of ethers is approximately 97 million.
How Do You Buy Ethereum or Litecoin?
To buy cryptocurrencies, you need a digital wallet. If you wish to buy Ethereum, you could visit a web wallet like Coinbase, which acts both as a broker to allow you buy and sell ethers and a wallet where you can store your purchase.
Coinbase is accessible not only via the web but also on iOS and Android devices. It uses two factor authentication for heightened security.
Another web wallet is MyEtherWallet, which differs from most other web wallets by keeping your Ethereum private key on your machine. By contrast, Coinbase stores your private key on hosted servers, which are insured.
Other Ethereum wallets allow you to house your cryptocurrency too. For example, Ledger Nano S is a hardware wallet where your Ether is stored offline. Trezor is another hardware wallet first developed for Bitcoin that also supports Ether.
If you prefer to store your digital currency on your desktop, Exodus support multiple cryptocurrencies including Bitcoin, Ethereum, and Litecoin. Another desktop wallet is Mist, which is the official Ethereum wallet.
For cryptocurrency aficionados, MetaMask provides a desktop wallet that lets you store your Ethereum and access decentralized Ethereum applications.
Ethereum Vs Litecoin Value Tokens
The value token of the Ethereum blockchain, ether, is listed under the symbol ETH on cryptocurrency exchanges.
Litecoin is traded with the symbol LTC.
How Much Does It Cost To Purchase Litecoin or Ethereum?
If you wish to purchase Litecoin or Ethereum at Coinbase, you will pay a hefty transaction fee compared to the cost of buying stock on a brokerage platform like tastyworks or thinkorswim.
Coinbase fees are subtracted from the amount entered to arrive at the total. So, let’s say you want to sell $100 of ETH (ethers) and the transaction fee is 1.49%, your total will be $98.51.
When you use a credit or debit card, a fee of 3.99% is applied but that reduces to 1.49% using a Coinbase USD Wallet.
The following article was republished with permission from Investor Mint.