A Decentralized Platform That Runs Smart Contracts Essay

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Ethereum is “a decentralized platform that runs smart contracts […] on a custom built blockchain” (Ethereum.com). This platform allows for interested parties to use the blockchain in a way which helps move value, represent ownership of property and store registries of debt all without having a third party intercede and even allows for automation of the transfer of funds as defined in contracts (Ethereum.com). Ethereum’s cryptocurrency are the DigixDAO and Augur. Ethereum was first introduced by, the nineteen year old Canadian,Vitalik Buterin on August 2014 however after getting hacked the developers decided to create Ethereum Classic (Blockgeek, “What is Cryptocurrency”). Rippleworks with banks to transform how they send money around the world (ripple.com). Ripple’s technology allows banks to send money fast, on demand, at a low cost and there is no payment size restriction. Ripple is the least popular among the cryptocurrency industry as they are consider to be a network that processes debts as oppose to real cryptocurrency. Additionally, the company that manages Ripple distributes their cryptocurrency token, XRP, at will which defies the purpose for an algorithm that creates a code for the creation of cryptocurrencies (Blockgeeks, “What is Cryptocurrency”). Litecoin is a decentralized currency created on October 2011 (Litecoin.com).This currency is considered to be the silver standard to the digital currency as one of the first cryptocurrencies to model after Bitcoin.

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