Bitcoin Lagging Behind Against The Real Race Of Ethereum?
Bitcoin has quite satisfactorily made its entry into the market through the efficient use of micropayments as a deal. This however has not hindered Ethereum from gaining speed with similar technology approaching the corresponding business giant in the field of crypto currency and the like.
What is more interesting is that the predicted future potential of all such micro payments in the domain of marketing is quite huge and can amount up to a great deal of around 925 billion dollars in the market by the year 2025. This is quite a lucrative market for the business organizations all over the world and is quite a trend for the exact growth of the same. These payments are opinionated to prove as an effective tool for payment alternatives for journalism or art or anything as such.
The very initiative of the micropayment project has been taken by the Raiden network lead by the developer Heiko Hees, founder and CEO of BrainBot which is smart contract and blockchain consulting company. This particular initiative aims to use the Ethereum tools and the corresponding platform for spearheading the development process in the evolutionarily trending market.
According to Hees, as voiced by him, Ethereum network may prove quite a beneficial factor and may defeat the Bitcoin network in terms of micropayment facilities as such, and thus proving the bitcoin block chain system as kind of obsolete when compared to its new technology.
Bitcoin facilitates the transactions in a period of about 12 minutes which is quite cumbersome. Moreover, the blockchain is supposed to wait until six confirmed procedures are handled before the transaction is declared as settled.
Ethereum on the other hand, has an edge over this criteria by just involving around 12-second of block timings which is perhaps the most effective of all notable solutions as such. Ethereum is branded the “World computer” which plans to transition from proof of work to proof of stake consensus algorithm and thus enhance scalability factors at large, thus beating the competition by and large.