Blockchain Technology Through Bitcoin and Ethereum

Abstract

With a focus on the two most important cryptocurrencies, Bitcoin and Ethereum, this chapter explains the significance of blockchain in today's environment and analyzes its implementation in both networks as well as investigates how they work, describing their transactions, unique characteristics, benefits, and necessities, noting how Ethereum addressed some of Bitcoin's shortcomings with the introduction of smart contracts. They both depended on the proof of work (PoW) consensus mechanism at first, which Ethereum has moved to proof of stake (PoS) in its new upgrade as Ethereum 2.0. They examine the benefits and differences of these consensus protocols and other ones that deserve consideration and shed light on how they both have dealt with their challenges and drawbacks. Moreover, they analyze the prospects and likely improvements in blockchain technology, as they hope to illustrate the potential of blockchain along with Bitcoin and Ethereum to spark future innovation and address contemporary difficulties through their capabilities and network applications.