What are the differences between Bitcoin and Ethereum

Bitcoin and Ethereum are both digital currencies that can be used to make online transactions, but they have some key differences.

Bitcoin is like a digital version of gold. It was created to be a store of value, just like gold. People can buy and hold Bitcoin, and it's seen as a safe haven asset that can protect against inflation and political instability. Bitcoin is built on a decentralized network, which means that no one person or organization controls it. The transactions on the Bitcoin network are stored on a public ledger called the blockchain, which is transparent and immutable.

Ethereum, on the other hand, is like a programmable computer that runs on a decentralized network. It was created to enable developers to build decentralized applications (dApps) that can be run on the Ethereum network. Ethereum has its own digital currency, called Ether, which is used to pay for transactions on the network. The Ethereum network allows for the creation of smart contracts, which are self-executing agreements that can be programmed to automatically perform certain actions when certain conditions are met.

So, while Bitcoin is primarily used as a store of value and a means of exchange, Ethereum is used to power decentralized applications and enable the creation of smart contracts. In other words, Bitcoin is like digital gold, and Ethereum is like a decentralized computer that enables developers to build applications that can be run on a decentralized network.

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Five key differences between Bitcoin and Ethereum

 Bitcoin and Ethereum are both decentralized digital currencies that operate on a distributed public ledger called the blockchain, but they differ in several ways:

Purpose: Bitcoin was designed primarily as a peer-to-peer electronic cash system that allows for secure and fast transactions without the need for intermediaries such as banks or payment processors. Ethereum, on the other hand, was designed as a platform that enables developers to build decentralized applications (dApps) using smart contracts, which are self-executing programs that can automate the execution of specific tasks.

Programming Language: Bitcoin uses a scripting language that is limited in its capabilities, which means that it can only perform simple functions like transferring funds. Ethereum, on the other hand, uses a more advanced programming language called Solidity that enables developers to create complex smart contracts that can execute a wide range of functions and automate processes.

Block Time: Bitcoin has a block time of around 10 minutes, which means that it takes approximately 10 minutes for a new block of transactions to be added to the blockchain. Ethereum has a block time of around 15 seconds, which means that transactions are processed more quickly.

Mining: Both Bitcoin and Ethereum use a proof-of-work (PoW) consensus algorithm to validate transactions and add new blocks to the blockchain. However, Ethereum is currently in the process of transitioning to a proof-of-stake (PoS) consensus algorithm, which will require less energy and reduce the need for specialized mining hardware.

Supply: Bitcoin has a fixed maximum supply of 21 million coins, while Ethereum does not have a fixed maximum supply and has a more flexible monetary policy.

In summary, while both Bitcoin and Ethereum operate on a decentralized blockchain, they differ in their purpose, programming language, block time, consensus algorithm, and supply.

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Got incubated at CIBA in Goa + Data, the new oil?

For the past several months, I've been contemplating getting back to starting my own ventures, I was happy with where I was in a "software engineering lead" role, but a question kept arising from within - What if this is just an intermediary step?

Long answer short? It was! So, I quit my high paying job in Bangalore this March, and I'm back in Goa now, the scenery is different, I don't mean the beautiful Goan scenery, I mean the outlook on starting ventures, in fact, we have a structured mini startup eco-system now, just like how we have in Bangalore. 

One of my biggest fascinations in tech was Tech Crunch, Michael Arrington was founder and co-editor of this website, he spent his initial years "blogging from the beach" about silicon valley. Back then, startups put out PR articles and insider information to explain what they did and their progress, Websites like Tech Crunch covered what was put out. This made me think about content integrity, 

• Is there a service that automatically and truthfully tracks what companies are up to? Their marketing effectiveness vs their actual product/service value created?
• Are the ambitions of a company inline with that of overall human progress? Are they after only market share or do they also want to create value for everyone by disrupting the market for the better?

I've been thinking about this since 2011, and I realize we now have the tools to collect, store and analyse data to answer questions like these in a cost effective way.

When I discuss this idea with other founder friends, I keep getting told "Data is the new oil!" or some variation of this, so I went ahead and got incubated at Centre for Incubation and Business Acceleration (CIBA), Goa to explore this idea into a venture, I need a place to operate from, a good internet connection and an environment for startups, CIBA seems apt for now, I'm operating under the name AJF Innovations.

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Are domain names important?

While on google search, I found this image, simply put, a domain name is an address on the internet, it tells your customers where they can find you. 

In the real world, the physical address of a business place helps us navigate and find what we are looking for. 

Furthermore, in the real world, real estate is priced higher based on accessibility and scarcity. 

Accessibility : Let's understand accessibility, in a shopping mall, the brand or brands placed at prominent spots within the mall get the most customers, domains are similar, on the Internet, domains bring in better business based on their quality, for eg, Shoes.com will have better traffic than BuyShoes.com, which will have better traffic than ShoeStore.com, which will have better traffic than ShoesInMumbai.com and so on.

Scarcity : is something people are always fascinated with, if something is scarce it becomes valuable according to humans, in the real world, land is scarce and hence people buy property in an effort to secure as much of this valuable asset for future use, in the digital world, a good domain name is equivalent to premier land, good domain names are scarce.

The following characteristics make a domain name valuable,

• Is it short (3 - 9 chars), shorter the better
• Is it memorable
• Is it pronounceable
• Can the name be typed in a browser easily
• Is it descriptive or brandable

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