Bitcoin was the first common cryptocurrency to be traded. With time, Ethereum joined, and build on the already set framework of Bitcoin. Currently, Ethereum offers more than currency for its users, unlike Bitcoin.
Ethereum facilitates different functions such as transactions in insurance compensations, online gambling and real estate contracts. Smart contracts form the principles through which both parties ensure they execute their side of the contract.
Smart contracts eliminate the need of a third party in transactions, which is majorly a central government authority. It acts as the third part by algorithmically confirming, validating, and auditing the movement of assets. It ensures that all transactions are secure, transparent, and are conducted in a timely fashion.