Building ON TOP OF Etherium > please explain this concept

Hey Guys…

…another newbie question… I hear all the time that such and such ICO is “riding on” ETH’s platform or “built upon” ETH’s platform. . . . .

I am having trouble understanding exactly what this means?

Does it mean that the new ICO starts off with ETH’s main code (and therefore can function as PART OF ETH’s blockchain, and block from the new ICO will be mined by ETH’s miners?)

So the new ICO is almost like a fork of ETH in that the basic code is almost the same… and it gets it’s consensus FROM ETH’s miners, but the blockchains still remain separate???

Is this how it works?

Why is it done this way? Is it because otherwise the new ICO would first have to build up a network of miners etc etc etc?

And a side question… What is the difference between a COIN and a PLATFORM? I guess BTC is simply a COIN. and ETH is a platform, correct. Is it that BTCs code is very very simple and can not accommodate “extras” like contracts and other ICOs riding on it? …but ETH ,being a platform, has written into it’s code the possibility of accommodating a whole host of “extras” aside from simply the COIN function. Therefore a platforms code will allow it to be used for many other functions, like contracts, and that other coins can “ride on” it and participate in it’s consensus protocol?

ICOs often launch on Ethereum using an Ethereum smart contract. You send your ethereum tokens to the smart contract address and get the ICO token sent to your wallet. This is NOT something you can do on an exchange, you need your own wallet on your computer. This article will explain it to you:

Now, with that out of the way, Cardano (ADA) is NOTHING AT ALL TO DO WITH Ethereum. It is it’s own live blockchain. Totally 100% separate thing. :slight_smile:

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Bitcoin is both a network and a coin (BTC). Ethereum is both a network and a coin (ETH). Ethereum allows you to make your own tokens that sit on top and utilise the network (ERC-20 tokens). The networks make it possible to use the coins; to transfer them between addresses, determine ownership etc.

But BTC is not a “platform”, correct? …just a coin and network?

Yea, Bitcoin has a very basic scripting language but nothing like Ethereum - you can’t do smart contracts or ERC-20 tokens, etc. Bitcoin is really just digital cash at the moment.

“at the moment” ?? But it will always be like that, no? Because BTC has no governance therefore they will never be all in agreement regarding some huge code changes that would be required “mid-stream” in order to enhance BTC’s uses.

You are probably correct. I have heard some talk, but as you say, BTC has a consensus problem in terms of moving forward, so perhaps the only changes will be performance rather than functional.


Bitcoin might be more complicated than some of us are lead to believe, it is possible to run contract’s on its network if someone chose to dig into that and do it, bitcoin is fully capable of processing any of the information that is loaded onto its blockchain… Just saying…

it’s not a turning complete language.

Read that first paragraph carefully. “The language is designed such that it guarantees all scripts will execute in a limited amount of time”. That means no iteration. Also there is no conditionals AFAIK.

Turing :slight_smile: Turing :slight_smile:

Edward, this old (but still valid) article will probably interests you, it introduces Rootstock, the smart contracts platform that is being integrated on the Bitcoin Blockchain

But I don’t hear anything about ROOTSTOCK these days… I wonder why?

I am not sure but I believe the priority is Lightning Network due to the december congestion problems

BTC is falling way behind! Seems they spend all their time and energy chanting “bcash bcash bcash” LOL …