…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?