With Augur, users can bet on real world events and earn payouts routinely primarily based on the outcomes. Recall that Bitcoin is a comparatively simple decentralized utility for funds. Ethereum builds on Bitcoin by incorporating robust computing capabilities and good contracts.

The technology also provides the flexibility to create worth for transactions through tokens. This tokenization has been carried out in cryptocurrency settings as properly. blockchain got here into the public consciousness about ten years in the past, with the invention of bitcoin. Bitcoin is a model new kind of world payment network that permits value to be transmitted electronically instantly between peers. But apart from bitcoin and different cryptocurrencies, there are multiple potential functions of blockchain. The underlying know-how is already used across a spread of industries, including monetary companies, aviation and healthcare.