Altcoin domination increases and code sharing
In recent years, the cryptocurrency world has witnessed a significant change in market dynamics, and this Bitcoin (BTC) and Ethereum (ETH) have dominated in space. Two of the largest altcoins on the market, each with its own functions, advantages and cases of exclusive use. But you have already wondered: What a percentage of altcoins is based on bitcoins or provides the same code base as your original creator? How about the number of altcoins they borrow firmly from the Ethereum code?
Adoption of Altcoin and code sharing
According to various sources, including an analytical blockchain company, a company that deals with research on chains and cryptocurrencies, Glassnode, here are some statistics emphasizing the scope of the influence of bitcoin on the cryptographic ecosystem:
- Altcoin percentage: About 75% to 80% of all altcoins are based on Bitcoins (BTC) or their forked versions such as Bitcoin cash (BCH), Bitcoin Gold (BTG) and Litecoin (LTC ). This means that in 100 created altcoins, at least 75 to 80 are directly related to the original Bitcoin project.
- Code sharing: The Ethereum code database has a great influence on the Bitcoin protocol architecture. In fact, Ethereum Virtual Machine (EVM) was widely designed for a similar consensus algorithm and intelligent contract frames as a Bitcoin Powing Proof.
5 best altcoins based on Bitcoin code
To better understand to what extent other altcoins will lend bitcoins or provide your code base, here are five examples:
- Bitcoin Cash (BCH): As mentioned earlier, BCH is a bitcoin fork that adopted a similar consensus algorithm and an intelligent contract structure as a father project.
- Litecoin (LTC): Litecoin, another popular Altcoin, was originally designed by Charles Lee and built in the Bitcoin protocol. Although it has been running out of the Bitcoin code database since then, its basic architecture has a great influence on the original concept.
- Ethereum Classic (ethris): Ethereum Classic, also known as Ethris, is a fork of the original Blockchain Ethereum, which aims to preserve and restore the decentralized nature of the Ethereum protocol.
In short
As you can see in these statistics and examples, Bitcoin code base has had a profound impact on creating many altcoins. Like about 75% to 80% of all Bitcoins -based altcoins or their forked versions, it is clear that the original design plays a significant role in the formation of the cryptocurrency scenario.
It is worth noting, however, that not all altcoins are created equal when it comes to sharing and code effects. Other projects, such as Ethereum himself, were able to adapt and develop their protocols, maintaining a certain level of separation from the Bitcoin code database.
Finally, increased Altcoin domain is a natural consequence of the decentralized nature of cryptocurrency and the fact that the code is often copied and adapted, not prescribed.