The Rise of Altcoin Dominance and Code Sharing

Over the past few years, the cryptocurrency world has witnessed a significant shift in market dynamics, with Bitcoin (BTC) and Ethereum (ETH) dominating the space. Two of the largest altcoins on the market, each with their own unique features, advantages, and use cases. But have you ever wondered: what percentage of altcoins are based on Bitcoin or share the same codebase as their original creator? And what about the number of altcoins that borrow heavily from Ethereum’s code?

Altcoin Adoption and Code Sharing

According to several sources, including blockchain analytics firm Chainalysis and cryptocurrency research firm Glassnode, here are some statistics that highlight the extent of Bitcoin’s influence on the cryptocurrency ecosystem:

• Percentage of altcoins: Approximately 75% to 80% of all altcoins are based on Bitcoin (BTC) or its derivative versions, such as Bitcoin Cash (BCH), Bitcoin Gold (BTG), and Litecoin (LTC). This means that out of every 100 altcoins created, at least 75 to 80 are directly tied to the original Bitcoin project.

• Code Sharing:

  

  Ethereum’s codebase is heavily influenced by the architecture of the Bitcoin protocol. In fact, the Ethereum Virtual Machine (EVM) has largely been designed with a similar consensus algorithm and smart contract framework in mind to Bitcoin’s proof-of-work (PoW) mechanism.

Top 5 Altcoins Based on Bitcoin’s Code

To give you a better understanding of the extent to which other altcoins borrow from Bitcoin or share its codebase, here are five examples:

• Bitcoin Cash (BCH): As mentioned above, BCH is a fork of Bitcoin that has adopted a similar consensus algorithm and smart contract framework as its parent project.

• Litecoin (LTC): Litecoin, another popular altcoin, was originally designed by Charles Lee and built on top of the Bitcoin protocol. Although it has since deviated from the Bitcoin codebase, its underlying architecture is still heavily influenced by the original concept.

• Ethereum Classic (ETHRIS):

  Ethereum Classic, also known as ETHRIS, is a fork of the original Ethereum blockchain that aims to preserve and restore the decentralized and open-source nature of the Ethereum protocol.

In Conclusion

As you can see from these statistics and examples, the Bitcoin codebase has had a profound influence on the creation of many altcoins. With 75% to 80% of all altcoins being based on Bitcoin or its derivative versions, it is clear that the original project plays a significant role in shaping the cryptocurrency landscape.

However, it should be noted that not all altcoins are created equal when it comes to code sharing and influence. Other projects, such as Ethereum itself, have been able to adapt and develop their protocols while maintaining some level of separation from the Bitcoin codebase.

Ultimately, the rise of altcoin dominance is a natural consequence of the decentralized nature of cryptocurrencies and the fact that code is often copied and adapted rather than rewritten.