As the world’s second-largest cryptocurrency by market capitalization, Ethereum has a well-established network of users and developers. This has led to the creation of a number of altcoins that are built on Ethereum’s blockchain or make use of its smart contract functionality.
Here are some of the most popular altcoins that are currently tied to Ethereum.
Ethereum Classic (ETC)
Ethereum Classic is a fork of the Ethereum blockchain that occurred in 2016 after a major hack. The fork resulted in the creation of two separate blockchains – Ethereum and Ethereum Classic.
While both blockchains share the same history up until the fork, they have since diverged. Ethereum Classic maintains the original vision of Ethereum as a decentralized platform for smart contracts, while Ethereum has gone on to become a more general-purpose blockchain with a focus on dapps and DeFi.
Despite their differences, Ethereum Classic still uses Ethereum’s virtual machine (EVM) and smart contract functionality. This means that any altcoins built on the Ethereum Classic blockchain can also be used on the Ethereum blockchain.
Bitcoin Cash (BCH)
Bitcoin Cash is a fork of the Bitcoin blockchain that occurred in 2017. The fork was created in an effort to increase Bitcoin’s block size, which was seen as a bottleneck for Bitcoin’s scalability.
NOTE: WARNING: Investing in altcoins that are tied to Ethereum can be a risky endeavor. While these coins may offer potential upside, they may also be more volatile and less liquid than other cryptocurrencies. Additionally, the success of these coins is heavily dependent on the success of Ethereum. Therefore, it is important to understand the risks associated with investing in these coins before making any decisions.
While Bitcoin Cash shares many similarities with Bitcoin, such as its proof-of-work consensus algorithm, it is not compatible with Bitcoin’s software or ecosystem.
Bitcoin Cash does, however, use the same EVM as Ethereum and is therefore able to run Ethereum’s smart contracts. This led to the creation of an ERC20 token called Wormhole Cash (WHC), which can be traded on Bitcoin Cash’s blockchain.
WHC can also be used on the Ethereum blockchain, making it one of the few altcoins that are truly cross-chain compatible.
Litecoin (LTC)
Litecoin is one of the oldest and most established altcoins, having been created in 2011 as a fork of the Bitcoin blockchain. Unlike most other Bitcoin forks, Litecoin is not compatible with Bitcoin software or ecosystem and operates as its own independent cryptocurrency.
Litecoin uses a different proof-of-work consensus algorithm than Bitcoin and has faster transaction times.
While Litecoin does not use Ethereum’s EVM, it does support atomic swaps – a type of cross-chain trading that doesn’t require a third party exchange. This means that Litecoin can be traded directly for ETH or other cryptocurrencies without having to first convert it to fiat currency.
Atomic swaps between Litecoin and Ethereum are possible due to both blockchains being built on top of bitcoin’s UTXO model.
Polkadot (DOT).
8 Related Question Answers Found
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