Ethereum is one of the fastest-growing cryptocurrencies in the world. It is a decentralized platform that enables the creation of smart contracts and decentralized applications (DApps). Ethereum has been designed to follow in the footsteps of Bitcoin, the world’s first cryptocurrency. In this article, we will explore why Ethereum follows Bitcoin.
Firstly, it is important to understand that Ethereum was created as an improvement to Bitcoin. Bitcoin was created in 2009 and was the world’s first cryptocurrency. It is a decentralized digital currency that can be used to make secure transactions without the need for intermediaries like banks. Bitcoin was created to provide an alternative to traditional financial systems that were controlled by governments and financial institutions.
Ethereum, on the other hand, was created in 2015 by Vitalik Buterin. It is a decentralized platform that enables the creation of smart contracts and DApps. Ethereum was designed to address some of the limitations of Bitcoin, such as scalability and the lack of programmability.
One reason why Ethereum follows Bitcoin is that it was built on the same blockchain technology. The blockchain is a distributed ledger that records all transactions made on the network. Both Ethereum and Bitcoin use the blockchain technology to maintain their network, and this is one of the reasons why Ethereum follows Bitcoin.
Another reason why Ethereum follows Bitcoin is that it has a similar mining process. Both Ethereum and Bitcoin use a proof-of-work consensus algorithm to validate transactions on the network. Miners on the network solve complex mathematical problems to validate transactions and add them to the blockchain. This process ensures the security and integrity of the network.
Furthermore, Ethereum and Bitcoin have similar token economics. Both cryptocurrencies have a limited supply, and new coins are created through mining. However, Ethereum has a faster block time than Bitcoin, which means that transactions on the Ethereum network are processed faster than on the Bitcoin network.
Ethereum also follows Bitcoin in terms of its decentralized nature. Both cryptocurrencies are decentralized, meaning that they are not controlled by any government or financial institution. This decentralized nature ensures that the network is secure and censorship-resistant.
Lastly, Ethereum follows Bitcoin because it has a similar community. Both cryptocurrencies have a strong and passionate community of developers, investors, and enthusiasts. This community is essential for the growth and development of the network.
In conclusion, Ethereum follows Bitcoin because it was built on the same blockchain technology, has a similar mining process and token economics, is decentralized, and has a similar community. Ethereum was designed to address some of the limitations of Bitcoin, but it still follows Bitcoin in many ways. As both cryptocurrencies continue to grow and evolve, it will be interesting to see how they differ and how they continue to follow each other.