Of the top 100 cryptocurrencies listed by market capitalization, only 36 are actually what the authors term “working products” in a study recently published online. Newer ecosystem website, Invest in Blockchain, commissioned the study. It’s sure to be debated, and hotly, as to which coins made the cut to 36, but the authors attempt to assure readers certain standards were applied across the board in order to make their determination much of the cryptosphere is a giant dumpster fire.
A Cold 36% Out of 100 Top Cryptocurrencies Have Working Products
In fact a cold 36% of the top 100 cryptos have what the writers define as “working products.” They agree that “it’s important to define what exactly constitutes a working product in the first place.” Simply taking into account a project being “open-source, building a basic blockchain and launching it isn’t a very high bar to set. We wanted to be a bit more rigorous with our criteria.”
“If you haven’t run into at least a handful of people who are cynical about the state of the blockchain industry and think it’s mostly scams and vaporware, well… you probably haven’t been into crypto for very long,” John Bardinelli and Daniel Frumkin wrote in the study, Cryptocurrencies In The Top 100 With Working Products That Are In-Use. “And the truth is, those cynics have a good point.”
The study was put out by the site, Invest in Blockchain, founded in 2017. They claim to have “researched the top 100 cryptocurrencies (by market cap) in an effort to learn how many of them actually had working products that are providing real value. The same research done in 2017 may have yielded some truly discouraging results but, even now, the results aren’t exactly stellar.” For the authors of the study, a “working product” is 1. “active and available to the public,” 2. “Its mainnet has likely been released for some time, bumping the version numbers well above 1.0,” and 3. “Businesses and individuals use it on a daily basis for dapps, smart contracts, or digital currency transactions.”
Dash Doesn’t Make the List
As they researched, the authors were sure to match project promises made to what has actually been delivered, the present state of the company, its roadmap, and release history. Still, there “are many projects in the top 100 that have launched their mainnet, and can claim to have a ‘working product’ by a loose definition,” the authors note.
“However, we have chosen not to include projects which aren’t actually being used by any significant measure, which means that most of the recently launched mainnets will not yet meet our criteria.” For example, “a dapp platform that has a mainnet but that doesn’t have any noteworthy dapps on top of it isn’t considered ‘working’ by this criteria,” they conclude.
Projects that made the cut are: “0x Protocol, Ardor, Augur, Bancor, basic attention token, bibox token, Binance Coin, Bitcoin, Bitcoin Cash, Bitshares, bytecoin, decred, ethereum, Golem, Huobi Token, komodo, Kucoin Shares, kyber network, litecoin, Loom Network, Monero, nano, NEO, PIVX, Polymath, Pundi X, QTUM, Ripple, Siacoin, Steem, stellar, tether, Wanchain, Waves, ZCash, and zencash.” As noted, there is bound to be controversy with lists such as these. Commenter PertReader1 notes, “LOL you include PIVX a fork of Dash, but ignore Dash? You mention that PIVX ‘launched’ in 2016, yeah as a fork of Dash. How can you practice such yellow journalism?” One of the authors, John Bardinelli responded, “We left Dash out of the picture because of Dash Evolution. DE redefines the project’s focus.” To which yet another commenter, kanuuker1, fumed, “That’s a total load of crap. Evolution is only the next major update. Our goals haven’t changed in years. Dash has a fully working project and is much further along in its development than every other project.”
Do you think there are too many coins out there? Share your thoughts in the comments section below.
Images via Pixabay.
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Over the past few years, a few privacy-centric cryptocurrencies have gained both in popularity and value. Many of these coins like monero, dash, pivx, zcash, and more were at one time top ten digital asset contenders as far as market valuation is concerned. Now even though a few of these specific digital assets have dropped out of the top ten capitalizations, some of them are not too far behind the highest valued coins, but a great majority of them have significantly lower market caps.
It’s been close to a decade since the birth of the original Bitcoin protocol and there have been over 1600 cryptocurrencies with all types of features launched since then. One specific digital asset feature that’s always been popular among cryptocurrency fans is anonymity. Most people know bitcoin transactions are not anonymous unless a mixing application is used, and even that type of tool is not 100 percent as the method obfuscates transactions at best. Because of this issue, a myriad of privacy-centric cryptocurrencies have been introduced over the years and many of them held top ten positions among the most valued digital assets but all of them have been bumped off the list. Quite a few of the most popular privacy-focused coins have lost considerable value since last December and a few of these tokens are also approaching some new changes and protocol upgrades.
Where Are They Now?
Monero (XMR) is a privacy-focused cryptocurrency that claims to offer untraceable payments, unlinkable transactions, blockchain analysis resistance, and adaptive parameters. The cryptocurrency is different than most digital assets because it’s not based on the original Bitcoin protocol and its consensus is based on the Cryptonight protocol. Since Monero was launched in 2014, the currency has done well as far as market value is concerned. For instance, the first week of trading saw XMR prices reach .99 cents to $2 per coin and over the past couple years XMR has gained around 6,900 percent since launch.
However, this December monero touched a high of $390 per XMR and so far in 2018, with current spot prices on July 28, the coin has lost -64.10 percent of value. More recently, the XMR community found out that XMR was mineable by ASIC hardware and decided to hard fork the protocol which resulted in four different monero forks. Monero is in the midst of planning to add compatibility with a privacy method called Bulletproofs and the XMR development team has announced the first Bulletproofs audit (by Kudelski Security) was successful. Monero is currently priced at $140 per XMR and the cryptocurrency holds the 12th largest market cap position.
Another coin that offers privacy sending features and enjoyed a long stay in the top ten is the cryptocurrency dash (formally known as darkcoin). Back in 2014, the cryptocurrency was trading for $1.25 -1.50 per DASH and at today’s current prices the digital asset is up 16,100 percent in value which is a pretty extraordinary feat. Although, people who didn’t get in real early on dash and bought the 2017 high have seen a loss of -83.8 percent during dash’s ATH of $1,500 per coin on December 21.
People like dash for a few reasons which include its private send feature which uses the protocol’s masternode program to mix coins and obfuscate transactions. The masternode protocol is a favorite among dash proponents as it allows nodes to earn revenue and it’s also used with the dash governance voting system. Recently, on the dash-focused Three Amigos Podcast, it was revealed that the financial institution Fidelity owns a 15 percent stake in Neptune Dash which is a firm that offers chunks of masternode ownership. People also dislike dash for a few reasons like how it’s always been haunted by the instamine rumors back when the currency launched. Some people accuse dash of being a planned instamine, but the developers have addressed the topic many times denying the allegations. Many dash supporters believe the its features and the community’s marketing have bolstered the coin. Dash is now four spots behind the top ten cryptocurrency capitalizations sitting in the 14th position.
Another privacy-centric coin that has seen a lot of market action since it was launched is zcash (ZEC). In fact, ZEC markets have been pretty wild since it was introduced because if you invested in the currency during the first week of launch you might be seeing a big loss. During the first day of trading ZEC prices were around $2,044 per coin, $574 the next day, then a day later it was $1,624 a ZEC. In a few rare instances, some exchanges hit $12K per ZEC the first day. In order to make transactions private Zcash users send ‘shielded’ transactions which are protected by zero-knowledge cryptography. The zero-knowledge methods the ZEC protocol utilizes are called zk-SNARKs and zcash users can also send open and public transactions as well. However many skeptics believe the minting ceremony process of zero-knowledge proof coins (trusted setup) is not 100 percent foolproof.
The ZEC protocol has some changes taking place on October 28, 2018, as the cryptocurrency will be upgrading to what’s called ‘Sapling.’ According to the developers, the upgrade will add increased efficiency to shielded addresses and transactions. As mentioned above, ZEC markets have fluctuated intensely since it was launched last October, and during the second week of December, it was roughly $500-675 per coin. Today, on July 28, ZEC is worth $220 per ZEC and investors who bought in December 2017 have lost -56 to -67.40 percent. Moreover, if you purchased during the first week you could have lost -89 to -80 percent.
The cryptocurrency PIVX (Private Instant Verified Transaction) is a privacy-centric Proof-of-Stake (PoS) coin that derives its codebase from the bitcoin protocol 0.10 and dash. The PIVX system also uses a masternode mechanism and the developers claim to have recently introduced Zerocoin (zero-knowledge proofs) technology. If an individual bought PIVX during the first week of launch, the person would have gained 230,900 percent. However, if the person purchased PIVX on January 10, 2018, they would have lost -83.38 percent today. PIVX is not very close to the top ten positions at all, as the currency holds the 80th position amongst the top valued coins within the crypto-economy. Furthermore, the PIVX community has a long history of feuding with the dash community which is likely due to the project’s similarities.
A Bunch of Different Cryptocurrencies Aim to Provide Anonymity — But As Far As Market Performance is Concerned, Many of these Coins Have Significantly Lower Valuations Than the Top Ten Cryptos
These four coins have all been top contenders within the cryptocurrency space and there are many other cryptocurrencies that have aimed to offer anonymity. Other cryptocurrencies that have done well within trading markets at one time and offer privacy-centric solutions include Zencash, Bitcoin Private, Komodo, Spectrecoin, Bitcoin Dark, Verge, Navcoin, Boolberry, Zcoin, Deeponion, and more. All of the methods these coins use consist of three similar ideas like zero-knowledge proofs, ring signatures, and masternode mixing services.
Now, most of these cryptocurrencies have some value but a great majority, minus the few mentioned above, are not very close to the top ten crypto-market valuations. The highest valued privacy coins that are somewhat close to the top ten positions include monero, dash, zcash, and verge. That’s only four digital assets, and the rest anon-coin’s market valuations are below the 40th position and don’t seem to be making it to the top-ten lineup anytime soon.
What do you think about privacy coins and how they have performed over the past year? Do you expect any of these cryptocurrencies to make it into the top ten highest valued digital assets? Let us know your thoughts in the comment section below.
Images via Shutterstock, Pixabay, and the various logos for each coin.
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It’s amazing what a fat green wick can do. In just 30 minutes on Thursday, bitcoin rose by $1,000, sparking ear-to-ear smiles and mass euphoria throughout the crypto space. In today’s edition of Bitcoin in Brief, we explore the ramifications of the BTC breakout plus a whole lot more.
After days of stagnation, bitcoin finally made a move on Thursday and it was a biggie. The largest green candle witnessed in a month, big enough to wipe out a slew of shorts in an instant. When bitcoin wants to it makes like the wind, treating hodlers to all the thrills of riding the world’s giddiest roller coaster. In a single hour, a record $1.2 billion of BTC was traded. Previous bitcoin breakouts have proven to be damp squibs, so while optimism remains, traders aren’t holding their breath.
Cryptographic researchers claim to have found vulnerabilities in a group of privacy coins that includes zerocoin and PIVX.
Coinsheets writer Dmitriy is tweeting 100 days of shitcoins in which he appraises a bunch of alts in a tweet apiece.
EOS has been one of this week’s big gainers, and is one of the few coins to be up in 2018. A number of reasons have been postulated for its sudden gains including an upcoming airdrop and imminent mainnet launch.
One critic who’s not feeling those EOS vibes is Jackson Palmer, who complained: “People don’t seem to realize that there is no actual EOS “network” that the ERC-20 tokens can be redeemed on. They’re just releasing the code and there will be *multiple* networks/blockchains you can then hopefully redeem some sort of other token on. It won’t be “EOS” though.”
Crypto Scammers Are Getting Smarter
How’s this for an ingenious way to load up on gas?
Bittrex Reopens Registrations
This week Bittrex reopened new user registrations. Then it closed them again after being swamped by demand. And now it’s opened them again, this time for good hopefully.
Finally, crypto has a new word: fomonomics, the art of studying Google search trends to identify when the masses are about to FOMO into bitcoin again.
Do you think ‘fomonomics’ can be used to anticipate new money flooding the market? Let us know in the comments section below.
Images courtesy of Shutterstock, and Twitter.
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Privacy coins are nothing new in the cryptocurrency space but lately, these unique coins have been gaining traction. When most people say privacy coin, most people automatically think of Monero (XMR). However, there are some new and established Privacy coins emerging on the market that deserve attention. Read on to discover our Top 3 privacy cryptocurrency coins.
Why Privacy Coins? Aren’t They Just Used by Criminals?
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