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If you havent run into at least a handful of people that are cynical about the condition of the blockchain industry and think its mostly scams and vaporware, well you probably havent been into crypto for very long.
We researched the top 100 cryptocurrencies (by market cap) in an attempt to learn how many of them really had working products which are providing real worth. The identical research done in 2017 might have yielded some truly discouraging results however, even now, the results arent exactly stellar.
Before we share the results with you, its important to define what exactly constitutes a working product in the first place.
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Considering that blockchain projects are open-source, building a basic blockchain and launching it isnt a very high bar to set. We wanted to be a bit more rigorous with our standards.
When researching this article, we evaluated each endeavors status, looked at its roadmap, checked its release history, and compared finished attributes to what the group promises to provide in the future.
A working merchandise is active and accessible to the public. Its mainnet has probably been published for some time, bumping the version numbers well above 1.0. Businesses and individuals use it on a daily basis for dapps, smart contracts, or electronic currency transactions.
There are many jobs in the top 100 that have launched their mainnet, and can claim to have a working item with a loose definition. But, we have chosen not to include projects which arent actually being used by any significant step, which means that most of the recently launched mainnets will not yet meet their standards. .
In other words, the mere existence of a product does not necessarily mean the product is working. After all, is a foundation doing any work when there's no burden on top of it Additionally, a dapp platform which has a mainnet but doesnt have any noteworthy dapps on top of it isnt considered working by this criteria. .
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No doubt many people would browse through this listing, find that their favorite project is missing, and then make a comment, What about XYZ project!! We welcome this feedback, as its entirely possible that a few projects have stronger user bases than indicated in the prevalent documentation of them.
But if you do think that we made a mistake, then we ask that you provide sources backing up that claim so we can assess its own validity.
(Editors note: Upon further research and consideration, OmiseGO and Verge, which were originally on this list, have been removed useful site as they do not fulfill the criteria outlined previously.)
Bitcoin is the cryptocurrency that began it all back in 2009, after the worldwide financial crisis and subsequent bailouts of banks left many people disenfranchised with fiat currency and obsolete, insecure financial infrastructure.
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Today, Bitcoin is being used for peer payments throughout the world. More than that, though, it is leading the way towards a future in which financial technology is trustless, secure, resilient, and censorship resistant. With no Bitcoin, this record would not exist.
The platform that attracted smart contracts to the blockchain, spurring a minor revolution in the cryptocurrency ecosystem. Before Ethereum, Bitcoin and its transaction-oriented design was the central focus of most blockchain projects.
After Ethereum, teams saw that the value of decentralized programs (dapps) and clever contracts, and changed their focus to compensate.
Vitalik Buterins Ethereum whitepaper was released in late 2013. The job itself was announced January 2014, using a crowdsale the following July. The system officially went live in July 2015.
Since then, hundreds of businesses, individuals, and blockchain jobs have embraced Ethereum as their main smart contracts platform.
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Current banking infrastructure has failed to grow in the 21st century, such that it takes 3-5 business days on average to get an international transfer to be processed. With only 4 second transaction times and in a fraction of the expense of a cable transfer, Ripples working merchandise is already impacting the banking sector. .
The big knock against Ripple is that its native token, XRP, is utterly unnecessary. Indeed, driving adoption of Ripples banking solutions is much easier than getting real life adoption for XRP.
In case youre interested in seeing a discussion about the way XRP adoption will occur, you may find that this reddit thread worth a read. Meanwhile, all people will just have to wait and see whether XRP adoption strategies their website ultimately come to fruition.