A mere 36 of the top 100 cryptocurrencies have actual “working products”. These staggering results are from a study that was recently published in order to create awareness of cryptocurrencies with actual use.
Study shows which cryptos have “working products”
The study was commissioned by Invest in Blockchain website and was based on the top 100 cryptocurrencies listed by market capitalization. The study is called “Cryptocurrencies In The top 100 With Working Products That Are In-Use.”
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The results show that only 36% have “working products.” But what does “working products” mean in this regard? The study defines “working products” as a project building a basic blockchain, being open-sourced and successfully launching the product. It also entails if the team behind the project is active and whether or not it can be used on a daily basis.
The authors, Daniel Frumkin and John Bardinelli noted that those who are cynical about the state of the blockchain industry may have a good point. According to them, a good cryptocurrency should have a functional mainnet that delivers, as well as a roadmap, a release history and current state of the project.
The results are in
And without any further a due, here is the list of cryptocurrencies that have actual working products:
- 0x Protocol
- Bibox Token
- Binance Coin
- Bitcoin Cash
- Huobi Token
- Kucoin Shares
- Kyber network
- Loom Network
- Pundi X
What about those who didn’t make the list?
Since the list is based on survey results, one can argue that it may be controversial. Regardless, it is very interesting to see what the general crypto community thinks. Does this mean that more than 60% of cryptos with high market caps are useless? The authors of the study said the list does not include projects whose mainnet is not being used significantly. For example, a coin’s mainnet should have a noteworthy dapp in order for it to be classified as a “working product.”
You may have noticed that Dash is not on the list but Pivx is. Sounds odd, doesn’t it? Especially since Pivx is a fork of Dash. According to Bardinelli Dash did not make the list because of Dash Evolution. Bardinelli said Dash Evolution “redefines” the focus of the project.
In conclusion, the Bitmart Senior Trade Analyst Rudner de Witt advises that one buy cryptos with solid projects and real-world use. It should ensure the best return on your investment.