The company Weiss Cryptocurrency Ratings has given a glowing review of ‘High-rated’ coins this week. It also highlights the current risks investors face from imitation coins currently on the market.
While cryptocurrencies have sustained losses so far this month, Weiss points to Cardano, NEO and EOS. All of which have made substantial gains over the first months of 2018.
EOS has risen by over 5.8% today, reaching an overall value of $17.98 according to CryptoCompare.
NEO, while sustaining a drop of 6.97% so far this week. Has shown remarkable growth since November 2017. Rising from $25 to hit $75.89 today.
Cardano has made nominal gains from its $0.14 start to the year. To almost triple in value, reaching $0.32 today.
While improving significantly over their short lives so far, Weiss’ ratings take into consideration the level of innovation that they bring with them:
“But their recent price gains are a testament to all the factors we consider in our ratings — their innovative technologies, solid adoption metrics and excellent promise for the future.”
While NEO, EOS and Cardano have been picked for their innovative approach and excellent performance. Imitations have not been spared from scrutiny, by contrast. Many of these imitations are cut from well-known cryptos such as ZCash and Bitcoin.
The creators of these counterfeits are implementing their code and profiting off those who invest in them as coins. The individual in question is Rhett Creighton, the creator of all three, and is accused of market manipulation by ‘Coin-hopping’ according to Jackson Palmer.
I kind of see @HeyRhett as the Martin Shkreli of cryptocurrency. He's convinced that his hopping from fork-to-fork and turning a profit isn't market manipulation – and maybe legally he's in the clear (I'm not a lawyer). But is it morally corrupt? Hell to the yes. pic.twitter.com/VA6Hd4ggg5
— Jackson Palmer (@ummjackson) April 28, 2018
ZClassic
Started in 2016, the developer/s behind ZClassic applied ZCash’s code to launch their own cryptocurrency.
According to the ZClassic site, their major selling points are that they’re entirely democratic and have no founders or miners tax. In a post on its Twitter account on April 27th, ZClassic announced it had ceased operations on its currency.
As said in March, all work has stopped on #Zclassic. Nothing about this has changed. Any proposed fork you may hear about does not have widespread consensus. Please use caution before participating in any fork that is promising guaranteed returns or may sound too good to be true.
— Zclassic (@ZclassicCoin) April 27, 2018
Bitcoin Private
One of the statements made by the Zclassic team was the hard fork over to Bitcoin Private. This was to introduce what the creators refer to as a ‘Voluntary miner contribution’ to ZClassic.
Bitcoin Private’s other selling point is the introduction of systems which improve resistance to ASIC mining programmes. ASIC mining has proven to be a polarising subject within the cryptocurrency community.
Over the weekend our contribution team wrote and began testing a proof-of-work change that will enhance BTCP's ASIC resistance. We are prepared to upgrade the network within the next month if community consensus continues to favor this course of action. https://t.co/a89J5GkWFI
— Bitcoin Private (@bitcoinprivate) May 7, 2018
But the Bitcoin Private coin has been criticised by Weiss Ratings for being almost identical to ZCash.
Bitcoin Prime
Weiss believes that Creighton acquired the code to an underused Primecoin. This coin has since been subjected to a fork to develop Bitcoin Prime to undergo a similar process to previous coins.
According to the crypto’s Twitter feed, Bitcoin Prime will be experiencing a hard-fork. Breaking into two separate coins: Primecoin and Bitcoin Prime.
Yes, the Bitcoin Prime Fork is happening. We are happy to announce our website release. Check us out at https://t.co/NhRnXnUOyU. Stay tuned, there is plenty more to come! #BitcoinPrime #PrimeConsensus #Primes pic.twitter.com/VMaTsMsK2B
— Bitcoin Prime (@BTCPrimeCoin) May 2, 2018
