Report: Only 40 Out Of 100 Top Cryptocurrencies Have "Working Products"

  • Invest in Blockchain's research indicates that only 40 cryptocurrencies have legitimate use cases or "working products."
  • Bitcoin (BTC), Bitcoin Cash (BCH), Ripple (XRP), Monero (XMR), BitShares, and Steem were identified, among others, as having working products.
  • EOS and TRON (TRX) were visibly absent from Invest in Blockchain's list.

Invest in Blockchain, a website that analyzes cryptocurrency platforms, recently published its research findings of the top 100 cryptocurrencies by market capitalization. The study's goal was to determine which digital currencies “actually had working products that are providing real value.”

According to Invest in Blockchain, only 40 out of the top 100 crypto projects have legitimate use cases or a working product. In order to assess their usefulness, each project’s current status was evaluated, in addition to its roadmap, and release history.

Researchers at Invest in Blockchain then “compared [each crypto project’s] completed features to what [their] team promises to deliver in the future.” Moreover, a working product has to be active, which means that it must be accessible to the public and its mainnet must also have been launched, the crypto research site noted.

Other important criteria for evaluating the legitimacy of a crypto project include whether or not it has been adopted for daily use by individuals, organizations, and businesses, according to Invest in Blockchain.

"Without Bitcoin, This List Would Not Exist"

Notably, Bitcoin (BTC) was ranked number one by the crypto analysis site because “it is leading the way towards a future in which financial technology is trustless, secure, resilient, and censorship resistant.” Invest in Blockchain’s researchers also stated that, “Without Bitcoin, this list would not exist.”

Ethereum (ETH), the smart contracts platform, came in second on the crypto research site’s list, due to the large number businesses and organizations that have adopted it to launch initial coin offerings (ICOs) and build decentralized applications (dApps).

Ripple company’s suite of financial products were ranked number three because it is “already impacting the banking sector”, Invest in Blockchain stated. According to the company’s research findings, Ripple’s XRP cryptocurrency is able to process cross-border payments in only 4 seconds. This, the researchers noted, is much faster and more cost-effective than the 3-5 business days required for international transactions made using traditional banking services.

Bitcoin Cash (BCH), the most dominant of over 40 Bitcoin (BTC) forks to date, was ranked number four by Invest in Blockchain because BCH’s larger block sizes allow for a higher transaction throughput. Additionally, “its fees and transaction times are much faster”, the crypto research site noted.

EOS, TRON (TRX), IOTA, Cardano (ADA) Not Mentioned

Notably, the heavily funded EOS project did not make Invest in Blockchain’s list, even though its mainnet was launched a few months ago, presumably because its current adoption rate might not be high enough for it to be considered as having a “working product.” However, Dan Larimer’s other cryptocurrency platforms BitShares and Steem were ranked fairly high by the crypto analysis site.

Other cryptocurrency platforms that were featured on Invest in Blockchain’s list include Litecoin (LTC), Stellar (XLM), Qtum, Zcash (ZEC), Binance Coin (BNB), Monero (XMR), Tether (USDT), Verge (XVG), and Augur (REP).

Interestingly, Justin Sun’s TRON (TRX) platform was visibly absent from the crypto research site’s list and IOTA, and Charles Hoskinson’s Cardano (ADA) also did not qualify as having working products.

Blockchain Is Well-Positioned to Help the Unbanked, OKEx Executive Says

Lennix Lai, OKEx’s Financial Markets Director, has recently made two presentations in Davos, where the 50th World Economic Forum (WEF) Annual Meeting is taking place, to spread the word about blockchain technology.

In his two presentations – made at the Russia House 2020 and EmTech Investment Meeting 2020 events – Lai argued that even though there are highly developed countries throughout the world, over 2 billion people are still being excluded from the traditional financial services over the operational costs associated with setting up branches in underdeveloped areas.

Lai noted that “unbankedness” is one of the “biggest hurdles in human wellbeing” and a great opportunity for the blockchain and fintech sector to make a difference in the world by helping those left behind by the traditional financial sector get access to financial services that could boost their living standards. At Russia House 2020, Lai said:

Blockchain and cryptocurrencies appear to be a solution to the problem by providing a digital, decentralized financial system that can work mutually-beneficially with traditional markets to substantially lower the operational costs and serve the areas traditional banking cannot cover.

Lai added that OKEx is committed to “bringing a robust and trustable environment to cater to crypto users.” The cryptocurrency exchange, he added at the EmTech Investment Meeting 2020 talk, sees global regulators a start endorsing the space in the future, and the volatility of BTC dropping.

This would make the flagship cryptocurrency a favorable alternative asset for mainstream finance. He also mentioned the growing decentralized finance space, which “reflects that people are starting to brace a free, open, permission-less financial system.”

The options, futures and spot markets OKEx offers, Lai said, let cryptocurrency users manage the price fluctuations in the space, and 2020 will see the exchange continue its efforts on stablecoins, its OKEx wallet, and derivatives products.

He concluded his presentation at the EmTech Investment Meeting 2020 saying OKEx believes “blockchain can achieve an inclusive sustainable development as well as financial inclusion for all, banked and unbanked.”

Featured image via Unsplash.