What will cryptocurrency look like in 2022?

in #bitcoin3 years ago (edited)

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More than half of the top 100 cryptocurrencies have no utility, according to a new report • Cryptocurrency

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According to a study by Invest in Blockchain, just about half of all cryptocurrencies provide any genuine value or meaningful function to their customers. Only 36 of the top 100 most valued cryptocurrencies (by market capitalization) were determined to have working items in the analysis. 1

The Problem with Working Products

Due to the lack of a clear definition of "functioning product" in the cryptocurrency sector, many cryptocurrencies claim to have one, even though it does not necessarily indicate any real utility. The research looked into each blockchain project's current status, plan, and release history, comparing completed features to the whitepaper's promised capability.

The study examined each blockchain project and established the necessary criteria for a functioning product: it should be active and available to the public, its mainnet should have been up and running for some time, updates to the initial release should have been made as indicated by version numbers greater than 1.0, and enterprises and/or individual participants should be using it on a regular basis for payments, dapps, smart contracts, or other cryptocurrency utilities. The study, for example, omitted "a dapp platform with a mainnet but no notable dapps on top of it," as such a project isn't regarded working by this criterion. 1

Popular blockchain projects such as bitcoin, ethereum, ripple, stellar, litecoin, tether, monero, neo, and bitcoin cash are among the top qualifying cryptocurrencies with operational products.

The following are some lesser-known cryptos that qualify for the coveted list of having a working product:

Protocol 0x (ZRX)

The permissionless, open-source blockchain that enables trustless and secure Ethereum token exchanges through relayers and dapps built on top of the protocol has been operational for more than a year, and future implementations will allow trading of tokens built on standards other than ERC-20, including non-fungible ERC-721 tokens. (For more information, see What Is ERC-20 and What Does It Mean for Ethereum?)

ByteCoin (ByteCoin) is a cryptocurrency (BCN)

ByteCoin transactions are instantaneous, untraceable, un-linkable, and immune to any form of blockchain analysis that could reveal the identities of the participants and their transactions, setting new benchmarks for privacy in the blockchain world.

ZenCash is a cryptocurrency that allows you to exchange money (ZEN)

ZenCash, another privacy-focused cryptocurrency on the list, also supports the anonymous network of The Onion Router (TOR) nodes and has built-in chat messaging capabilities.

PIVX PIVX PIVX PIVX P (PIVX)

PIVX is the next entry on the list for safeguarding the privacy of its users and transactions in a secure manner. Its current functional concept may easily be developed to include governance features, wallet voting, and the creation of its own PIV decentralized exchange, despite its lack of popularity. (For more information, see The Five Most Secure Cryptocurrencies.)

Loom Network is a group of people who work together to (LOOM)

Loom is called a blockchain coding academy and promotes software creation using its software development kit (SDK). Its utility extends beyond simple scripting, as it also provides a production-ready scaling solution for Ethereum and allows Ethereum SDK to be used to quickly construct scalable dapps.

Steem is a cryptocurrency that is based on the (STEEM)

Steem is the cryptocurrency that powers the popular, decentralized social media network Steemit, which assists content creators seeking audience rewards. Despite the fact that the cryptocurrency's use is limited to the Steemit platform, its massive user base places it among the most widely used blockchain products.

SiaCoin (SiaCoin) is a cryptocurrency (SIA)

Sia, one of the first companies to deploy decentralized cloud storage in 2016, has experienced a lot of interest in the multibillion-dollar cloud storage business. It's gaining traction as a safe and cost-effective alternative to centralized cloud storage providers like Amazon S3, Google Drive, and Dropbox.

Token of Basic Attention (BAT)

BAT qualifies for participation in the list with over 7 million daily active users with its Brave Browser, which promotes quicker, secure, and private web browsing thanks to its built-in ad-blocking and tracker-blocking capabilities.

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Golem is a type of golem that is (GNT)

Have you ever needed a more powerful CPU, GPU, or memory on your computer to complete a resource-intensive task? Take a look at Golem, which bills itself as the Airbnb of computer resources. One can easily rent such additional resources to complete a computing activity on an as-needed basis by paying a rental cost in GNT tokens.

Token Bibox (BIX)

Bibox has established itself as a safe, encrypted digital asset exchange platform that stands out from the competition by including sophisticated artificial intelligence (AI) technologies. Such AI-powered utilities that give quantitative computations and analysis of their trading activity, individual risk management, diversification and allocation plan, and speech recognition can help Bibox participants (traders). The firm already has offices in the United States, Canada, mainland China, Hong Kong, Japan, and Estonia.

enchantment (ARDR)

Ardor is one of the few Blockchain-as-a-Service (BaaS) providers, allowing businesses to easily create and manage their own child chains and tokens. It has a minimal resource and power consumption because it uses the Proof of Stake (PoS) consensus process.

Others on the list of functional products are Pundi X (NPXS), Waves (WAVES), Komodo (KMD), and Kyber Network (KNC).

Investing in cryptocurrencies and Initial Coin Offerings ("ICOs") is extremely dangerous and speculative, and this article is not an endorsement of cryptocurrencies or ICOs by Investopedia or the author. Because each person's circumstance is different, you should always get advice from a knowledgeable specialist before making any financial decisions. Investopedia makes no guarantees or representations about the accuracy or timeliness of the information provided. The author owns no cryptocurrencies as of the day this post was written.

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