Coinmarketcap soon to show letter grades next to each crypto project
If coinmarketcap.com wasn't awesome enough, it is about to get better!
Soon coinmarketcap will feature a letter grade next to each crypto project.
The letter grade will be from an "S" (superb) all the way down to an "F".
Mostly like the grading system used in schools except for an "S" being better than an "A".
The grading system was created by Flipside Crypto and it is called FCAS.
Which stands for a coin's Fundamental Crypto Asset Score.
It was developed to help investors get a quick idea of what is going on with developer activity behind each project.
How does the grading/scoring system work?
The scoring is mostly based on factors such as developer activity and a broad set of transaction data.
Here is an example from their page:
(Source: https://www.coindesk.com/coinmarketcap-blockchain-analytics-flipside-crypto)
EOS comes in with an "S" rating, the highest rating of any coin/project.
Bitcoin and Ether follow closely behind with an "A" rating.
Where does steem stand you might be wondering?
Well if you go to their page and scroll way down the list you will find steem with a "C" rating.
It is almost as far down this list as it is on the coinmarketcap price list.
Roughly 73 other projects rate ahead of steem on that list currently. Surprisingly, including bitshares.
The next time the main developers at Steemit,Inc try to tell you how much better steem is than every other project, show them this list.
It appears they are the only ones that actually believe that.
Stay informed my friends.
-Doc
This is great tool to know new coins
It's a decent tool for new investors to have an idea which projects are "dead".
that tool is only opening door to (more) corruption and rigging
I agree there could be some of this. Though, I think most of its value comes from the F category. If a project is in there it probably means it is dead or very close to dead. Ones to steer clear of.
how do you know they will do honest work and not rig things ? do we even know who is behind cmc ? did they publish the names of the people who will be doing this ?
this tool will have power to kill projects , meaning controllers are taking the game to the next level ...
They pull their data from public sites such as github. So, in theory, if a company has a low ranking yet their github is very active one could cry foul on the ranking. It is semi transparent.
who ever controls the tool, controls the entire crypto ecosystem . the potential for abuse and corruption is just too big
I don't think it will be relied on enough to have as much of an impact as you are implying.
I suggest you do little research on who are the guys behind 'Flipside Crypto' (that is the company providing the ratings) and who are they connected to ...
it is a huge red flag !
How can they possibly know the development behind the scenes of each and every single coin out there?
C? Really now? Based on what? It seems to me that some of the "famous" coins would get that "S" or "A" no matter what...
That is certainly possible. Regarding developer activity, it says the ratings change "according to live input from external exchanges and websites like GitHub."
I remember back in the day when Steem was near the top of these kinds of rankings... now we're a C!
Yep, we can thank the development team for that. Not much to show for the last 2 plus years... except they have enriched themselves and kept the lights on by selling steem every week...
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Thanks.
c? :/
Yep, and if you look at the site there is only one rating lower... an F. There are no D's. So steem is one grade above an F... awesome.
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Cool, thanks.
That seems like an incredible bias scoring system. Does Cardano even have a main net out yet and if so, who is even developing on cardano. At least Eth, EOS, and Tron all have Dapps.
I also find it hard to believe that the EOS score and Steem score are so far apart especially since both were created by Dan. I guess I'm not questioning Steem getting a C, but most of those other projects in the screenshot don't deserve that high of a grade in comparrison.
EOS is better than steem in most ways that you could possibly score it. The only thing steem has going for it is a few apps with slightly more users currently. However with millions of dollars being thrown at developers, EOS is going to get a killer app sooner rather than later. Follow the money...
@theycallmedan would disagree, and he doesn't live in an echo chamber.
https://steemit.com/dtube/@theycallmedan/bwtw86cg
The EOS ram situation is not ideal.
Also, the ability to communicate with and tip anyone who you think is bringing value to the space is pretty unique to Steem at the moment.
I can't take those grades seriously because of all the shit I've heard very smart people talk about Cardano. And I have personal experience of what a dumpster fire Justin Sun and Tron bring to the table.
Regarding EOS, most of their issues are solvable. Also, they have a war-chest of cash that isn't bested by anyone in crypto. They have some of the smartest developers working with them, and they have a way to pay/compensate new developers that build cool things. That gives them a tremendous leg up on steem which mostly relies on speculation by Asian investors to give it much value beyond what it is currently, which is then used (via upvotes) as a quasi tip for developers like you mentioned.
I hold a few dozen EOS. Thought i might as well buy some.
For the love of me i cant figure out anything to use it for.
EOS might be the best project in the world but all i see when i browse its sites is shitcoin airdrops and gambling transaction spam.
I mean even the blocktivity site shows EOS at 14% of max blockchain capacity and theres literally nothing of any real worth built on the blockchain.
Yet...
They are the most well capitalized project in all of crypto and it's not even close. I am not a fan of theirs, but I follow the money...
Sure.. Problem is that even if they had another truck load, or 5, of cash and had this to show for, it wouldnt make any difference to me.
I still wouldnt know what id use it for.
That's fine. That is when the most money is made on an investment. You don't buy something for what it is today, you buy it for what it could be in the future.
Coinmarketcap has been a "goto" site for so long in cryptocurrency that I am surprised they haven't evolved their site often over the last few years.
I wince when people post snippets of Coinmarketcap's primitive charts.
It appears they are adding some investing tools now as well. This rating system is a step in that direction. Not sure how useful it will be for seasoned crypto investors, but perhaps for newbies.
Good to gain some perspective but at the end of the day, we each should do our own homework to decide which assets we get involved with.
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Yep. This is mainly to show which projects have some developer activity. Don't want to buy a "dead" project, which is more likely for new investors.
Rating system is actually needed for the industry in my opinion.
It likely helps new investors, yes.