As per a new study released by ‘Invest in Blockchain’, out of the top 100 crypto assets available in the market today, only 36 have actual use cases to back them up.
While the study is bound to attract a lot of heat from crypto enthusiasts worldwide, the researchers behind the study claim that they employed “fair standards which spanned evenly through all of the altcoins that were studied”.
The Nitty-Gritty of the Matter
According to the authors of the study, in order to assess the viability and market potential of an asset, they looked to clearly define “what exactly constitutes a working product in the first place.”
What this means is that a currency with a basic ‘open-source blockchain framework” did not really qualify as a product of substance.
Taking a critical standpoint towards the crypto market at large, John Bardinelli and Daniel Frumkin, two researchers associated with this study, noted:
“If you haven’t run into at least a handful of people who are cynical about the state of the blockchain industry and think it’s mostly scams and vaporware, well… you probably haven’t been into crypto for very long. And the truth is, those cynics have a good point.”
How many of the top altcoins are actually worth investing in?
During the research, the authors of the study looked at a host of criteria before coming to any conclusions regarding a particular currency. For example, some of the aspects that were important to the overall assessment included:
What the project has actually delivered to date.
The current economic state of the company behind the project
Milestones within the roadmap that have been met.
Further elaborating on why the authors took such a strict stance for their study, they said:
“There are many projects in the top 100 that have launched their mainnet, and can claim to have a ‘working product’ by a loose definition. However, we have chosen not to include projects which aren’t actually being used by any significant measure, which means that most of the recently launched mainnets will not yet meet our criteria. For example, a dapp platform that has a mainnet but that doesn’t have any noteworthy dapps on top of it isn’t considered ‘working’ by this criteria,”
“0x Protocol, Ardor, Augur, Bancor, Bat, Bibox Token, Binance Coin, Bitcoin, Bitcoin Cash, Bitshares, Bytecoin, Decred, Ethereum, Golem, Huobi Token, Komodo, Kucoin Shares, Kyber network, Litecoin, Loom Network, Monero, Nano, Neo, Pivx, Polymath, Pundi X, Qtum, Ripple, Siacoin, Steem, Stellar, Tether, Wanchain, Waves, Zcash, and Zencash.”
As is to be expected when a list like this is released, the coming few days will see a lot of independent researchers and commentators provide their own take on the study. However, one thing is for sure that with the blockchain universe attracting such attention in recent months, things can only look up from here on (out).