It is important for people to do their research before buying into various cryptos. I came across this article which basically states that more than half of the top 100 cryptos listed on coin market cap or coin puffs do not have a working product. If you don’t have the patience to do some kind of research on the cryptos listed at least maybe buy into some of the more notable ones like Bitcoin, Ethereum and Bitcoin Cash.
According to the nextweb.com a study was done by Invest in Blockchain which is a Cryptocurrency analysis firm that took into account things like release history, already available features and a few other things into consideration. The study defined a working product as one that is available to the public and is used on a daily basis. Many cryptocurrencies in the top 100 claim to have a working product but according to Invest in Bockchain’s definition many of these crypto currencies may have a working product without an active user basis which is a concerning factor for the future of most of these crypto currencies.
The authors also looked into payment protocols on the blockchain. The main ones like Bitcoin, Bitcoin Cash, Ethereum, XRP all have a working product that is widely used. (I have my reservations about XRP as I’ve heard that it is centralized which goes against what I and many other people believe to be the main reason for cyrptocurrencies which is decentralisation) However, I do think that other payment protocols like Dash, Zcash and Monero could be worth investing in. I’ve even heard reports of Dash being used in countries like Venezuela facing serious economic crisis. You will find controversy in news.bitcoin.com on Dash and it’s hard fork Pivx. Basically dash did not meet the criteria laid out by I the analysis firm Invest in Blockchain.
If you read through the article you will learn that not all decentralized cryptocurrencies on the blockchain are perfect, this is why I urge anyone interested in this space to do a little bit of research before getting involved. Check out the links below for more information on this.
https://thenextweb.com/hardfork/2018/08/15/top-100-working-cryptocurrencies/
https://news.bitcoin.com/over-60-of-top-100-cryptocurrencies-have-no-working-product-study-claims/