Compare cryptocurrencies and give them a score. That's the main plan.
I have been learning and reading a lot about cryptocurrency for over a year now. I do not consider myself an expert by any stretch but I hope to be able to simplify information for newer people and provide concise summaries of coins and tokens to the best of my ability.
I am not a financial advisor so nothing you read in this blog should be considered financial advice.
I'm sure there will be several other topics that will get covered, some crypto related, some not. I will be more or less posting what I feel like without focusing too much on trying to "optimize" the blog for views and profit for example I'm not going to worry excessively about content streamlining and popularity, if I feel like posting something waaay off topic that is politically controversial I will.
That said I will appreciate all feedback, positive and negative, and will try and use it to improve the core content.
If you see a problem with any of my reviews please point it out!!
Anyway, here is version 1.0 of the template I will be using (I have done 2 cryptocurrencies so far using it and have been tweaking it a bit along the way, however, I am sure there is much more tweaking to go!!).
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Disclaimer: I am not a financial advisor, this is not financial advice but only provided for information purposes. Although I will do my best I cannot guarantee the accuracy of information in this document.
Invested potential conflict of interest, i.e. do I own more than a tiny ammount used for testing purposes. I will attempt to be impartial regardless of whether I own the coin or not. {yes/no}
Currency: {Name of currency}
Previous Names: {List of past names with dates}
Short Summary of Intent: {what is the purpose of the coin?}
Code: {Trading code used on exchanges}
Market Cap: {Total market capitalization of the coin}
Market Cap Updated: {date market cap was updated}
Coinmarketcap.com Ranking: {what number is this coin on coinmarketcap.com}
Coinmarketcap.com Ranking Last Updated: {date figure updated}
Market Cap Score: {Score given to coin based on market cap as a percentage of bitcoins market cap. .01-.1% = 1 point, .1-.5% = 2 points, .5-2% = 3 points, 2 -10% = 4 points, 10-50%=5 points, 50-100% = 6 points, 100%+ = 7 points}
{Top 10 +3, Top 50 +2, Top 100 +1}
Trading Volume: {30 day trading volume from coinmarketcap.com}
Trading Volume Last Updated: {Date last updated}
Trading Volume Score: {Score given to coin based on trading volume as a percentage of bitcoins trading volume. .01-.1% = 1 point, .1-.5% = 2 points, .5-2% = 3 points, 2 -10% = 4 points, 10-50%=5 points, 50-100% = 6 points, 100%+ = 7 points}
Pow/POS/Other: {proof type}
POW algorithm if applicable: {Algorithm}
Block Time (seconds): {block time}
Block Size: {Block Size}
Annual Inflation Rate: {Current Annual Inflation Rate}
Date inflation rate updated: {Date Inflation Rate Updated}
Future Inflation rate declines: {does the inflation rate go down over time}
Inflation Rate Score: {Deflationary 10 points, 0-5% 7 points, 5-10% 6 points, 10-15% 4 points, 15-20% 2 points, 20%+ 0 points, if inflation rate goes down over time +3 points}
Circulating Coin Supply: {number of coins currently in circulation}
Date coin supply updated: {date coin supply updated}
Max Coin Supply (Jan 2100 if infinite): {maximum coin supply}
Circulating Supply as a percentage of max: {how much coin supply is currently circulating compared to the maxiumum}
Score for circulating percentage: {90-100% 10 points, 80-90% 8 points, 70-80% 6 points, 50-70% 2 points, less than 50% 0 points}
Premine as a percentage of max supply: {if there is a developer held premine, what percentage is it compared to maximum supply. Also includes poorly distributed pre-mines}
Score for premine percentage: { No premine 10 points 0-10% 9 points, 10-20% 6 points, 20-30% 2 points, 30-50% 0 points, more than 50% -20 points}
Privacy Currently: {does the coin currently have privacy features}
Privacy Planned: {does the coin intend to implement privacy features within 12 months}
Privacy Method: {Method used to ensure privacy}
Privacy Strength: {Ability of privacy features to resist breaking, N/A, Low, Mid, High}
Privacy Score: {Privacy score, Current privacy +5, Planned privacy +1, Privacy Strength +0,0,2,5 respectivly}
Centralization: {is the coin centralized. Text around this plus a 1-5 score with 1 being highly decentralized and 5 being virtually completely centralized}
Centralization Score: {+10,8,4,2,-5 respectivly based on above score}
Team: {available information about the team including size, skills, history}
Team Funded: {paid in cash? Paid in crypto they are developing? Volunteer?}
Team Score: {+1 per fully paid reasonably qualified full time worker, to a maximum of +10, or if the workers are not paid or paid in the development crypto I will just do what I figure is roughly equivilent}
Start Date: {When was the crypto founded?}
Start Date Score: {within the last 6 months = 0 points, 6-12 months 3 points, 12-24 months 5 points, 24 months + 6 points}
Transactions per second: {stress tested maximum transactions per second on main blockchain, does not take into account second layer solutions or side chains. Theoretical maximums are not counted}
Transactions second layer or side chains currently implemented?: {is a second layer or side chain(s) currently implemented to boost transactions per second}
Transaction Fee Average (USD): {current average transaction fee}
Transaction Fee Date Updated: {date fees updated}
Transactions Score: {TPS 0 – 10 +0, 10-50 +1, 50-100 +2, 100-1000 +3, 1000-10,000 +4, 10,000+ +5}
{Second layer solution? If yes add .5x score for transaction speed including second layer solution}
{No fees to less than .01c (thats .01 of 1 cent) – 0 points unless blockchain bloat addressed, .01 to 1c = 4 points, 1c – 20c = 2 points, 20c - $1 = 1 points, more than $1 = 0 points}
Type: {Currency, Platform, Utility, Exchange}
Degree of completion: {1: no minimum viable product, 2: minimum viable product but buggy, missing many planned features, 3: minimum viable product, few bugs, reasonable ammount of features, 4: Does virtually everything planned, 5: classed as completed}
Completion last updated: {date completion status last updated}
Completion Score: {0,4,6,8,10}
Open Source: {is the project open source with source code available?}
Open Source Score: {Open source +20}
Governance: {text surrounding the governance system}
Treasury System: {does it allocate a portion of newly minted coins to a treasury? If so what %}
Governance and Treasury score: {Coin is well governed to prevent single points of takeover with a treasury 10% or lower +10, Coin is well governed without a treasury or with a greedy one (more than 10%) +6, Poorly governed without a treasury or with a greedy one -10}
Make Sense for Blockchain: {Does it make sense to use a blockchain for this application, or to have the application decentralized? Or could it just be done with a (generally cheaper) database?}
Blockchain Sense Score {If it makes sence to me +0, if it doesn't -20}
Current Development Rate: {does it appear to be under current active development? 1: abandoned, 2: cannot see development due to closed source 3: slow development possibly by a single person 4: under a modest development rate 5: very active development}
Date development rate updated: {date development rate updated}
Development Rate Score: {-20 unless degree of completion is 3+ then 0,1,1,4,10}
Risk of security breach: {Are there known security flaws? Is this a POW work coin with a small hashrate that could be attacked by a moderate sized Bitcoin miner?}
Security Score:
{No known risks +0
Chance of a security problem but small -2
Reasonable chance of denial of service type attack that does not affect the integrity of the chain combined with small chance of a security problem or no known risks -5
Moderate chance of a security problem -10, Significant chance of a security problem -20}
Wallet tested and working with date: {Have tested a desktop or hardware wallet where I control the private key, and the date tested}
Wallet Comments: {Was it easy to use? Easy to install? Look professional?}
Wallet Score: {No local wallet -5, local wallet but hard to use or buggy +0, decent wallet available +5}
Real World Usage (Other than investment and speculation): {is the currency being used in a significant way for anything other than speculation?}
Usage Score: {+10 for a real world usage, +0 otherwise}
Biggest fish in the pond?: {is this the largest coin by market cap in this niche?}
Biggest fish score: {+10 for yes, +0 for no}
Our Brief Comments: {other comments not already addressed, possibly including some history of the coin etc}
Comments score modifier: {score modifyer applied based on these comments}
Total Score/Rating: {total score}
Website: {URL for the coins main website(s)}
Other social media links: {url's for things like twitter, slack}
Biggest Exchange: {biggest exchange trading this coin}
Biggest Exchange last updated: {last time exchange date updated}
References:
Version 1.0
Author: We Compare Chains
Youtube: https://www.youtube.com/channel/UCOP_jyus_yCKzsGy4IDK1-g
Support: If you would like to support us you can do so in the following ways:
Upvote or donate on Steemit: https://steemit.com/@wecomparechains
Donate Bitcoin: 1L1omKiixsguKKd4AambbhahBbJuSd5x3M
Donate Litecoin: LKY4R2Ncm3w5qyq4UCNKozfHCSuaZu8qV5
Donate PIVX: DBxX4MkxjCWG9dYTuz8HwRunkibhHyfSw7
Donate Dash: XpmTMEqtJXxz5wQRxQbjhPRE8BaazshSoq
Google Drive:
https://drive.google.com/drive/folders/1Bv7JcSA_ktW6Ck3AvwIHZ5Zqfe-wD6Rg?usp=sharing
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Both of the currencies I have done took me around a day each, and I get 2 days off a week to work on them, and sometimes those days are busy, so while I will try I would not expect to see anywhere near a post a day from me for now.
If I can become successful I will be able to allocate more time, but I have a lot of hard work in front of me before that time!