What cryptocurrency do you think has the most realistic and achievable use-case? There are over 2000 cryptocurrencies and each one has its own goals and use cases, but what cryptocurrency has highest probability of achieving its goals?
When we examined the top 3 cryptocurrencies – by market capitalization – this is what we found:
What cryptocurrency use-case does Bitcoin (BTC) have?
Bitcoin was architectured to be a decentralized currency. At the moment, Bitcoin is being used as a currency but not on a scale where it will replace fiat currencies the world-wide used currency. To achieve fiat-currency-level of usability, the popular cryptocurrency will need to improve on transaction speed, scaling issue solutions and transaction cost. Bitcoin’s goal or use-case is achievable but, at the its current growth rate, may take years of innovation and growth.
What cryptocurrency use-case does Ethereum (ETH) have?
Ethereum’s main purpose is to provide a platform for users to build and run decentralized smart contracts.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
Ethereum, the second largest cryptocurrency by market capitalization, has been able to attract developers and users but has also realized some setbacks over the last year and a half. Much like Bitcoin, this project is highly ambitious and requires scalability solutions that was not available at the time of its launch. Ethereum is currently working on its scalability issues but being decentralized makes change a lot more difficult than in a centralized environment. While the platforms use-cases are achievable, newer cryptocurrency platforms with very similar use-cases – like EOS and Cardano – have already learnt from Ethereum’s mistakes and have already implemented solutions.
What cryptocurrency use-case does Ripple (XRP) have?
Ripple aim to solve the issues faced when sending money locally and internationally. These issues, like slow speed and high transaction cost, are solvable through the structure and capabilities of the Ripple network. The official Ripple website reads:
Of all the top 3 cryptocurrencies, I believe Ripple has the most achievable and realistic use-case. However, they will require huge support and partnership with the powerful financial institutions world-wide before pulling this one off.
WHAT CRYPTOCURRENCY WOULD I CHOOSE?
While there are so many cryptocurrencies, which makes it a difficult decision to make, I would go with Metaverse (ETP) or Datum (DAT). The goals of these two projects are both ambitious and achievable.
What cryptocurrency use-case does Metaverse (ETP) have?
Metaverse aims to be a service provider platform for digital assets and identities.
“Metaverse is an open-source public blockchain that provides digital assets, digital identities and Oracles as a foundational infrastructure for social and enterprise needs.”
While this project is very ambitious, its goals are perfectly aligned with the forecast of near future events where just about everything will be digital – including our identities. I believe that we will soon require a platform that offer these services, and since they are already in the field, their success seems very likely.
What cryptocurrency use-case does Datum (DAT) have?
Datum main use-case is the storage and monetization of data.
“Blockchain Data Storage and Monetization. Datum is designed for innovators who empower individuals.”
This may seem like just another data storage company, but it’s not. When we use the internet through our smart devices, like cell phones and tablets, we leave a trail of data behind. Everything you did online – like what sites you visited, how long you spent on the site, what purchases you made online and how often you make those purchases – can all be captured, stored and monetized.
In fact, reputable websites, like Facebook and Google, capture these data and use it to better market advertisers’ products to you – without paying for your own data. Your Datum account will capture this data and store it for you, after which you can decide how you wish to monetize the data.
Again, much like Metaverse, Datum is addressing an obvious problem that everyone has, and its goals are very achievable.
Featured image source: Pixabay.
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