Only 36 of the coins and tokens among the 100 with the largest market cap have a working product to show for, according to a research of investment analysis website Invest in Blockchain.
Those include the largest and most popular blockchain projects, such as Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash, Monero, Tether, and Zcash, as well as the utility tokens of major cryptocurrencies KuCoin Shares, Binance Coin, and Huobi Token.
The authors of the study, John Bardinelli and Daniel Frumkin, looked at the 100 cryptocurrencies with the largest market cap that have a working product which provides real value. Despite some improvement from 2017, when the same research has been done, “the results aren’t exactly stellar“ in 2018 either and a little over one third of the coins and tokens had something meaningful to show.
The study compared the actual features delivered by the project to what has been promised to the public and what the plans are. According to the criteria, to qualify as a working product, a project has to be active and available to the public. The mainnet would have been released some time ago and is well above the version 1.0 stage. It has to be used by businesses and individuals on a daily basis for decentralized applications (dApps), smart contracts digital currency transactions.
The authors have excluded recently launched mainnets, such as EOS, VeChain and Ontology that do not meet their criteria.
“The mere existence of a product does not necessarily mean that the product is working,” the report notes. “After all, is a foundation really doing any work when there is no weight on top of it? Likewise, 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.”
The full list of the 36 coins and tokens with actually working projects is the following: Bitcoin, Ethereum, XRP (Ripple), Bitcoin Cash, Stellar, Litecoin, Tether, Monero, NEO, Binance Coin, Zcash, Qtum, 0x Protocol, Bytecoin, Decred, BitShares, Steem, Siacoin, Augur, Basic Attention Token, Nano, Golem, Pundi X, Waves, KuCoin Shares, Wanchain, Komodo, Ardor, Huobi Token, ZenCash, PIVX, Kyber Network, Bancor, Loom Network, Polymath, Bibox Token.