Due to extensive interest on Crypto Currency, Literally there are more number of crypto coins are getting introduced, On this list, Do we really have any idea about the total number of crypto coins which are live now? To acquire this result, some incredible research are done by market cap and the result somehow surprised us. you know what? There are only 1597 coins are totally live now and almost 829 coins are already died.
Ofcourse our next question should be on figuring out “Why more than half chunk of coins are got failed?
From the general perception of people, when there is lot of failures occurs on particular technology then most of the time their assumption “going to be sink”, But from my perception it’s not going to sink nor true. Because before determining the success or failure of any technology, we should clearly analyze it from out of box to get an exact picture which will help us to predict the feasible data.
So on this phenomenal journey, First, let’s analyze and understand the reason why they got fail:
- Because it’s easy to create (Forking)
- Techies just want to give a try
- They have inspired from lecture (manual)
- They didn’t get support (for mining)
The reasons might look simple but we can’t deny the fact that 50% of coins have not met it’s core purposes due to any one of the above reasons.
I want to compare this scenario with car companies which are also met the same condition, To put it straight, In the century of 1900, there are more than 1000 Car Companies In USA
But now we have only 10 % of that which you notice here,
There are mainly two reasons for the decrease in the number of companies,
- i) Failed to survey
- ii) Consolidation of companies
Possible Reasons For Failure
Some of the companies have failed to cope up with the competition
Inefficiency in building up a robust engine with better mileage
Regulatory norms such as to adhere with pollution control norms
Failure to manufacture a car with the required safety feature
There are companies which had their own competency. For example, Chevrolet was producing more number of cars in competing with Ford in 1918. This led to the acquisition of Chevrolet by General Motors. In addition to this, General motors have also acquired many companies such as Ewing, Elmore, Hummer etc because of various other competency possessed by each companies.
Similar to the Automobile industry as mentioned above, consolidation will happen in cryptocurrency sector as well. Some of the players will merge together and will eventually become a dominating cryptocurrency like Bitcoin, Monero, Ethereum, etc. Other than this, niche coins will also emerge in the market to serve its own purpose. Ultimately, these dead-coins will remain as a ‘Don’t’ checklist for the players who are planning to venture into cryptocurrency space.
So, what’s does the recent research data says?
With the combined result from Market cap for all crytocurrencies has exponentially got high in last 2 months. In the mean time, the circulated money of all diverse cryptocurrencies are literally got increased more than 4 times than it was in November. On the same track, it’s rushing fast to turn around $830 in January.
The Ron Paul, One of the the American Politician Twitter says,
“My thoughts on Bitcoin and the other currencies is that they ought to be legal unless there is fraud involved. The government should not get involved in regulating private money if there is no fraud. I do not take a position on Bitcoin and other proposed currencies in a technical fashion, but I understand the political ramifications of them, and I think that government should stay out of them and they should be perfectly legal, even though I don’t endorse (technically) one over another.” — Quote fromReddit.com.
Hopefully, To give you an idea, here you can find the top Crypto currencies which are trending in market.
Bitcoin – The first Cryptocurrency which is the orgin of all.
Ether – Executes peer-to-peer ‘smart contacts’.
Litecoin – Alternative of Bitcoin which has similar features of Bitcoin.
Monero – Focused on privacy, untraceable.
Ripple – Strongly focused on banking, Real-time settlement
Dogecoin – ‘Joke currency’, used for tipping and donations
Dash – Provides privacy (Using anonymous technology) and speed.
MaidSafeCoin – SAFE (Secure Access For Everyone) network, which is a security-centric data platform.
Lisk – The first modular Cryptocurrency that introduced side-chains in blockchain.
Z Cash – The Permissionless cryptocurrency which extends it’s full support to protect the privacy of transactions using the method called “Zero-knowledge cryptography”.
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