Which cryptocurrency can compete with PayPal.

2021-03-07 Off By Crypton.rocks

A large number of digital currencies are positioned as cryptocurrency PayPal, completely inconsistent with the basic characteristics of a means of payment. Coinmonks conducted a global analysis of candidates applying for the title of payment system. As a result of the study of the main parameters, a coin was identified that is able to compete with existing payment systems.

Methodology
Analysts chose 350 cryptocurrencies for the test with Coinmarketcap, but only those coins that are positioned as payment systems were included in the list. By this criterion, Ethereum, EOS and other platforms for creating tokens, Dapps, etc. were not included in the list. As a result, out of 350 candidates, only 30 remained. You will find out the reason for the exclusion of APL and EDR from the rating at the end of the article.

The assessment of each of the six criteria was divided into 5 levels:

Excellent – 10 points.
A solid “good” – 8 points.
Good – 5 points.
Satisfactory – 3 points.
Bad – 0 points.
Some assessment parameters are more important than others, so each of them has its own coefficient by which the scores are multiplied.

Security
The coefficient is 3.

Perhaps the most important characteristic of a payment system. Any client wants to be sure that his funds are safe and cannot be hacked. In terms of reliability, blockchain may face the risks of selfish mining, 51% attack and double spending.

To assess this parameter, analysts paid attention to the type of consensus algorithm (PoS was rated higher in this list than PoW), the overall network hash rate, the cost of carrying out a 51% attack, and other characteristics associated with the basic principles of blockchain operation.

Bitcoin, DASH, Gulden, Litecoin, Peercoin and Pivx are leaders in the quality of cryptocurrency protection against hacking.

Availability
The coefficient is 2.

It is very important that cryptocurrency can be purchased directly with fiat money. Otherwise, you have to buy bitcoin, and then look for the desired trading pair on the exchange. To do this, you need to look for a suitable exchange and pay an extra commission.

To assess the parameter, we searched for Cryptocurrency – Fiat trading pairs on all exchanges. If the pair in question was not found at all, the coin received zero points.

It turned out that as many as 7 candidates did not take care of the availability of buying their cryptocurrency for dollars, euros, pounds sterling, rubles or any other fiat currency and deservedly received a bagel for points.

Purse
The coefficient is 2.

The cryptocurrency wallet is her face. The access interface is no less important than the ability to purchase a coin / token, so the values ​​of the coefficients are the same. In assessing this characteristic, attention was paid to the support of all operating systems, the quality of the program, the average cost of a transaction and the presence of your own wallet. If programmers cannot develop their own software, then the technical support of the cryptocurrency itself immediately becomes questioned.

It turned out that developers often forget about mobile wallets for iOS, and Bitcoin was not among the leaders, for which a lot of software has long been developed. The main cryptocurrency was let down by high transaction fees, while Gulden, Nano, Navcoin and Smartcash did the task perfectly.

Duration of the transaction
The coefficient is 2.

The faster the transaction is completed, the higher the score. Typically, a PoW blockchain uses a 6-miner confirmation rule. Also, in this parameter, the network bandwidth should be assessed, but not all cryptocurrencies have developed radars for public tracking of the volume of transactions. In view of the impossibility of checking this indicator, the criterion was not evaluated at all, in contrast to the block generation time.

Significantly, DASH took first place even though it lost 5 points for anonymity. DASH is the only coin that has received both very good and excellent marks on all criteria. BTC to XRP failed to take first place due to the low transaction speed, and the solution to the problem in the form of the Lightning Network contains vulnerabilities.