Despite general delusion that cryptocurrency industry is slowing down both in application and utilization as a consequence from the dipping prices, top crypto assets are said to be recording increases in on-chain activity as more users are transacting with digital assets in oppose to the period of past several years.
The case of accelerated price cuts in the market during 2018, especially during November cuts, have brought term “crypto winter” to the markets, also bringing a common belief that the utilization and application of digital assets are also slowing down with the plummeting prices.
However, according to Weiss Crypto Ratings report where Martin D. Weiss, Ph.D. and Juan M. Villaverde are discussing the latest cryptocurrency trend through a handy outlook on the crypto market in March 2019, cryptocurrencies are far from being forgotten.
In accordance with information used in the report, Weiss and Villaverde claim that leading cryptocurrencies are recording three times more on-chain transactions in the recent period concluded with the first quarter of 2019.
Leading Cryptocurrencies Progressing with Adoption by Improving Fundamentals and Lowered Prices
According to the report named “Dark Shadows with a Bright Future”, Weiss and Villaverde claim that the fundamentals of the underlying technology of digital assets is improving despite the fact that cryptos are suffering from depreciation in the market when it comes to the dipping value of these digital assets.
Moreover, the capacity of blockchain-based networks that represent decentralized ecosystems for cryptocurrency has also improved with drastic changes are different dev teams behind some of the leading digital assets are working on scaling the network, allowing more transactions per second and more users without the network downtime.
According to the duo that worked on the report, low prices combined with improved fundamentals of the technology used by digital assets is setting up new opportunities for investors.
Based on the cryptocurrency ratings in the Weiss report for March, Bitcoin network has been upgraded with the Lightning Network rolling out, which places the top cryptocurrency in the position where bitcoin can easily become “a popular store of value”, for both investors and holders.
Weiss: Leading Cryptocurrencies on the Head of Mass Adoption
The report is further dealing with rating leading digital assets by risk, rewards, technology, and adoption, where Cardano, XRP, EOS, Ethereum, Steem, NEO, Zcash, Litecoin and Stellar are all graded A, A-, and B+ grades in terms of tech and adoption grades.
Within this grading pattern, XRP is said to be able to compete with SWIFT as perhaps the most capable competitor in the area of fast money transfers, EOS is described as the leading challenger of Ethereum network in the goal of creating a backbone of the new decentralized internet, Web 3.0, while Ethereum is said to be the most widely adopted smart contract platform.
Image from the “Dark Shadows with a Bright Future” Report by Weiss Crypto Ratings
Cardano, a third generation crypto to-be, led by Charles Hoskinson, is working on providing the most advanced blockchain-based ecosystem with upgraded smart contract capabilities, also working on sustainability, scalability, and interoperability.
Calling the rise and development of cryptocurrencies “Internet Superboom on Steroids”, in addition to comparing the development of digital assets and the underlying technology with the internet and the World Wide Web boom, Weiss report claims that despite the “dark shadows” being cast upon crypto due to declining prices in the market, improvements in the industry alongside the level of adoption is altogether indicating a bright future for the industry of digital assets.
To back the theory of having the cryptocurrencies progressing in tech development and adoption, the report states that the volume of transactions on top 10 widely used cryptocurrency networks have increased by an amazing 245 percent, network security of these environments improved by 115 percent, network capacity topped 170 percent in improvements, and finally developer participation increased by 28 percent.
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