Bitcoin is undoubtedly the pioneer of cryptocurrencies but is that it? Is the reason why Bitcoin continues to stay on top is because it was the first one to come out or is there more?
It has been 10 years since Bitcoin was launched by Satoshi Nakamoto and during this time so many people have launched their coins. Ethereum being one of them is second in place to Bitcoin. While Bitcoin is just currency, Ethereum is also a developing platform along with being a currency.
These two are often in combat to secure the first place. And recently according to a new metric by Coin MarketCap, it places the altcoin ahead of Bitcoin. This new metric measures project health and is designed by the crypto-centric IT company, Flipside Crypto.
It is titled “Fundamental Crypto Asses Score” or the FCAS, evaluates a coin based on a pre-determined set of three core algorithms.
This is the first core algorithm that looks at the network, smart contracts, wallet addressed and record the utility of the overall project.
“The fundamental is derived by ingesting all activity within a specific blockchain, parsing methods where appropriate, (ie: in ERC-20 smart contracts) and labeling wallet addresses to identify exchanges, projects, contracts, users, and other types of participants.” as described by Flipside Crypto.
This deals with code repositories to evaluate the nature of the development community within the coin’s network.
The third and final algorithm evaluates the market performance of the coin. The indicator also views the trading strategies, market returns and market maturity of the coin.
The company handles all the data themselves. They obtain it through the project and dissect it internally by cleaning and analyzing the elements, after which the data is assimilated into their custom models.
According to another report by Electric Capital states that Ethereum network has the most amount of developers working on base protocol as compared to other cryptocurrencies.
The data looked something like this.
On average, 261 developers contribute code to the ETH repositories, based on over 20,000 code repository fingerprint obtained by the firm. Whereas, Bitcoin developers contribute 50 per month while EOS, TRON (TRX), and Cordano (ADA) have 25 developers per month.
Many reports are concluding that Ethereum will lead the next bull run. but we can’t know for sure. Up till now, the next bull run seems pretty far and with a volatile asset like cryptocurrency, tables might turn at any time.