A large number of digital currencies is positioned as a cryptocurrency PayPal, completely not complying with the main characteristics of the means of payment. Coinmonks conducted a global analysis of candidates applying for the title of a payment system. As a result of the study of the main parameters, a coin was determined that is able to compete with existing payment systems.


Analysts chose 350 cryptocurrencies with Coinmarketcap for the test, 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, Dapp, etc. did not get into the list. As a result, out of 350 candidates, only 30 remained. The reason for the exclusion of APL and EDR from the ranking will be found at the end of the article.

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

  • Excellent – 10 points.
  • Solid “good” – 8 points.
  • Good – 5 points.
  • Satisfactory – 3 points.
  • Bad – 0 points.

Some evaluation parameters are more important than the others, so each of them has its own coefficient by which points are multiplied.


The coefficient is 3.

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

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

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


The coefficient is 2.

It is very important that cryptocurrency can be purchased directly for 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 evaluate the parameter, a search was made for cryptocurrency – fiat trading pairs on all exchanges. If the pair in question was not at all, the coin received zero points.

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


The coefficient is 2.

A 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 supporting 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 software, then the technical support of the cryptocurrency itself immediately becomes in doubt.

It turned out that developers often forget about mobile wallets for iOS, and among the leaders, there was no bitcoin, for which a lot of software had long been developed. The main cryptocurrency was let down by high transaction fees, while Gulden, Nano, Navcoin, and Smartcash did an excellent job.

Transaction Duration

The coefficient is 2.

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

As the table shows, DASH, Gulden, and NANO can handle secure transactions faster than others.


The coefficient is 2.

The most important employees of any digital product are programmers who fix problems and develop new solutions. Blockchain is an open-source program and anyone can follow the code changes or even create their own branch. The most popular site for monitoring these processes is Github, which gives a clear idea of ​​the activity of developers .


The coefficient is 1.

Cryptocurrency inflation is too high, which negatively affects its value. Healthy annual inflation is 0.5% – 5% per year, but not 50%, like some coins from the list.


The coefficient is 1.

A high-quality product must be well-funded and the remaining function allows the project team to allocate coins for themselves before the others can get them. Thus, the developers themselves are interested in the further success of the cryptocurrency and the growth of its value.

Premine can be expressed as a percentage of the total amount of coins that will be mined for the entire time. Coinmonk analysts calculated that the normal percentage for premise ranges from 0 to 15%, and all that is more are manifestations of greed.

Penalty Points

Negative points can be obtained for a small degree of decentralization, high anonymity, and secrecy of the project. The rating of cryptocurrencies seeking to become a full-fledged means of payment simply cannot encourage anonymity, because it will never be approved by regulators. One recent example is Facebook’s Libra, which regulators attacked long before the project opened.

Apollo and E-Dinar Coin were generally excluded from the rating, as they met all three negative criteria.


By the sum of evaluating the six parameters, a group of the most worthy cryptocurrencies stood out: DASH, Gulden, Bitcoin, and Litecoin.

It is significant that DASH took the first place even though it lost 5 points for anonymity. DASH is the only coin that has received marks “very good” and “excellent” by all criteria. Bitcoin could not take first place due to the low transaction speed, and the solution to the problem in the form of the Lightning Network contains vulnerabilities.

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