Top 5 Working Products in Blockchain (Updated - September 2018)
The current state of blockchain indicates a level uncertainty ranging from project legitimacy to the staggering amount of money invested in vaporware (reports indicate more than $5.6B was raised through initial coin offerings in 2017).
As projects move in and out of the top 100 list (by market cap) it’s been publicly reported that less than 50% of them actually have working products.
Before we begin we must understand what constitutes a working product within blockchain. It is essential that the projects meets certain strict requirements below to be considered a working product.
- Active and available to the public
- Version release history (v1, v1.1, etc)
- Daily use volume
- Viable roadmap
- Active community
It is important to recognize the distinctions between having a working product and a dApp platform with no use cases or an active user base. By this definition, the dApp platform will not constitute as a working product.
According to Invest in Blockchain, “just taking into account the fact that a project is open source and built on top of blockchain does not meet the threshold in affirming a working product. Some cryptocurrencies claim to have a working product just because it is in the public domain yet no one has ever used it.”
With our rubric defined we are ready to reveal the top 5 working products within blockchain right now.
Steem is the cryptocurrency that powers Steemit, a decentralized social media platform that incentivizes user participation through micro-payments. A great comparison of the Steemit site is Reddit with a very evident distinction. Instead of upvotes and downvotes, users encourage participants through micro-payments with Steem.
Steem also works exclusively on the Steemit platform which gives it uniqueness but also limited use outside of the platform. The last point of limited use is contradicted with Steemit boasting a few hundred thousand users and content reaching thousands of dollars worth of Steem.
BAT is the native token of the Brave Browser, a browser with an ad-blocking emphasis that blocks conventional online ads.
Brave offers a unique option in that it lets users opt in to receive ads that reward valued sites with the native cryptocurrency called Basic Attention Token (BAT)
This working product, combined with the team’s very frequent upgrades makes it one of the more successful and widely used blockchain products. Users who enable the advertising option are rewarded with BAT.
As of July 1, 2018, around 3.1 million people actively use the Brave browser on both mobile and desktop platforms. This is up from 2.2 million users in April.
Bancor Network is currently one of the most used dApps on the Ethereum blockchain hosting over 100+ ERC20 tokens, resulting in 7000+ trading pairs.
The immense amount of pairings are attributed to the unique nature of Bancor Network’s ability to convert between any tokens within the network by depositing to and withdrawing from reserves, at rates that are calculated by smart contracts using the Bancor Protocol.
Account set up is simple allowing you to login using Telegram, WhatsApp, and even SMS credentials. For more security Bancor is Trezor compatible, with Ledger Nano support on the way.
Bancor recently released news of the first cross-blockchain decentralized liquidity network called BancorX which bridges two of the most prominent blockchains, Ethereum and EOS, which brings the liquidity networks to more users and projects.
Golem is a worldwide, decentralized supercomputer that integrates the computing power of every machine on its network. The Golem ecosystem allows users to loan their computer’s spare resources to others who need the additional power to perform various computations or tasks.
Golem market themselves as, “creating the first global market for idle computer power.” Following the same trend that led to Uber and Airbnb, this will allow people to make extra money with your unused and/or underused resources.
Golem currently only allows for assistance with the Blender application and LuxRender, but it has plans for more additional use cases in future updates as they are currently working on proof of concepts relating to CGI rendering.
The team is very active and engage the community with their frequent updates and articles. Their most recent update to the network can be found here
An important and historic project, Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract functionality. It also lays claim as the first platform to bring smart contracts to the blockchain, creating a boom in the cryptocurrency ecosystem.
After Ethereum launched, team effort focused on the development of decentralized apps (dApps) and smart contracts.
The creator of Ethereum, Vitalik Buterin, released the whitepaper in late 2013, with a crowd-sale the following July. The network officially went live in July 2015.
Since the launch, hundreds of businesses, individuals, and blockchain projects have used Ethereum to build their projects, and many more continue to utilize the smart contract functionality.