In a recent study piece, Forbes referred to a number of well-known cryptocurrencies, such as XRP and ADA, as “crypto zombies”. The phrase describes layer-1 blockchains that are highly valued on the market but have little use outside of trading for speculation.
Forbes cites Ripple Labs, the business that created XRP, as an excellent illustration of a cryptocurrency zombie. Despite the high amount of daily trades in XRP, Forbes contends that its application is limited to market speculation.
Additionally, Ethereum Classic (ETC) made the list because to its substantial market value and comparatively cheap network costs. The “true Ethereum” was established in 2016 when Ethereum Classic (ETC), a continuation of the original Ethereum blockchain, formed as a result of a hard fork resulting from the DAO disaster.
Forbes also questions Algorand, which was formerly hailed as a “Ethereum killer” because of its enormous transaction capacity, pointing out that the absence of usefulness results in a low revenue from blockchain transaction fees.
The biggest surprise, in one way or another, was the mention of Cardano. The enterprise is said to be gambling on Charles Hoskinson’s fame in the Forbes article. It draws attention to an issue with Hoskinson’s educational assertions.
Cardano proponents counter that the ecosystem is dynamic and alive and provides value and utility that goes beyond conjecture. As proof of the network’s life and usefulness, they cite the network’s inflows and continuous development efforts.
Those who identify as members of the aforementioned communities may find Forbes’ remarks to be harsh. Nonetheless, the researcher’s perspective and opinion are only a reflection of their own vision and may not always coincide with reality. While some of the initiatives presented may genuinely have utility difficulties, others are examples of healthy ecosystems with compelling arguments.
