Unveiling Forbes’ Report on “Zombie Blockchains” in the Cryptocurrency Market
Forbes Unveils Report on “Zombie Blockchains” in Cryptocurrency Market
Forbes, a renowned business publication, has recently released a groundbreaking report that delves into the world of cryptocurrencies. In this comprehensive study, Forbes has identified a group of cryptocurrencies that it refers to as “zombie blockchains.”
Despite the rapid growth of the cryptocurrency market, with over 14,000 tokens and a total market capitalization of $2.4 trillion, these selected cryptocurrencies stand out for their lack of real-world utility or significant user adoption. Among the notable names on this list are Ripple (XRP), Cardano (ADA), Litecoin (LTC), Bitcoin Cash (BCH), and Ethereum Classic (ETC).
These cryptocurrencies, labeled as “zombie blockchains,” continue to operate and trade without demonstrating tangible evidence of fulfilling practical purposes. They exist in the market without showing signs of life in terms of utility or user bases.
The report critically evaluates major cryptocurrencies like Ripple’s XRP, which was initially positioned as a competitor to the SWIFT banking network for international bank transfers. However, XRP has struggled to fulfill its promises and is sustained more by speculative trading than actual utility, according to Forbes analysts.
The report also scrutinizes other major cryptocurrencies such as Litecoin, Bitcoin Cash, Bitcoin SV, and Ethereum Classic, questioning their fundamental viability and purpose in the market.
In addition to established cryptocurrencies, Forbes’ report examines emerging contenders like Tezos, Algorand, and Cardano, often referred to as “Ethereum killers.” Despite their technological advancements and market valuations, these cryptocurrencies have yet to see widespread adoption or significant user activity.
Operating without regulatory oversight or strong governance structures, these cryptocurrencies face challenges in proving their long-term viability. Ethereum Classic’s continued trading activity despite security breaches serves as a cautionary tale for investors.
Forbes’ report sheds light on the complexities and risks associated with investing in cryptocurrencies, urging market participants to conduct thorough research before making investment decisions. The cryptocurrency market continues to evolve, and understanding the dynamics of these digital assets is crucial for informed decision-making.
