The Best Crypto Projects of 2020

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Here at Token Metrics, we understand that our most valuable asset is you, our audience. 

With your help, we have put together a guide to the Top 3 Crypto Projects of 2020, as voted upon by you.

 So sit back, relax, and enjoy the Moon Awards.

What is a Crypto Project?

Crypto projects are just another way to describe cryptocurrencies and the technology behind the coins, so to understand one, you must comprehend the other.

The basics of cryptocurrency are that it is an internet-based medium of exchange that uses cryptographical functions and blockchain technology to work as a currency.

There are over 2,000 different crypto projects today, and they range from the name brands of Bitcoin and Ethereum to meme coins such as Dogecoin.

This list is essentially The Best Cryptocurrencies of 2020, as voted upon by you.

Top 3 Crypto Projects of 2020

1) Ethereum (ETH):

Ethereum (ETH) Crypto Project

“Ethereum is the future. We believe by 2030, ETH will have surpassed BTC in total market cap. Keep an eye out for decentralized finance applications being built on Ethereum.” – Ian Balina, Founder and CEO of Token Metrics

Taking the top spot, with over 50% of the total vote, is the Bitcoin challenger Ethereum. Ethereum serves as a successful alternative to Bitcoin and has assumed a massive role in the cryptocurrency market.

Ethereum was launched in July 2015 and has now become the largest and most established, open-ended decentralized software platform. In terms of market cap, Ethereum is the second-largest cryptocurrency in circulation and only falls behind Bitcoin.

What makes Ethereum so unique and impressive is its vast array of potential applications. Ethereum is a smart contract platform that enables developers to build and run decentralized applications. 

Smart contracts are a self-executing contract where the terms of the agreement between the buyer and the seller are written directly into the lines of code. When running on Ethereum’s blockchain, smart contracts are like a self-operating computer that automatically executes when specific conditions are met. Ethereum is the pioneer for blockchain-based smart contracts.

These abilities and potential applications are then packaged as the value in Ethereum’s token Ether.

Ether has two primary uses. The first is its use as digital currency in exchanges, and the second is its use on the Ethereum network to run applications. To understand this latter usage, think of Ether like a car. Developers use Ether to drive around and navigate the Ethereum platform so that they can develop and run applications inside the Ethereum network.

Token Metrics’ Analysis of Ethereum

2) Bitcoin (BTC):

Bitcoin (BTC) Crypto Project

“Bitcoin is by far the best crypto asset fundamentally as it fares well in almost  all parameters under consideration.”– Sam Monac, Head of Research, Token Metrics 

Coming in 2nd place is the cryptocurrency that started it all, Bitcoin. Bitcoin launched in January 2009 as the first decentralized cryptocurrency.

An individual or group of people created Bitcoin under the pseudonym, Satoshi Nakamoto. The core concepts of Bitcoin are in its white paper.  The ideas found in this white paper have served as the foundation for all subsequent cryptocurrencies. Without Bitcoin and Satoshi Nakamoto, the cryptocurrency market would not exist as it does today as Bitcoin is the first implementation of blockchain technology.

Bitcoin is designed to be a peer-to-peer version of electronic cash that allows online payments to be sent from one party to another without going through financial institutions or central authorities.

Bitcoin has been immensely successful as its market cap has exploded to over $160 billion. The closest competitor to Bitcoin is Ethereum, which has a market cap roughly 1/10 the size of Bitcoin’s. Bitcoin has become so successful in the cryptocurrency market that its price is often looked at as the determining factor for the current state of cryptocurrency.

Token Metrics’ Analysis of Bitcoin

3) Matic Network (MATIC):

Matic Network (MATIC) Crypto Project

“We have been fans of Matic Network since we discovered them in Hyderbad, India back in 2018. It’s been great seeing their growth, and we believe they still have lots of room to grow.”  – Ian Balina, Founder and CEO of Token Metrics

Rounding out the group of nominees, in a distant 3rd place, is Matic Network. Matic Network is a relatively new crypto project launched in April of 2019. Compared to Bitcoin and Ethereum, Matic is a minuscule cryptocurrency with a market cap of $58.1 million. Despite this relatively small market cap, Matic is still a significant player in the crypto market as its market cap is in the top 100 of all cryptocurrencies.

Matic Network has made a name for itself with promises of delivering a simpler interaction between users and decentralized financial applications/ecosystems. Matic’s central focus is on reducing the complexity of these actions and describes itself as a Layer 2 scaling solution. 

By being a self-described Layer 2 scaling solution, Matic does not seek to upgrade the existing blockchain layer, which would add further complexity.

To deliver on these promises, Matic Network implements a customized iteration of the Plasma framework that allows for smoother execution of scalable smart contracts. Matic also utilizes a decentralized network of Proof-Of-Stake validators and sidechains for off-chain computation.

Matic does share a few similarities with Ethereum as, like Ethereum, it aims to be the de-facto platform for developers to deploy and securely run decentralized applications. These similarities result in one of the critical features of the Matic Network. The architecture of the Matic Network is fully compatible with the Ethereum ecosystem. This compatibility means that any Ethereum application can transfer to Matic’s network with almost no significant changes.

Another similarity to Ethereum is that the Matic token has two primary uses. The first is its use as a currency to pay for the transaction fees within the network.  The second is for staking. Staking is the process of holding funds in a cryptocurrency wallet as a way of supporting the operations of the system. Essentially, it is a way of being rewarded for participating in the network, much like interest on a savings account at a traditional bank.

Token Metrics’ Analysis of Matic Network

Top Cryptocurrency Vote

The Favorite Crypto Projects of 2020

This week’s installment of the Moon Awards comes with a little bonus content for you, as these awards would not be possible without your help.

The heart wants what the heart wants and what we think is the best project does not always align with the projects we are passionate about.

That is why, with your help and votes, we have put together a guide to your Favorite Crypto Projects of 2020.

Ethereum (ETH) & Bitcoin (BTC):

Ethereum (ETH) and Bitcoin (BTC)

It comes as no surprise that these two crypto pioneers made both lists as they hold a special place in the heart of many crypto enthusiasts. While Ethereum and Bitcoin dominated the Top Crypto Project vote, the Favorite Crypto Project vote was closer with Ethereum and Bitcoin receiving 39% and 29% of the vote, respectively.

Ethereum is often regarded as the future of crypto, so it is not surprising that it is considered the top crypto project and community favorite. Ethereum’s endless applications for developers, along with its implementation of smart contracts, have led to Ethereum being the most popular alternative to Bitcoin. Ethereum is often seen as the best way to invest in both cryptocurrency and the technology behind it.

Bitcoin is the very first implementation of blockchain and cryptocurrency. Without Bitcoin, there would be no such thing as cryptocurrency, and the crypto movement would not exist. Bitcoin is the crypto project that started it all, and it will always hold a special place in the crypto community.

Matic Network (MATIC):

Matic Network (MATIC)

Continuing its similarities with Ethereum, Matic Network is another crypto project that has made both the Top Crypto Project list and the Favorite Crypto Project list.

With being a newly released cryptocurrency, there is a lot of buzz regarding the potential future of Matic Network. Believers in the project view Matic Network’s promise of providing more straightforward interaction between users and decentralized financial applications/ecosystems as fulfilling a considerable need in the crypto community. By filling this need, supporters believe Matic will become a significant presence in the crypto market.

Icon (ICX):

Icon Network (ICX) Crypto Project

“Icon has been iconic, pun intended. After delivering ICO investors 100x returns in early 2018, it’s cooled off. But don’t let that fool you, the project has been actively building and has one of the strongest DAOs in the industry.” – Ian Balina, Founder and CEO of Token Metrics

One cryptocurrency that was not voted as a top crypto project but was voted as a favorite crypto project is Icon. Icon had a strong showing in this vote as it was deadlocked with Matic Network as the third favorite cryptocurrency.

Icon was launched in 2018 by one of the largest financial technology groups, Dayli Financial. Dayli Financial is a South Korean based company that also owns the cryptocurrency exchange Coinone. With Icon, Dayli Financial aspires to create a decentralized network that allows different blockchains to transact with one another through smart contracts. 

The algorithm that powers the Icon network is known as Loopchain. Loopchain provides real-time transaction data that allows the messaging between all the nodes in the system. What makes Loopchain unique is its use of spinning. Spinning is a technique that simplifies the algorithms used to determine who can create blocks and what nodes can confirm them.

Essentially, Icon serves to unify the divided blockchain ecosystem through its protocol and community-building initiatives. The network is also designed to have a variety of uses and applications. Dayli Financial currently claims that the Icon network is used by various institutions, including insurance companies, hospitals, financial institutions, and universities.

Token Metrics’ Analysis of Icon

Favorite Cryptocurrency Vote

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