Which Cryptocurrency Has The Best Technology?

Cryptocurrencies are the heroes of modern day fintech. Their underlying technology and algorithm are what set them apart from peers running neck to neck. Given that the tech is such a crucial element in this intensely competitive industry, it will not be too wrong to wonder: which cryptocurrency has the best technology?

Of course, what we must definitely bear in mind, is the fact that every cryptocurrency was developed to solve a specific problem that an earlier cryptocurrency might have had. Keeping that in mind, it is quite difficult to crown one of them a winner.

You May Also Read: Top 10 Cryptocurrencies For 2019

All cryptocurrencies are essentially a playing a game of its own, carving out its own niche and dealing with what its developers saw as the major problems in the crypto scene. As a result, comparing and contrasting all these different cryptocurrencies can become quite a task.

In judging, we have considered how tenable or viable a cryptocurrency has proved in terms of security, adoption and use cases. With those indicators being our guide, we are out to find the best cryptocurrency there is, solely on the basis of technology.

Are you ready to find out which cryptocurrency gets our vote?

Cryptocurrency With Best Technology

In our opinion, the best cryptocurrency purely in terms of its underlying technology, is Ethereum (ETH). Currently, the second largest cryptocurrency in the market, as per market capitalisation, Ethereum (ETH) won our vote because of its sheer versatility.

It facilitates transactions across a diverse range of use cases, is used by a large number of companies for their enterprise uses (as they make use of the Ethereum blockchain) and has many laurels that speak for its prowess in the technology department.

The MIT Technology Review had the following to say about its pros:

“The strengths: A built-in programming language lets developers write computer programs, called smart contracts, that run on the blockchain. Most initial coin offerings (ICOs) so far have been based on Ethereum smart contracts.”

Ethereum: Areas It Still Needs Work On

An obvious downside to Ethereum is recurrent security issues. Be it the dApp bug that caused a hard fork to give rise to Ethereum Classic or recent reports from Chainalysis claiming that ETH was the easiest target for scammers in 2018, security headaches have not quite left Ethereum alone.

The experts at the MIT Technology Review write that:

“The downside: Ethereum also uses proof of work, making it relatively slow and energy-hungry. Many early smart contracts are vulnerable to hacking, and the field of smart-contract security is immature.”

Regardless of that, it is undeniable that the technology of Ethereum, with its ingenious blockchain smart contracts or even dApps, is quite finessed.

Here Are A Few Other Articles For You To Read Next: