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Top 3 smart contract cryptocurrencies to avoid at all cost

February 25, 2022 By Crispus Nyaga

The smart contract industry has become significantly competitive in the past few months. Today, if you want to build a decentralized application (dApp), you have all the tools that you need to do it. Here are some of the top smart contract cryptocurrencies to avoid at all costs.

IOTA

IOTA is a well-known project that has been around for years. The developer’s goal was to use decentralization to help solve some of the biggest challenges that companies go through. For example, its platform can help a company reduce paperwork across its departments. 

IOTA does not use blockchain technology. Instead, the developers came up with a technology known as tangle that they believe will be better than blockchain. On top of this, they are now building their Shimmer smart contract platform.

IOTA is a smart contract to avoid because it is too early to determine whether the shimmer project will be successful. Also, while IOTA has been around for years, it is difficult to measure its success.

EOS

EOS ia another smart contract platform that has failed to gain traction. The blockchain was developed by Block.one, the same people who raised $4 billion in a Initial Coin Offering (ICO). Four years since its launch, the EOSIO project has not gained traction among developers.

There are some possible reasons for this. For example, there is a general distrust of Block, a team that was fined by the Securities and Exchange Commission (SEC). Also, developers have found better options to build their apps. 

The EOS price has dropped by more than 68% from its highest level in 2021 and there is a likelihood that it will continue struggling in the future.

Elrond

Elrond is a smart contract platform whose native currency is known as EGLD. According to CoinGecko, it has a total market capitalization of more than $2.9 billion, making it the 44th biggest coin in the world. 

Elrond was among the first blockchain projects to embrace the technology known as sharding that speeds transactions. However, while the network has good features, it has not been embraced by developers. While several projects have been built using Elrond, they have not become a runaway success, 

Also, there are alternatives that are using sharding technology that developers can select. A good example is the NEAR protocol. Ethereum will also have sharding technology. Elrond price has dropped by 74% from its all-time high.