Crypto’s ranked by number of nodes Feb. 2021
10 februari 2021
In this article, I’ll give a follow up on previous studies about the number of nodes of crypto coins. The first article is from November 2019, the second version was published February 2020 and now we are a year later and we take another look at the number of nodes that the different crypto coins have.
Introduction
As already explained in previous stories, the ranking on CoinMarketCap, based on market capitalization, is highly questionable. See the story “The Nonsense of Marketcap”.
Attempts have been made to rank the crypto coins in other ways. For example, a range of research items on crypto coins in the story Which crypto becomes the new payment system and also the story The Good, the Bad and the Ugly, Classifying the crypto-coins have been looked at. But there were items that required a value judgement and unfortunately everyone can think differently about that. Another attempt was the story Crypto ranked by numbers of users where a measurable data item was used to get a different, better ranking of the crypto coins. Also in this story, a measurable data item is entered, in which a ranking is made based on the number of nodes that a certain coin has run in the field. A measure of how the coin works and is used in practice and is not only seen as a trade object and moves currency from one wallet to another wallet on an exchange. Of course, this ranking alone isn’t the only one that will make you happy, and blindly riding on this ranking is therefore as short-sighted as just looking at the MarketCap ranking. But this ranking is in any case a much fairer figure that can be given to the different coins. Above all, the best advice remains “Do your own research”.
Measurement method
A number of agreements have been made about the coins to be investigated. On the one hand to limit the amount of work and on the other hand to separate coins that cannot be measured in this way because they do not have nodes themselves. Especially the ERC20 tokens can’t participate also the tokens leaning on another platform are out of the question.
In addition, all coins that are not “mineable” have been removed from the lists. Because these coins are ranked in the CoinMarketCap list on the wrong grounds. It is fairer to make a comparison between coins that have made more or less the same start and that have obtained and enlarged their circulation supplement through mining as Satoshi Nakamoto intended.
So in CMC a ranking list has been generated based on being “Coin” and being “mineable”. The first 100 coins of this list were included in the research. What strikes, compared to the november 2019 version, is that 28 new coins have been included in this list and of course as many old ones have been removed because they are no longer in the top 100 mineable coins. One coin has changed his name Zcoin → Firo, and one coin “XEP” is a relaunch of ECA.
In the table below you can find the newcomers and the delisted coins:
The number of nodes/peers that had a connection in the currency’s network in the past 24 hours was examined. We mean nodes/peers that are active in the network and are involved in checking/approving the transactions. So the mobile wallets, which in fact only monitor the network, are not counted.
Quite a few coins work with so-called Masternodes, Supernodes, providers, consensus nodes or whatever name they have given them. Also with these coins the number of …nodes that have been connected to the network in the last 24 hours is taken. But remember with masternodes that they are not individual nodes. Multiple masternodes are often clustered on a single VPS server with one IP address. So you can not compare one to one with for example Bitcoin’s network which is made up of individual nodes.
Not alle the coins give a clear view in the number of nodes. Some coins, only the status page of the explorer indicates the number of nodes with which the explorer has a connection. Then that number is taken, although it is known that in that case not all nodes the last 24 hours in the network are counted. But for lack of better, this number is still included in the list.
It would be best if every coin, that calls itself serious, would mention the number of nodes on its main website. After all, the number of nodes helps determine the security of the coin’s network against forks, hacks, etc.
In about one third of the cases, the number of nodes/peers was not found on the website or the explorer of the coin. These are marked in yellow.
A few Coins are disqualified because the mentioned numbers are out of proportion so there is a wrong result. For example, because all nodes that have reported once on the network are counted or something like that. A small coin with a marketcap of $3M with 6000 nodes is a little-bit suspicious. They are marked red
About three coins in the CMC list there was nothing left. Probably dead coins.
The last categorie are also marked in red.
For each coin the link is given to the page where the number of nodes is mentioned. In the list above they are unfortunately not clickable but you can also go to the source and there you can click on the links.
Disclaimer:
All values were searched on one day, 9 februari 2021. It is a snapshot and can be different at any time. So don’t worry whether a coin has a place 35 or 38 in the list. However, the broad outlines are visible and useful for making an assessment.
The greatest possible care has been taken with the list, but the author does not guarantee its correctness.
Other articles of this author are:
Bitcoin’s network security is not determined by Hashrate but only by money.
The underlying value of fried air (BTC).
The Recovery Phrase, Fail-Safe Or Not?
Miners, Blocktime and Orphans, a trinity.
Which crypto becomes the future payment system?
The Good, the Bad and the Ugly, Classifying the crypto-coins.
The white hat ethical investor
The nonsense of…. TPS (transactions per second)
Crypto ranked by numbers of users
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