2 years ago
The crypto assemblage is patiently waiting for the highly anticipated Ethereum web upgrade from proof-of-work (PoW) to proof-of-stake (PoS) arsenic The Merge is expected to hap 27 days from now. After Ethereum transitions from PoW to PoS, lone 2 crypto assets successful the apical 10 marketplace headdress rankings volition beryllium PoW tokens, which is simply a stark opposition to the apical 10 9 years ago.
The PoS Age Begins: Proof-of-Work Crypto Assets Disappear From Top Ten Market Cap Standings
This year, for the archetypal clip successful crypto history, 3 stablecoins entered the apical 10 largest marketplace headdress positions. During the archetypal week of May, Terra’s stablecoin UST made it into the apical 10 alongside USDT and USDC, but aft UST’s depegging incident, the token fell from the apical 10 coin rankings. After UST’s implosion, the Binance Smart Chain-issued BUSD stablecoin joined the apical coins by valuation and today, 3 stablecoins stay successful the apical ten.
That wasn’t the lawsuit 9 years ago, connected August 18, 2013, arsenic determination were nary stablecoins successful the apical ten, due to the fact that the stablecoin inclination was not prevalent astatine each backmost then. In 27 days, Ethereum volition change from PoW to PoS aft operating arsenic a PoW concatenation for 7 years, and erstwhile that happens, lone 2 coins successful the apical 10 volition beryllium PoW tokens. The past lasting apical 2 PoW crypto tokens successful the apical 10 volition beryllium bitcoin (BTC) and dogecoin (DOGE). This inclination was besides not prevalent 9 years agone successful 2013, erstwhile the apical 10 crypto tokens were mostly PoW coins.
On August 18, 2013, bitcoin (BTC) was changing hands for $113 per portion and ethereum was nonexistent. In fact, the Ethereum blockchain did not motorboat for different 711 days aft August 18, 2013, and litecoin (LTC) was the second-largest crypto token by marketplace cap. Proof-of-stake crypto assets were conceptualized astatine the time, and successful 2013 determination were a fig of hybrid proof-of-work and proof-of-stake tokens with peercoin (PPC) starring the charge. PPC was the archetypal hybrid PoW/PoS blockchain introduced to the crypto community, and it was created by the pseudonymous developer Sunny King.
Nine years ago, the PoW and hybrid PoW coins successful the apical 10 included bitcoin (BTC), litecoin (LTC), namecoin (NMC), peercoin (PPC), feathercoin (FTC), novacoin (NVC), primecoin (XPM), terracoin (TRC), and infinitecoin (IFC). At that clip successful 2013, the lone non-PoW coin successful the apical 10 standings was XRP, and XRP is inactive successful the apical 10 crypto marketplace headdress rankings successful 2022. Close to 7 years agone connected August 23, 2015, determination were less PoW coins successful the apical ten, adjacent with ethereum (ETH) joining the ranks arsenic a PoW coin.
At that time, lone six PoW coins existed successful the apical ten, including BTC, LTC, ETH, DASH, DOGE, and BCN. At the clip successful 2015, hybrid PoW/PoS coins were pushed down successful worth and axenic PoS networks started to go much prevalent. On August 23, 2015, banx shares (BANX) and bitshares (BTS) were among the astir invaluable PoS assets. BTS inactive exists and is worthy $0.010 per portion contiguous portion BANX is non-existent pursuing significant controversy.
Doge Holds Top Ten Position by a Thread
Two years later, six PoW coins inactive remained successful the apical 10 connected August 20, 2017. PoW coins included astatine that clip were BTC, ETH, BCH, LTC, DASH, and ETC. BCH, LTC, DASH, and ETC nary longer look successful the apical 10 standings. Further, a fewer different coins that erstwhile held positions successful the apical 10 similar IOTA, NEM, and NEO person besides dropped retired of the apical 10 standings since then. That was adjacent to 5 years agone and today, DOGE and BTC are the past PoW coins lasting successful the apical ten.
Moreover, it’s worthy noting that dogecoin (DOGE) is successful the tenth presumption and is reasonably adjacent to polkadot’s (DOT) marketplace headdress successful size. When The Merge takes spot and Ethereum becomes a PoS chain, there’s a accidental DOGE whitethorn not beryllium successful the apical 10 if prices change. If DOGE is knocked retired and The Merge is complete, BTC volition beryllium the lone proof-of-work integer plus retired of the apical 10 largest crypto marketplace capitalizations.
What bash you deliberation astir the apical 10 coins losing proof-of-work dominance implicit the past 9 years? Let america cognize what you deliberation astir this taxable successful the comments conception below.
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