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Top 3 Smart Contract Cryptos to Avoid at All Costs

 

The smart contract industry has become significantly more competitive in recent months. If you want to create a decentralized application (dApp) today, you have all the tools you need to do it. However, here are some of the smart contract cryptocurrencies that you should 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 solve some of the biggest challenges companies face. For example, the platform can help a company reduce paperwork in its departments.

IOTA does not use blockchain technology. Instead, the developers came up with a technology called Tangle, which they believe will be better than blockchain. Additionally, they are now building their smart contract platform, Shimmer.

IOTA is a smart contract to avoid as it is too early to tell if the Shimmer project will be successful. Even though IOTA has been around for years, it is difficult to measure its success.

EOS
EOS is another smart contract platform that has not caught on. The blockchain was developed by Block.one, the same people who raised $4 billion in an Initial Coin Offering (ICO). Four years after its launch, the EOSIO project has not gained traction among developers.

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

EOS price has fallen more than 68% since its peak in 2021, and there are chances that it will continue to struggle going forward.

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

Elrond was among the first blockchain projects to use technology known as sharding to speed up transactions. Although the network has good features, it has not been adopted by developers. Although several projects have been created with Elrond, they have not become a resounding success,

Also, there are alternatives that use sharding technology that developers can choose. A good example is the NEAR protocol. Ethereum will also feature sharding technology. Elrond price is down 74% from its all-time high.

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