In the crypto world, the number of non-zero addresses is one of the key metrics for asset analysis. The more non-zero addresses a token has, the more holders there are, which means that more people are investing in the asset. Besides, it also shows a high degree of consensus. Based on data from online sources as of September 1, 2021, ViaBTC listed the top ten PoW tokens ranked by the number of non-zero addresses for your easy reference.
Top 1: ETH
ETH is the PoW currency with the most non-zero addresses and the second most valued token, second only to Bitcoin. Relying on the comprehensive smart contract functions, Ethereum developers can build a wide range of applications on the Ethereum ecosystem. This is appealing to a large number of users. In fact, plenty of users choose to hold ETH because they need DeFi or other Dapps on the platform to pay the Gas fees required for transactions and application interactions. As the ecosystem expands, Ethereum will have more non-zero addresses. Yet as the ETH2.0 upgrade is expected in 2022, Ethereum will shift from PoW to PoS.
Top 2: BTC
As far as cryptocurrencies go, Bitcoin is much more famous than its peers. BTC is the PoW currency with the second most non-zero addresses and also the most valued token. Compared with ETH, due to the lack of smart contracts, Bitcoin can only be used for payment, which is why its non-zero addresses are fewer. However, as the most noted cryptocurrency, Bitcoin remains the first choice for a great number of users.
Top 3: BSV
BSV is a BCH hard fork. In 2018, Bitcoin ABC, the primary development team of BCH, disagreed with the Bitcoin Satoshi Vision team led by Craig S Wight. The latter directly increased the block size to 128 MB and triggered a blocksize war. Finally, BSV was hard-forked from BCH by the Bitcoin SV team. Though BSV has a large number of non-zero addresses, its price is far less than BTC and is also behind BCH.
Top 4: BCH
In 2017, BCH was created due to a heated community disagreement. On the one side of the argument was Bitcoin ABC, the advocate for big blocks who championed the scaling of Bitcoin; and on the other side were proponents of small blocks led by Bitcoin Core. Faced with Bitcoin Core’s reluctance to go with the Hong Kong consensus, Bitcoin ABC developed its own client system that scaled BTC to 8MB, which led to the first major hard fork in the history of Bitcoin and the birth of a new cryptocurrency called BCH that remains one of the top five most valuable PoW tokens to this day.
Top 5: DOGE
Among the existing cryptocurrencies, in terms of the scope of influence, Bitcoin is followed by DOGE, rather than Ethereum. When DOGE was first launched as a tool for community rewards, the token had more active addresses than its PoW peers like Litecoin. Since the beginning of 2021, KOLs such as CEO of Tesla Elon Musk and the Dallas Mavericks owner Mark Cuban have backed DOGE, which has enabled an almost hundredfold growth. Meanwhile, DOGE ownership is becoming increasingly concentrated, with fewer active addresses. The token has gradually evolved from a reward tool to one of the most favored investment targets.
Top 6: LTC
Investors noticed the emerging currency by the name of Bitcoin soon after its launch, while many developers believe that the token can be further improved. Against this background, a large number of “fake” Bitcoin tokens were created, and the most circulated one is Litecoin. At one point, the quote “Bitcoin is gold, and Litecoin is silver” became trending. Litecoin made minor technical finetuning based on Bitcoin. The greatest feature of Litecoin is that it is based on the Scrypt algorithm, which requires more memory for mining.
Top 7: ETC
In 2016, due to the system vulnerability of the Ethereum smart contracts, massive funds of the most trending project DAO were hacked. To fix the breach, the Ethereum Foundation implemented an unconventional “hard fork” by releasing a new version of the Ethereum that did not include the hacked transactions. While most of the hashing power supported the new version, some were still maintaining the original chain, which gave rise to ETC, a token forked from ETH. The birth of ETC is a protest against the Ethereum Foundation’s response to the DAO hack by certain members of the Ethereum community. To date, the ETC community is still operating normally. As ETH shifts to a new consensus mechanism, some miners may switch their ETH hashing power to ETC, because it has the same algorithm.
Top 8: DASH
As one of the three most noted anonymous tokens, DASH uses CoinJoin to perform private transactions. Users can choose whether to activate this anonymous technology that divides the transfer amount into equal parts to keep the sender anonymous. As it was first promoted in developing countries, DASH is now the anonymous token with the most users and the largest turnover.
Top 9: DGB
DGB is a decentralized cryptocurrency and global payment network. Inspired by Bitcoin, DGB enables fast transactions with little or no fees. In addition, DGB can be mined with multiple algorithms, which means miners can use any mining machines as long as they support SHA256, Skein, Qubit, Groestl, or Scrypt.
Top 10: ZEC
ZEC is the first cryptocurrency to adopt the zero-knowledge proof mechanism. Compared with Bitcoin, the most prominent feature of ZEC is anonymity. When trading, users can choose to automatically hide the information and amount of the transaction concerning both parties, which can only be seen by those holding the key. Regarded as the best anonymity solution, ZEC’s zero-knowledge proof technology is also used in the scalability solution of Ethereum.
Though the number of non-zero addresses is crucial for assessing the consensus level of a cryptocurrency, auxiliary metrics such as the proportion of big holdings and the number of daily active addresses should also be considered in assessments of the decentralization and liquidity of a token. When looking for a target token, to maximize the profit, miners can take into consideration these metrics, or adopt the Smart Mining service offered by ViaBTC to concentrate their hashing power on tokens with higher returns.