Can you imagine a central hub on the internet that ranks every single cryptocurrency wallet, media and other crypto-related product? Such a website might soon be a reality. Nomics, a data startup, plans on building an algorithm that ranks cryptocurrency products ranging from cryptocurrency media companies to cryptocurrency wallets and beyond.
Nomics’ Ambitious Plan
Clay Collins, the CEO of Nomics, is hard at work spearheading the development of an algorithm to rank every crypto category. The twist to this ranking system is it will be completed without manual intervention, meaning the ranking system will be completely unbiased. All crypto entities are graded with a score based on reputation, activity on social media, website links and other factors. However, Nomics has not revealed all the details of the algorithm in order to prevent crypto product companies from manipulating their offerings in an attempt to rise in the rankings.
The initial run of the algorithm has produced some intriguing results. At the moment, Nexo heads up the Crypto Credit Lines rankings. The company’s top competitor, Celsius Networks ranks outside of the top 25. Collins insists these rankings are not the result of manipulation.
Rather, the limited offerings provided by Celsius Network are primarily responsible for its low ranking. The company has made the critical mistake of leaving its website incomplete with a simple landing page and nothing else. Alex Mashinsky, the CEO of Celsius, recently conducted an interview, stating his company’s brass intentionally minimized the extent of its website in order to minimize the chances of an online attack crippling its operations.
Rankings for Additional Crypto Product Categories are on Their Way
Collins stated Nomics will provide additional rankings for several product categories. In fact, two new product category rankings will be revealed on a weekly basis if all goes according to plan. Collins’ overarching goal is for his company’s rankings to serve as the cryptocurrency industry’s version of US News & World Report, providing invaluable insight into the merits of crypto utility and company reputations.
Will the Ranking System Extend to Cryptocurrency use for Gambling?
It is quite possible the crypto ranking system will also include the utility of crypto coins for crypto gambling purposes. As time progresses, that many more gambling websites are popping up on the web, providing the option of wagering cryptocurrency at digital casinos.
A growing number of people are segueing toward web-based gambling with cryptocurrency as the global pandemic continues. After all, it is safer to wager on a Bitcoin casinos at home than it is to head to the local casino and gamble at card tables while surrounded by hundreds or even thousands of people, many of whom might carry the coronavirus.
Stay tuned. The crypto gambling scene and the digital currency industry as a whole are rapidly evolving. The future is about to get quite interesting as we transition away from face-to-face interactions toward screen-based living in which crypto plays a prominent role.