10 Point Crypto Checklist from Fred Krueger
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Fred Krueger, founder and CEO of the Lynx Wallet, recently published a checklist of strong cryptocurrency characteristics. Then he checked a few major cryptos against the proposed list. The results are below.
Fred Krueger Crypto Checklist:
1. Must be able to buy the crypto with a credit card in under 3 minutes
2. Must be able to send it to another user using a simple name like @bobsmith
3. Must be able to get a free account
4. All transaction times must be under 5 seconds
5. Must be able to send it on mobile or desktop in an app that is up to current standards
6. Must be able to trade the crypto in a DEX or other exchange for a more widely used crypto or fiat
7. Must be able to run a wide variety of apps that use the crypto
8. Must be able to buy and trade non-fungible tokens like game virtual items with the crypto
9. Must be 100% secure. You alone have private key. Must have option to have this key generated in hardware.
10. Consensus mechanism must be reasonably bulletproof.
How do major cryptos fair against this list according to Krueger
|3||No||Sort of||Sort of|
|7||Sort of||Sort of||No|
|8||Not Yet||Not Yet||No|
Fred also made a comment about Libra that he believes the new FB cryptocurrency will be able to pass this test “with flying colors”.
He also made a comment about the Lynx Chain that his team is working on releasing later this year. He believes that Lynx Chain will be able to hit hit 10/10 on the test.
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