Evaluating without marketing.
WHAT TO MEASURE RATHER THAN ACCEPT
Actual throughput, observed Fees, at typical and peak demand Time to finality Validator count and concentration Node requirements Uptime history
WHY NODE REQUIREMENTS MATTER
They determine who can participate in verification.
WHAT HIGH REQUIREMENTS IMPLY
Fewer independent verifiers.
WHAT TO EXAMINE ABOUT DISTRIBUTION
How supply was allocated at launch What proportion insiders hold Whether those holdings are unlocked
WHAT TO EXAMINE ABOUT GOVERNANCE
Who can change the protocol Whether a foundation or company controls development Whether upgrades require coordination or can be imposed
WHAT TO EXAMINE ABOUT ECOSYSTEM
Number of independent implementations Developer activity, in substance rather than counts Applications with actual users
WHY INDEPENDENT IMPLEMENTATIONS MATTER
A single implementation is a single point of failure.
WHAT TO IGNORE
Market capitalisation as a measure of quality Social media activity Partnership announcements without substance
WHAT TO READ
Technical documentation, and independent analysis.
WHAT TO ASK OF ANY CLAIM
Compared to what, measured how, under what conditions.
