The latest government-backed Crypto rankings in China have been officially released.
Crypto Projects Ranked In China
The CCID i.e. the Center for Information Industry Development, which falls in the Ministry of Industry and Information Technology, has released latest Crypto rankings. This list was officially made public at the Shanghai Science Hall and included a total of thirty Cryptocurrencies, ranked by popularity in the current Chinese market. The first index that was released last month only comprised twenty-eight projects in total. This latest index includes two new entrants i.e. EOS and Nebulas, making the final list have a total of thirty projects.
EOS In The First Place, Bitcoin At 17th
In these new rankings, EOS, which was not in the original list which was released last month, has been ranked at first place. Bitcoin’s ranking has dropped from 13th place, in the previous list, down to 17th place. Etherium, which was in the first place in the original list, now comes at 2nd place. Another project which has also fallen in ranking, albeit slightly is Bitcoin Cash. In the original list, Bitcoin Cash was ranked 25th, in this new list it has dropped to the 28th place.
The center has reported that when the projects were passed through its evaluation index, EOS registered a score of 161.5, placing it in the first place, while Etherium, the previous number one spot holder, registered a total score of 138.4. Bitcoin’s poor performance in the ranking, the center stated, was due to it scoring a combined score of 91.5 in the assessment ranking.
Ranking Index’s Working Structure Revised
The CCID’s media network has reported that the Public Chain Technology Assessment Working Group has revised the index’s working structure and made several changes to it. These changes include the optimization of the assessment model, improvement of the security assessment algorithm as well as the addition of an evaluation indicator. The valuation indicator has been reported to have been introduced so that there would be an easy deployment of public chain nodes.
Though the system has undergone the above-stated alterations, the group has reiterated that the technology assessment basic model has not been modified and remains the same as when the first index was released. The group has stated that the criteria of evaluation are still based on the three main elements, which include:
• The level of technology utilized
• How useful the application is to its users
• The level of innovation displayed by the project
One main point to note, however, is that these criteria do not take into consideration other factors that are usually used in ranking Cryptocurrencies such as the volume of the Cryptocurrency, its level of liquidity, ease of adoption or it is price index.
EOS Core Arbitration Forum has given a censorship order to all its miners, demanding that they should not take part in the processing of any transactions for the accounts that were frozen. The arbitration forum has said that the EOS accounts and public keys are still undergoing further review and as such would remain dormant until the process is concluded. This news was released two days after the release of the Chinese index.