Cryptocurrency

China’s Latest Cryptocurrency Rankings: EOS First, Tron Second, Bitcoin Fifteenth

China’s Latest Cryptocurrency Rankings EOS First, Tron Second, Bitcoin Fifteenth

The Chinese CCID Research Institute has for the 11th time published its public ranking of cryptocurrencies. The top three consists of EOS, Tron and Ethereum. Bitcoin arrives at place 15.

What determines the cryptocurrency ranking?

CCID Blockchain Research Institute released its Global Public Chain Technology Evaluation Index once again. The evaluators look into three main technical aspects of the different blockchains, namely basic technology, application and innovation. The lists consist of the 35 biggest blockchains. What the evaluation shows is that the code update activity has decreased significantly, but the innovation still grows.

Even though the bear market is still hovering like a dark cloud over the cryptocurrency world, companies and blockchains innovate. Big tech companies dig into the new technology, and IBM has over 1500 developers working on more than 500 different projects. Intercontinental Exchange (ICE), the owner of NYSE, gears up to launch its platform Bakkt in 2019 and Facebook might launch a cryptocurrency soon. These are just a few examples of what is happening. What we see is the price goes down on all cryptocurrencies while the rate of innovation grows.

Ledger Nano S - The secure hardware wallet

Which cryptocurrency blockchains are best and why?

Meanwhile, blockchains around the world are making major improvements. Not surprisingly, EOS, Tron and Ethereum are top three because, in terms of usage and application, they are far from its competitors. However, even though the index ranks EOS as number one, TRON has the most use dapp with over 7800 daily users. When it comes to the number of dapps, ethereum took first place by having 1374 dapps while EOS had 314 and Tron 135.

Nevertheless, they all build and innovate in this bear market. Ethereum, for example, recently launched a hard fork successfully. They aim to move from proof-of-work to proof-of-stake, and the upgrade is the first step in that direction. However, EOS has not done as well recently and have some issues with their consensus algorithm, delegated proof-of-stake. A block producer failed to update the black-list which resulted in a breach. A hacker got away with $7,7 million. Nevertheless, they have also released a new version of its software.  

While many blockchains make improvements, Bitcoin still holds place 15 which might change in the future if they implement more upgrades, such as the lightning network which grows day by day. However, not all are positive about the lightning network, and a recent story highlights the potential pitfalls.

Meanwhile, one blockchain that makes progress is Cardano. It has failed investors before which might be a reason why it holds the 25th place but might surprise investors in 2019. They are off to a good start in 2019 as they successfully released Cardano 1.5 on the mainnet. All developers agreed on the update which was a major move towards the most anticipated Shelley update. If they succeed, their blockchain might become the safest decentralised blockchain yet created.

Many projects build and improve which is what investors like to see. Even though the price goes down, the rate of technology improves which usually means that the price sooner rather than later will catch up.

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