The second edition of ratings for cryptocurrencies and blockchain projects has been released by the Chinese Ministry of Industry and Information Technology. The evaluation, called “Global Public Chain Technology Evaluation Index” is released on a monthly basis and ranks the most prominent projects of the crypto sphere in terms of innovation, application, and technology. According to official sources, the index is calculated by the “first-rate” domestic experts and scholars.
The first batch of ratings has been released last month and the green light for its development has actually been granted by the Chinese government, which believes there is no independent assessment of the nascent industry. Back in May, Ethereum topped the charts but has been overtaken by EOS in the new rankings. Notably, bitcoin, the cornerstone of all virtual currencies, is ranked down at no. 17, behind such coins as Komodo, Monero or Lisk.
EOS, which was not even included in the last month’s ratings, has been praised for “outstanding technical advantages in transaction confirmation efficiency, network throughput, and transaction costs” of the protocol. However, the researchers warned that “due to its short online time, the stability of the network remains to be observed.”
EOS has had its fair share of trouble recently, with the network encountering numerous bugs and technical issues following its mainnet launch. The problems have even forced the developers to freeze the entire blockchain. EOS was also on the receiving end of severe public criticism for freezing its user funds to prevent potential hacking attempts.
Nonetheless, the recent news did not affect the Chinese experts in charge of the index, who called the project a “new generation public blockchain” that is “currently most regarded by the industry“ and also went on to commend it for being “highly active in technological innovation”.
As mentioned above, Ethereum takes the second spot, while NEO gets the bronze, with Stellar and Lisk completing the top 5. For the full list of 30 cryptocurrencies, check the official announcement.
Interestingly, bitcoin has almost the same score in “application” and “innovation” as the first-placed EOS but is considered to be far inferior in terms of “technology” by the Chinese experts.
The Chinese government has been hugely in favor of researching and developing new tools with the distributed ledger technology, with the Chinese President Xi Jinping even going as far as to call blockchain a “technology revolution”.
However, the Asian giant has been cracking down on ICOs as participating in an initial coin offering is forbidden for both Chinese companies and citizens. In addition, the country aims to introduce nationwide standards for blockchain by the end of 2019, following a formation of a special committee last month.
Image Source: “Flickr”
I have been following the crypto markets since mid 2017, just in time to witness the incredible surge of the digital asset industry. Fascinated by the potential of blockchain technology I’ve started to dig deeper and that’s how I ended up meeting the Toshi Times team. I hold a Political Science degree, therefore the crypto regulation development is particularly interesting for me. I’m also heavily involved with music, running my own label, a YouTube channel and working with distribution. People call blockchain the ‘Fourth Industrial Revolution’ and I believe it will change our daily lives in the coming years and we will have the front row seats to witness it.