EOS Continues to Lead Chinese Crypto Rankings in July

The Chinese Center for Information Industry Development (CCID) released its third ranking of the top cryptocurrency projects. EOS maintains the lead form the previous month, Bitcoin is up a place, but only 16th.

The Chinese Center for Information Industry Development (CCID), a research group under the Ministry of Industry and Information Technology, issued the third iteration of its blockchain rankings. The first publication of this nature came in May 2018, while the second one was in June. The main aim of this research is to evaluate each project for its usability and has nothing to do with price fluctuations of the associated virtual coins.

There are three different criteria, which make up the total score – basic technology, applicability, and creativity & innovation. Here is a breakdown on the top 10 blockchain projects, where each factor is a separate column:

Source: CCID

Little movement and a strong new entry

When comparing the full results to the ones from June, we can note a few changes. A total of 31 coins are now included, with the newest one being GXChain (GSX). It enters the list at a very respectable fourth position, right after the leaders EOS (EOS), Ethereum (ETH) and Nebulas (NAS). This honor did have somewhat of an impact on GSX price – several hours after the announcement GSX was trading around 10% higher.

The rest of the coins on the list did swap their places around, but there were relatively few drastic changes. For instance, IOTA (MIOTA) jumped from 19th to 14th, while Bitcoin (BTC) only managed to gain a single spot from 17th to 16th. On an interesting side note, Waves (WAVES) and Komodo (KMD) got the exact same score and are tied for 9th place.

How is the research done?

A lot of pundits questioned the rating methodology used by CCID, already in the first two issues of the study. The China Electronics News Agency (CENA), which is also under the Ministry of Industry and Information Technology’s umbrella, provided separate answers for the three different criteria.

When it comes to the technology factor, where EOS has a massive lead, the statement reads:

“The basic technology [aspect] mainly assesses the technical level of the current public chain, including evaluation of functions, performance, security and decentralization. In terms of basic technical sub-indicators, EOS scored the highest.”

The second column, applicability, (one in which Ethereum beats NEO ever so slightly) is explained as follows:

“The application [aspect] mainly examines the comprehensive ability of the public chain to support practical applications, including node deployment, wallet application, development support and application implementation.”

The third and final category, creativity & innovation is dominated by Bitcoin. Here is the brief description regarding it:

“The innovation assessment focuses on continuous innovation in public chain open source code, including the number of contributors, code updates, and code impact.”

Even if we leave the actual rankings aside, the mere existence of such a system in China is noteworthy. While this isn’t by any means an outright openness towards crypto, like the one in Estonia or Zug, Switzerland, it at least shows a neutral analytical attitude, which may eventually lead to the removal of some of the crypto restrictions in the world’s most populous country.