Cryptocurrencies are a hit in China. Despite the recent market slide that saw Bitcoin going from $6,500 to less than $3,300 in a span of just a few days, it has now recovered somewhat to surpass the $4,000 threshold, the most populated country in the world has not lost faith in digital assets, and since May, the government has been sponsoring a “crypto ranking” to keep a classification of the better and most stable projects.
Last week, Chinese authorities published the latest ranking of the best cryptocurrencies, with Bitcoin (BTC) controversially outside of the top 15 and EOS, a domestic blockchain platform, leading all digital assets.
The ranking is released by the China’s Center for Information and Industry Development (CCID,) an organism that operates under the Country’s Ministry of Industry and Information Technology administration. The list appeared for the first time in the month of May, in 2018.
Ranking Criteria
The primary criteria for putting the ranking together are basic tech, applicability, and creativity. There are more than 30 coins listed (34 to be precise,) and every time a ranking is published, it comes under severe criticism and controversy, mainly because Bitcoin, the world’s leading cryptocurrency and the most valuable digital asset (surpassing $4,000 today after a recent mini surge) is constantly ranked outside the top spots.
EOS also held the top spot the first time the rankings were released. The December 21st listing is the eighth issued of the rankings, with EOS once again looking every other cryptocurrency from above. Ethereum, the third most prominent digital asset by market cap, is second on the Chinese list.
GXChain, which is a local project in the data economy sector, came in third after ETH. “Public blockchains with high performance and support for general application development are generally ranked high. Among the top 10, four public chains adopted graphene architecture with better performance, six public chains use the dPOS consensus mechanism, and seven public chains support Dapp development,” according to a statement of the CCID after it released the latest results.
The Rest of the Top 20
The top 20 is completed by Komodo (fourth,) Ontology (fourth, tied with Komodo,) NULS (sixth,) Nebulas (seventh,) NEO (ninth,) Steem (tenth,) Lisk (eleventh,) Ark (twelfth,) Stellar (thirteenth,) Waves (fourteenth,) Ethereum Classic (fifteenth,) Qtum (sixteenth,) Cardano (seventeenth,) Ripple (nineteenth,) and Monero (twentieth.) The position of Ripple (XRP,) the world’s second largest cryptocurrency according to market cap, is also surprising.
Despite being ranked number one in China, EOS has endured it fair share of criticism in the last few months because an apparent lack of decentralization, and their transaction reversal capabilities. BitShares (BTS) is ranked seventh: it shares the same creator – Daniel Larimer – as EOS.
Ontology is one of the additions to the list. “Its main network was launched in June 2018. In this assessment, Ontology has outstanding performance in basic technology and application, with a composite index of 112.6, ranking fourth in the [overall] list,” explained the CCID.
By Andres Chavez
