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Crypto Community Roars In Response to China’s Scathing Ranking of Bitcoin

Bitcoin Hammered In CCID Ranking

The China Electronic Information Industry Development (CCID) seems to be back at it again with (yet another) crypto ranking. If it wasn’t bad enough already, it apparently got even worse in the March installment, as the group bashed this industry’s beloved Bitcoin (BTC) with a hammer.

china crypto rankings, bitcoin

Bitcoin plunged from 13th to 15th, as it was smashed in the applicability department. On the other side of the proverbial coin, EOS, Tron, and Ethereum got a nice boost, as their creativity and basic-tech points gave them a hefty tailwind. In the middle lay projects like NEO, Steem, Lisk, Stellar, among others, whose ratings were neither spectacular nor harrowing.

Crypto Community Up In Arms

While some TRX, EOS, and ETH maximalists (of which there are many) were in love with the ratings, some were skeptical. The Block’s Mike Dudas joked that the Chinese government and FlipsideCrypto must be using the same algorithm, drawing attention to a debacle in which the latter entity bashed BTC and praised the smart contracting platforms mentioned above.

Joseph Young, a leading crypto journalist, opined in a recent CCN article that the aforementioned ranking should be a mere reference at best, rather than a “definitive ranking of blockchains.” He adds that the CCID ranking scheme naturally gives more brownie points to DApp chains, as its criteria focused on technology, applicability, and creativity.

As Bitcoin is the world’s first blockchain, with a limited premise and raison d’etre, it’s standings in the aforementioned ranking scheme would be rather low. But, that’s not to say that BTC doesn’t have some semblance of a use case in the real world. Far from. In fact, an argument has been made that the cryptocurrency is the world’s best digital asset, and the only one that is truly needed. Even if it isn’t the end all and be all of blockchain use cases, it would be hard to doubt the traction Bitcoin has gained.

Just look to institutions for some evidence. The few mainstream firms that have looked into this space have focused their efforts on Bitcoin and Ethereum, more the first rather than the latter though. Fidelity Investments, for one, launched its custodial offering and trade execution platform for Bitcoin first, as it weighs the addition of other digital assets.

Bakkt, too, will center its efforts around the flagship crypto. While the ICE-backed platform has been delayed many a time, it has been made clear that a physically-delivered BTC futures vehicle will be the Atlanta-based project’s first venture, as Bitcoin would get the most demand and love from its expansive clientele. It’s a similar sight around the rest of the industry.

Sure, CCID’s rankings may be entirely fair for the list of standards it is enlisting, but it would be hard to deny that BTC is still booming. And at the end of the day, who’s really listening to the Chinese agency’s quips about the cryptocurrency space anyway? The topic is effectively banned in the nation…


Photo by FuYong Hua on Unsplash

The post Crypto Community Roars In Response to China’s Scathing Ranking of Bitcoin appeared first on Ethereum World News.

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EOS Maintains Top Spot in Latest China Blockchain Index Ranking

EOS has retained its top spot in the latest ranking of public blockchain projects released by the Chinese government. This latest ranking is the fourth since the index debuted at the end of May 2018.

The rankings, developed by the China Electronic Information Industry Development Research Institute as well as the China Software Testing Center aims to create a scientific assessment of global public blockchain projects.

EOS Completes the Hattrick

For the third month in a row, EOS has maintained its number one spot atop the ranking. The delegated proof-of-stake (DPoS) blockchain project edged out Ethereum after the first rankings were released to gain the top spot since June 2018. Apart from topping the charts, EOS also occupied the top place in Technology index.

EOS has endured many controversies since its mainnet launch earlier in the year. The project had issues with bugs, centralization concerns, as well as disagreement over the project’s constitution. Block producers (BPs) were accused of holding far too much power in the network. Recently, the project released the updated EOSIO version 1.2.0 which boasts upgrades like MongoDB enhancements.

Ethereum Stays Second

Like EOS, Ethereum’s position remains unchanged from the July’s rating result. Despite being second on the ranking, Ethereum has the highest score in the Applicability index. ETH narrowly edged out NEO for the top spot in that category by a difference of 0.1.

Elsewhere, Bitcoin managed to move higher up in the ranking, jumping from 16th position to the 10th position. Despite being down in 9th position, Bitcoin has the highest Applicability index score of 40.3 with EOS and Ethereum occupying second and third in that regard. According to the conveners of the ranking, Bitcoin has the least developed technology which is it has the lowest score of 46.0 in the Technology index.

August’s rankings included two new projects – Tezos and NULS. Tezos, like EOS, has been beset by numerous issues ever since its eye-catching ICO in 2017. The project debuts in the 28th position with a total weighted score of 81.2. NULS, on the other hand, debuted at 21st position with a rating of 88.2

What do you make of the Chinese index ranking – important or a load of garbage? Keep the conversation going in the comment section below.

Image courtesy of CCID.

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Stellar (XLM), Lisk (LSK) Ahead Of Bitcoin In Latest Ranking

China’s latest ranking has placed Stellar (XLM) and Lisk (LSK) ahead of Bitcoin (BTC). The ranking which is purposely invented for blockchain technology based on their applicability is a creation of China Electronic Information Industry Development Research Institute (CCID) and the China Software Testing Center (CSTC).

Renowned researchers and professors in Tsinghua and Beijing University contribute to the success of the ranking. The latest ranking, for August, ranked EOS as the number one cryptocurrency followed by Ethereum but surprisingly put Bitcoin at the ten position.

In the ranking, Komodo, Nebulas, NEO, Stellar, Lisk, GXChain, and Steem were ranked ahead of the almighty Bitcoin because they have dependable applicability and technology that outweigh BTC. However, in areas of innovation, Bitcoin was given credence may be due to its long track record.

CCID gives credence to smart contract protocols and blockchain networks which support Decentralized Applications (DApps) this is because the institution’s criteria are centered on tech and application.

With 104.3, EOS received the highest point in the category of technology. Analysts say this may be due to its proof-of-stake (PoS) consensus algorithm with the potential of processing a high number of transaction in a short time. This makes EOS to be better than Ethereum and Bitcoin in the face of CCID and CSTC. Interestingly, Ethereum came second in the ranking.

Stellar XLM May Be Listed On Coinbase Sooner Than Expected

Stellar, which was ranked ahead of Bitcoin is being observed by Coinbase. The coin may be listed ahead of other top cryptocurrencies owing to its use cases and desire to solve problems the society in our society, especially the ones that have to do with cross-border remitting. There is believe that this coin may be listed ahead of Ripple (XRP), which many people opined deserve a space on Coinbase than digital currencies like Bitcoin Cash and Ethereum Classic that was recently hacked.

Crypto Adoption Is Key

The cryptocurrency market has been skydiving in recent time. However, there is hope that with more use cases and mass adoption, crypto will upsurge and stay atop while fiat currency devalue. When cryptocurrency becomes what stores in small areas demand, the price of Bitcoin will travel to the moon.

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Are China’s Latest Crypto Rankings a Waste of Space?

The Chinese government has just released its second round of cryptocurrency rankings with two new projects listed and a shakeup in the order that doesn’t really add up.

The ratings are based on three primary sets of criteria; the basic level of technology displayed, usefulness of the application, and the innovativeness of the project. The country’s Center for Information Industry Development (CCID), under the Ministry of Industry and Information Technology, has updated their rankings for the second month now.

China’s Global Public Chain Technology Evaluation Index was officially released on five days at the Shanghai Science Hall. Adding to the 28 original crypto projects this time around was EOS and Nebulas. EOS went straight in at the top, knocking Ethereum down to second spot. This is a surprising decision given the controversy, centralization concerns, and technical glitches that mired its mainnet launch. EOS took one of the biggest hits in the market low yesterday losing over 30% on the week to its lowest price in almost 3 months of just over $7.

The explanation for the CCID’s high regard for EOS came as follows;

“The EOS main network went live on June 10. Although there was an accident such as a short-term suspension, it was highly active in technological innovation, and the software update speed was still one of the new generation public chains that are currently most concerned by the industry,”

The CCID Public Chain Technology Assessment Working Group also altered its assessment structure for the second round of rankings;

“The second-phase assessment model has been optimized compared to the first phase. The security assessment algorithm has been improved and the evaluation indicator for ease of deployment of public-chain nodes has been added.”

Typical factors often used to rank cryptocurrencies such as total supply, market capitalization, and trade volume are not taken into consideration with this assessment. The charts therefore are not indicative of current market conditions or sentiment.

Bitcoin has slid down the list from 13th to 17th despite recovering 4.6% from its annual low yesterday and being the godfather of all other cryptos. Chinese favourite Neo moved up a place to third but it has been battered on the markets losing 64% since the beginning of May. Neo is currently at its lowest level since mid-November, showing little sign of recovery and languishing around $31. Ripple has climbed from 17th to 9th place indicating that centralization issues are also not part of the ranking criteria.

In the grand scheme of things, is a list of rankings from a country that has made every effort to quash crypto trading and mining worth the paper it has been typed on?

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