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China’s New Cryptocurrency Ratings See BTC Slip While Embattled EOS Maintains Number One

EOS has topped the list of China’s most respected cryptocurrencies despite facing controversy over centralization.

China has released its latest government-sponsored rankings of major cryptocurrencies, placing Bitcoin (BTC) in 18th while awarding the top spot to blockchain platform EOS (EOS). The rankings were released in a press release on Dec. 21.

China’s Center for Information and Industry Development (CCID) under the Country’s Ministry of Industry and Information Technology creates the rankings, which first appeared in May this year.

Now listing a total of 34 top cryptocurrencies by market cap on the premise of “basic tech,” “applicability” and “creativity,” the results have frequently courted controversy, especially with regard to Bitcoin’s consistently average ranking.

EOS began ranking top in June. Completing its eighth issue, the CCID maintained EOS’ pole position, with Ethereum (ETH) coming in second.

A Chinese domestic project also took third place in the form of data economy startup GXchain.

“Public blockchains with high performance and support for general application development are generally ranked high,” the CCID wrote in accompanying comments, continuing:

“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.”

A visual breakdown of the data is currently circulating on social media.

EOS has faced controversy in recent months, critics targeting its apparent lack of decentralization and ability to reverse transactions among areas of concern.

The rankings meanwhile awarded seventh place to BitShares (BTS), a project which shares the same creator as EOS, Daniel Larimer.

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EOS Node Offers Users Financial Rewards for Votes, Reignites Decentralization Debate

Starteos has pledged to reward users financially with the implication they would vote for it as an EOS Block Producer.

Yet another aspect of blockchain protocol EOS has sparked controversy this week after one of its 21 block producers appeared to offer its token holders financial rewards for voting it as a proxy.

Starteos, one of the official sanctioned nodes which can approve EOS transactions, said in a Medium post Nov. 27 that “after delegating as proxy, you could get continuous and stable EOS revenue.”

The Chinese outfit, which has yet to comment on allegations it runs against decentralized and democratic blockchain procedures advocated by EOS itself, framed the revenue scheme as a reward for token holders.

“The ‘winter’ of cryptocurrencies has come. How much faith do you left to (sic) have?” the post reads, continuing:

“Now, Starteos is still gonna stay with YOU, our most important and best friends! And we gonna share the proceeds with you and make through the difficulties together.”

After selecting Starteos as a proxy, users can pick “stable income” “mining” revenue mode or the “random revenue” mode, where they play “Lucky Fruit Slots Machine” with game tokens to get “EOS revenue.”

The post added information on how users can vote for it as part of EOS’ Block Producer voting rubric.

As Finance Magnates noted Dec. 3, effectively paying off users to strengthen a particular node would constitute heavy centralization on the part of EOS, one of the world’s biggest-value blockchain networks.

Cointelegraph has often reported on the controversies linked to various participants in the ecosystem, the most recent involving moderators, one of whom in November reversed transactions from a reportedly phished account, which nodes had already confirmed.

Creator Daniel Larimer, who in October said decentralization was not in fact the goal of EOS, last week revealed was considering plans to start a new currency-focused token.

“Crypto people will hate it,” he wrote about the concept on social media.

EOS remains the blockchain which has by far the highest number of daily transactions, despite a decline in token price. As of press time, EOS is trading for $2.83 according to CoinMarketCap, down more than 14 percent on the week, with a total market cap of around $2.6 billion.