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Bitcoin News

China’s CCID: Bitcoin Ranking rises six spots during 2019

China has released its 12th evaluation of roughly 35 blockchain projects.

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Bitcoin moves up six spots since

China has released its 12th evaluation of roughly 35 blockchain projects. Notably, Bitcoin has made significant steps in this ranking compared to the 8th release in Dec 2018.

The ranking is done by the China Center for Information and Industry Development (CCID) and evaluates blockchain projects based on a wide range of factors key among them being technology, application, and innovation.

Unfortunately, in the rankings since Dec 2018, Bitcoin has never been on the top ten positions. However, this is about to change if Bitcoin keeps the same momentum in the coming rankings. Towards the end of 2018, Bitcoin was ranked at position 18 with EOS, Ethereum, GXchain, BitShares, Komodo, NULS, Nebulas, Steem, and NEO ranking ahead of Bitcoin.

During the December raking, EOS, Ontology, and Steem occupied the top spots technology wise. In terms of application, NEO QTUM, Ethereum, Dash were among the top blockchain platforms that scored heavily.

Bitcoin also won

Bitcoin was not all lost in the Dec 2018 rankings; it ranked among the top five blockchain projects in the innovation category. Others that made it to the top spots on innovation were Ethereum, Komodo, and Cardano. The innovation index undergoes a significant change based on the update of the public chain code.

In the subsequent releases, CCID has depicted Bitcoin as moving up the ladder. For example, in its March 2019 release, Bitcoin stood at position 15 followed by position 12 on the latest ranking released on May 23.

EOS has been on the number one spot even on previous rankings. To join it on the top was Ethereum, Ontology, Tron, and Steem. Looking beyond the general score, Bitcoin floored others on the creativity category.

Even with the Bitcoin (BTC) China relationship being sour, China has continued to invest heavily in blockchain projects although it has eliminated the crypto part in blockchain systems.

Could the creativity mean the halving event?

While this can only be speculated, it’s a possibility. The rise in the general ranking of Bitcoin from position 18 to position 12 coincides with the nearing of the 3rd halving event in the history of Bitcoin.

Towards the end of May 2021, Bitcoin will automatically halve the rewards miners earn for mining new blocks on the Bitcoin blockchain. The rewards will reduce from 12.5 BTC to 6.25 BTC. But that’s not all; the amount of Bitcoins produced every year will be reduced by half. Halving is viewed by many as a creative way to direct the supply and demand curve without no single entity responsible. Satoshi Nakamoto, the anonymous Bitcoin creator, hardcoded the halving event in the Bitcoin code.

Some crypto enthusiasts are even excited with the halving even. For instance, one BTC bull, Anthony Pompliano, co-founder, Morgan Creek Digital, tweeted:

“Imagine if daily printing of US dollars was suddenly cut in half forever. Bankers would be FOMOing even though USD isn’t a scarce asset. Now imagine what they’re going to do when the daily Bitcoin supply is cut in half for one of the scarcest assets in the world.”

Jason Lee is a writer for various crypto publications and manages a small team on Medium. His love of technology and inquisitive nature set him up with crypto back in early 2016 and he hasn’t looked back since. In his spare time, Jason enjoys rock climbing and wakeboarding.

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