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Altcoin News

China CCID Releases Second Monthly Index Rankings

Justin Bercik

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China CCID Releases Second Monthly Index Rankings

China Center for Information Industry Development (CCID) released its second Global Public Chain Technology Evaluation Index on Wednesday. It will be noted that the release of the  monthly crypto projects ranking began last month, and the first released index had only 28 crypto projects with the exclusion of Nebulas and EOS which both got on board the ranking list this month.  

It may be a bit surprising that EOS did not just make it to the list, but also ranked first and it left Ethereum clinching second place. The newly released ranking also had Bitcoin drawing farther from the top 10 crypto projects as it  dropped to 17th position from its initial 13th spot. Bitcoin cash also went three steps lower than its initial 25th spot. The ranking also had Steem (Steemit token) at 7th spot from its second spot from last month.

The Criteria Used For Ranking

The working group that assessed the crypto projects reportedly made certain alterations to the structure of the new index. The group claimed to have worked with an improved logarithm for security assessment and also introduced an evaluation indicator to aid the process of organizing the nodes of public blockchains. The group, however, stated that the basic criteria used for the assessment remained  unchanged. Three core criteria were examined while determining the projects that were ranked and the position which each project got on the index.

  1.  The fundamentals of the projects technology,
  2. The actual usability of the application
  3. The project’s innovation level.  

It is important to expressly state that factors usually used for crypto rankings including price, volume, liquidity and adoption were not considered by the group for their rankings and for EOS to have appeared top on the ranking list, it simply fulfilled  all the requirements of each criterion better than other coins.

Criticisms Of The Ranking

Context  Is China's Central Bank Testing Ripple's (XRP) xCurrent?

Crypto enthusiasts have  expressed their shock at how EOS got the top spot, considering the fact that it recently experienced a short period of freezing which put its decentralized nature into question. CCID however maintained that EOS had a high level of tech innovation and the speed of its software update belonged to the new set of software updates. EOS has also been criticized on the ground that it was a network characterized by vulnerability and would easily give in to activities of hackers.  

The ratings for this month has also started drawing criticisms from users who think VEN vechain ought to be on the list. A twitter user while criticizing the ranking stated that the absence of VEN vechain on the list made it lose its credibility. Another user also questioned the fact that the coin wasn’t on the list even when it was being supported by the government.

It has however been suggested that VEN vechain didn’t make the list because its mainnet had not been launched at the time the crypto projects were assessed.

The launch of Vechain’s mainnet is scheduled to take place at the end of this month and our fingers will remain crossed to see whether it gets on the list after the launch, and  whether EOS will maintain its spot in the next index.

 

AsiaCryptoToday is a team of executive Asia Crypto Researchers set to bring you the latest Cryptocurrency News from Asia (Vechain, NEO, QTUM, Elastos)

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