CRYPTOCURRENCY

China’s Crypto Rating Index List’s EOS In Top Slot As Bitcoin Drops

A team of researchers associated with the Chinese Ministry of Industry and Information Technology (MIIT) has unveiled its latest evaluation of blockchain networks. The team’s final results appeared rather surprising.

The researchers under the China Electronic Information Industry Development (CCDI) Blockchain Research Institute is focused on providing an independent rating system for the blockchain industry. According to the research results, the recently launched EOS network managed to clinch the number one position. The Ethereum network managed to attain the second position while NEO achieved the number three spot. This makes it the second release since the index launched last month.

Surprising outcome

In this latest survey, there was a shock in the way cryptos were ranked. In a surprising twist of events, Bitcoin which is the largest crypto by market capitalization came a distant 17th position, not even making it to the top 10 list. This was a drop since in the previous survey it had ranked position 13.

The main purpose of the rating is to evaluate the development level of global public-owned chain technology and to accurately grasp the trend of the blockchain. This is according to the index’s website.

The results which were announced on June 20, in Shanghai gauged a total of 30 major blockchains. The blockchain projects were based on their technological capabilities and use cases as opposed to aspects related to their financial evaluation.

Queries raised

The EOS project was launched as recently as June 14. It was faced with several challenges in regards to transactions as soon as it went live. However, developers were quick to fix the issues. Thus, the EOS has raised several eyebrows. Queries are being raised of how the project managed to top the ranking. Others are wondering why most other projects received no rankings at all.

While carrying out its assessment, the CCCID research team gave EOS a total of 102 points for its fundamental technology, 15.4 for its applicability and awarded it 44.1 points for its innovation. At the same time, Ethereum which famous for its smart contract functionality platform scored 85.2 on fundamental technology and 24.9 points on applicability.

The team which is made up of first-rate domestic experts and scholars awarded Bitcoin a low 42.6 points on the fundamental technology scale and awarded it an above average score of 35 on the innovation category.

Why EOS won

The CCID research group said that EOS scored higher than any other crypto due to its outstanding technical advantages in transaction confirmation efficiency. The team also said that the networks throughput and transaction enabled EOS to beat the other cryptos.

Speculation is high that the crypto has the highest potential to grow and hence, influence the blockchain. Many in the blockchain community believe that EOS is poised to replace Ethereum. It should not be forgotten how popular EOS is, in China.

Even though EOS seems promising, no one expected it to rank anywhere near the top. Partly due to the fact that the coin is very new in the market and also due to the fact that it still has various challenges afflicting it.

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