China Publishes New Rankings of 37 Crypto Projects
China’s Center for Information and Industry Development has published its latest crypto rankings. Thirty-seven projects have been evaluated and ranked overall as well as in three separate categories. Some favorites have changed and two projects have been added to the previous list of projects ranked.
Also read: G20 Leaders Issue Declaration on Crypto Assets – A Look at Their Commitments
The 13th Update of Crypto Rankings
The Center for Information and Industry Development (CCID), under China’s Ministry of Industry and Information Technology, released the 13th update of its crypto project rankings Tuesday. The total number of projects ranked has grown to 37, with two projects added since the last rankings in May.
In addition to the overall ranking, the CCID evaluated all 37 projects based on their basic technology, applicability, and creativity. EOS remains at the top of the overall ranking, followed by Ethereum and then TRON. The center started ranking TRON in February, debuting it at number two overall. However, in the latest ranking, TRON dropped to third place, replaced by Ethereum. BTC now ranks 11th, up one place from May. BCH has also improved, currently occupying the 26th spot overall, up from the 29th place previously.
Two Projects Added
Two other public chains have been added to the previous list of projects ranked — Cosmos and Zilliqa. The former is “an ecosystem of blockchains that can scale and interoperate with each other,” the project’s website details. “Before Cosmos, blockchains were siloed and unable to communicate with each other. They were hard to build and could only handle a small amount of transactions per second. Cosmos solves these problems with a new technical vision.” Cosmos debuts at number 10 in the overall CCID ranking, just below STEEM and above Bitcoin.
The latter proposes “Transaction sharding to improve transaction performance,” the CCID described. “In addition, Zilliqa uses the new smart contract language Scilla to prevent security vulnerabilities that often occur in Solidity, making it easier to perform formal verification.” This project debuts at number 24 in the CCID overall ranking, just below Stratis and above Tezos.
Evaluation Model
The CCID explained Tuesday that the evaluation model used has not changed and the projects are still being evaluated overall as well as in three other areas: Basic Technology, Applicability and Creativity.
The first sub-index, Basic Technology, mainly evaluates the technical realization level of the public chain, the center detailed, adding that it mainly inspects areas such as function, performance, safety and decentralization of the public chain. This sub-index accounts for 65% of the total index. “The average of the overall underlying technology index has slightly decreased from the previous period,” the CCID revealed.
The second sub-index, Applicability, mainly evaluates the comprehensive level of public chain support for practical applications, the center described, adding that this sub-index accounts for 20% of the total index. Four key aspects are examined for this assessment: “node deployment, wallet application, development support and application implementation.” The center noted that “Compared with the previous list, the top five of the applied indicators list did not change.”
The third sub-index, Creativity, mainly examines the continuous innovation of the public chain. According to the center, for this index, the projects were evaluated based on factors such as the number of developers, how recently and often the code is updated, and which other projects have influenced the code. This sub-index accounts for 15% of the total index.
How China Started Crypto Rankings
The CCID describes itself as “a first-class scientific research institution directly under the administration of the Ministry of Industry and Information Technology of China.”
The first crypto ranking was published in May last year. A week before its release, on May 11, the center held a symposium on public blockchain technology assessment in Beijing and unveiled the latest progress of the crypto project assessment work carried out by the CCID (Qingdao) blockchain research institute, an entity established by the center. It added that the crypto ranking and evaluation work was done in collaboration with multiple parties such as the CCID think tank and the China Software Evaluation Center. “The result of this assessment will allow the CCID group to provide better technical consulting services for government agencies, business enterprises, research institutes, and technology developers,” the center clarified.
When the first ranking was unveiled to the public, Quartz wrote: “Today (May 17), the China Center for Information Industry Development (CCID), a research unit under the country’s industrial ministry, officially launched its monthly ratings index on 28 crypto coins and the blockchains behind them.” The publication elaborated, “The CCID announced the initiative last week, citing the lack of an independent analysis of crypto and blockchain as a guide for governments, enterprises, and research institutes around the world.”
Recent Bullish Signs From China
There have been some positive developments out of China lately regarding cryptocurrency. According to local media, Hangzhou Internet Court has recognized bitcoin as a commodity in what the publication described as the first case of bitcoin property infringement dispute. “On July 18, this court confirmed the ‘virtual property’ attribute of bitcoin, which is the first time that Chinese courts have determined the virtual property attribute of digital currencies,” according to the news outlet.
In addition, Bank of China, one of the largest state-owned commercial banks in the country, published an infographic on July 26 about bitcoin, how it works, and why the price is going up. The cryptosphere views this move as bullish.
What do you think of the latest CCID ranking update? Let us know in the comments section below.
Images courtesy of Shutterstock and the CCID.
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