In the official report issued by China’s Center for Information and Industry Development (CCID), there have been some changes. Bitcoin moved significantly in the rankings.
In October, bitcoin dropped to 19th place, while it has climbed to 13th in this recent ranking. Although, the currency is still below its best position of attaining the top 10 positions in August. Additionally, other cryptocurrencies like EOS and Ethereum still took top positions on the rankings.
In December 2017, Bitcoin peaked nearly $20000. But, within a year its value has dropped as much a 75%. As at now, the battling cryptocurrency lies below the $4,000 barrier to the US Dollar.
Criteria for the Rankings
The seventh edition of the cryptocurrency and blockchain ratings was issued by China’s Center for Information Industry Development (CCID). It’s a division under the Ministry of Industry and Information Technology.
It was launched in May, it initially had 28 crypto projects listed in it. However, an addition of five cryptocurrencies adds to the list since its inception. This makes it a total of 33 crypto projects.
Chinese cryptocurrency, EOS, topped the monthly Global Public Chain Technology Evaluation Index.
Ethereum, which was first place in the pioneering edition, came in second. Other cryptocurrencies like Bitshares, Steem, Nebulas, GXChain, and NEO came in as third, fourth, fifth, sixth and seventh respectively.
The ranking of the crypto projects was carried out based on their basic technology, applicability, creativity, and overall rating. In terms of creativity, bitcoin ranks number one on the list. In terms of basic technology, EOS tops the list, while Ethereum took the leading position in the applicability category.
In evaluating the model, there are three underlying principles, they involve:
- The indicators adoption relating all the evaluating objects,
2. The proposed indicators should be related to technological innovation in public chains,
3. The measurements or evaluation of the indicators might implement.
Plans for the Future
According to the Center for Information and Industry Development (CCID), its blockchain research institute will continually carry out in-depth evaluation and application development report for public chains.
In a statement released by the division, they promised to launch an advisory service and report on public chain technology assessment. However, it’s important to note that the Chinese government is issuing a cryptocurrency rating index. This is despite the fact that cryptocurrency trading and Initial Coin Offerings (ICO) are bans in the country.