China is one country that has been tough on cryptocurrency in times past, especially with cryptocurrency exchanges. However, in recent times, the country has eased the reins a bit on the use of cryptocurrencies, which is why we have something to talk about.
In recent times, a subdivision of the Ministry of Industry and Information Technology in China referred to as the Center for Information and Industry Development (CCID), has been releasing some crypto rankings based on their performance on the Chinese crypto market. The 12th update was released recently, and the ranking updates will no longer be a monthly affair, but will be released bimonthly.
An assessment of the cryptocurrencies is usually made possible via the activities of parameters that have been set up by the CCID Blockchain Research Institute which was created by the CCID, the China Software Evaluation, and the CCID Think Tank.
According to the rankings, EOS has topped the ranking with 148.5 points, and surprisingly, TRON is blazing the trail behind with 144.1 points. Coming in third place is Ethereum, and it has 136.6 points. Steem and Ontology come in 4th and 5th positions. It will interest you to know that Bitcoin has been able to climb from 15th position to 12th, and has 101.1 points. Bitcoin’s position may come as a surprise to many, considering the fact that it is one of the top cryptocurrencies with the highest market cap, however, the crackdown on some cryptocurrencies, crypto exchanges and ICOs two years ago, was a contributory factor at making Bitcoin what it is today in China.
The Center for Information and Industry Development (CCID) is an institution for scientific research, its state-of-the-art facility and equipment has made it successful in recent times. The institution gets its governance from China’s Ministry of Industry and Information Technology. It began its crypto rankings in May 2018, based on parameters like creativity, applicability, and technology, and until May, 2019, the rankings have been getting updated on a monthly basis. However, after May, the list will get updated every two months.
Based on the parameters the research uses to rank the blockchain-based systems, we have the following that topped the list:
Technology (Safety, Performance, Decentralization)
Creativity (Code Impact, Code Updates, Developer Size)
Applicability (Development Support, Wallet Application, Node Deployment, Application Implementation)
Two months from now, the CCID will update the list, and then we will see if any of the coins mentioned will maintain or lose their positions. It is interesting to see that China is doing a lot with the blockchain technology already, and there are indications that there are more blockchain-based systems to expect in the near future, as the whole world makes moves to adopt blockchain and cryptocurrency as mainstream technologies to use for different purposes, and in different industries and sectors.