The Center For Information and Industry Development, that falls under the radar of the Ministry of Industry and Information technology has released the latest feature of its cryptocurrency ranking. The latest ranking represents China’s 19th attempt to rank cryptocurrencies based on several parameters. The new ranking has been topped by EOS followed by Ethereum and IOST.
A look into the top performers
The list has been exhaustive and represents world cryptocurrencies that have steadily performed. EOS, the designated Proof-of-Stake consensus algorithm has fixed itself on the first spot followed by Ethereum with a total index of 148.4 points and 137.1 points respectively. IOST also has been a consistent performer and has only seen its position upgrade in the CCID rankings. It presently is found on the 3’rd place outperforming TRON. IOST index score is 111.9 points while TRON is seen lagging behind with 87.3 points.
Parameters of ranking
The CCID rankings are much looked upon because it has an extensible methodology to undertake rankings. It holds a lot of clout in the circles because it takes into consideration all the big public chains and rankings are done purely based on the technicals of the project.
Each project is ranked based on three important aspects namely: Basic technology in adoption, Applicability with innovation, or creativity. Technology talks about the underpinning of the project’s dynamics in the form of its features, performance, decentralization, overall performance, and security offered.
Applicability is tethered to Node deployment, support in terms of development, and wallet application. In this department, IOST has scored well with 20.3 points whereas the other top 3 in this parameter are ETH, TRON, and Nebulas with 29.8, 28.4, and 27.8 points in the same order. In terms of creativity, surprisingly IOST has a very poor score next only to Bytecoin with 2.8 points. It is a surprise considering it is third on the overall parameters. BTC walks away with the title here scoring 43 points while ETH remains a competitive second with 30/3 points. Creativity is nothing how the project innovates on a regular note based on code influence, code update, tree-shaking, and developer’s scale for coding.
Bitcoin has seen some struggle and is yet to come in the top 10 rankings. Out of the 37 projects, Bitcoin is seen in the 14th spot only a spot above XRP. Bitcoin cash also is on the 30th spot. CCID holds firm grounds in evaluating the projects. But despite that, CCID has faced objection and suspicions for the methodology it uses in its ranking. The compilation of the ranking is done by Qingdao, a CCID Blockchain Research Institute. The evaluation of the projects is done in sync with other organizations like the Chhina software evaluation center and the CCID think tank.
The center also explained,
“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.”