On May 17th, the Chinese government published its public Blockchain and cryptocurrency ratings[1]. Initially, it gave the coveted no.1 spot to Ethereum,[2] but now it has EOS ranked no.1.
A second round of the rating list has been released and Ethereum has been pipped to the post by none-other-than EOS (Perhaps the Chinese government changed its mind?). Bitcoin was nowhere to be seen in the top ten of either round of the list. This understandably has frustrated many cryptocurrency industry members.
Technology, Application, and Innovation
The ranking was based on three key factors behind each coin: technology, application, and innovation. A total of 28 coins were assessed by what Beijing called “first-rate domestic experts and scholars”[3] and the project, under the control of the CCID aims to “evaluate the technological capability, usefulness of application and innovation [and] development level of the projects to profoundly understand the trend of Blockchain technology innovation,”
The ratings last month caused some controversy within the crypto sphere, as Ethereum was deemed to be a “typical” choice and Bitcoin was languished to the 13th spot.
Last month’s rankings looked like this:
EOS Ranked No.1
EOS ranked no.1 means that Ethereum now lies in second place behind it. One can only be left scratching their head as the latter’s entire platform stalled last week[4] amid ongoing criticism over its technological stability and freezing[5] of users’ funds. It is also very highly critiqued for being a “vulnerable” network, where hacking is very much a potential.
Steemit’s token—Steem, was pushed down the list to the 7th spot having been given the number 2 spot (much to many people’s surprise) in the
