Blockchain Rankings For The Month Of August Released By China
The blockchain rankings by China featuring blockchain networks like Bitcoin and Ethereum based on their application and technology for August has been released and EOS takes the lead. Created by China Electronic Information Industry Development Research Institute and the China Software Testing Center, involves the contributions of professors and researchers at the country’s most prestigious educational institutions including Tsinghua and Beijing University.
EOS has been preceding Ethereum and Bitcoin as the best blockchain network in the global cryptocurrency sector in most of the rankings. The newly created rankings by CCID and CSTC, two institutions funded by the Chinese government, EOS managed to top the charts once again.
As per this month’s rating, Ethereum scores the second position while Bitcoin takes the tenth place. The dominant cryptocurrency slacks behind Komodo, Nebulas, NEO, Stellar, Lisk, GXChain, and Steem as they have strong points in applicability and technology. Though Bitcoin recorded the highest points in the category of innovation, majorly due to its long track record and the status as the first blockchain network and cryptocurrency in the market.
Bitcoin was ranked seventeenth as the best blockchain network in the market in July, by CCID. In all probability, the strong performance of BTC as a store of value in the crypto sector led the government to rank Bitcoin higher than it did before. Given that there has been no major technical developments or changes in the codebase of major digital assets in past 30 days.
CCID will always rank Smart contract protocols and blockchain networks designed to support decentralized applications (dApps) higher as the criteria used by the institution establishes technology and application as the two main categories.
(Application in the context of the CCID rankings refers to the applicability of the blockchain in other systems. Technology, based on the previous rankings released by CCID, refers to the scalability and capacity of blockchains.)
In the case of EOS, which received the highest points in the category of technology at 104.3 points, it is highly likely that its proof-of-stake (PoS) consensus algorithm, which is capable of processing a significantly large number of transactions in comparison to other blockchains like Ethereum and Bitcoin, led the government to rank it as the top blockchain.
Though, if PoS is the backing behind EOS being ranked as the top blockchain, Cardano, standing at 15th position arises some confusions. As Cardano is the second biggest PoS blockchain network in market valuation behind EOS.
Blockchain Ranking Criteria
EOS, Ethereum, and Stellar are among the high-performance blockchain networks so CCID’s decision to rank then above Bitcoin seems logical, given that innovation and application are prioritized. Nebulas managed to score the 6th place as it supports 6.800 dApps and 35,000 transactions per second on its network.
But, track record and security are also important to consider in a ranking which encompasses a wide range of blockchain networks, including bank-focused Ripple, store of value like Bitcoin, and PoS dApp networks like EOS.
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