In a press release made public on Dec. 21, China announced its latest government-sponsored rankings of major cryptocurrencies. The release places the world’s leading cryptocurrency Bitcoin (BTC) in 18th position while awarding the number one spot to indigenous blockchain platform EOS (EOS).
The rankings were reportedly released by China’s Center for Information and Industry Development (CCID) under the Country’s Ministry of Industry and Information Technology. This is one in many state-backed rankings that kicked off in May this year.
Having listed a total of 34 cryptocurrencies by market cap, the agency responsible for the rankings stated that their result was generated using “basic tech,” “applicability” and “creativity.” So far, the results released have always met with serious controversy especially citing the consistent average performance of the leading cryptocurrency, bitcoin.
The recent ranking released by the CCID shows that EOS has remained top of the rankings since taking that spot in June this year. Also, ethereum is now the second top ranking cryptocurrency according to recently released data.
A close look at the recent release by the CCID shows that domestic cryptocurrency based project GXchain came third as the agency believes the project is backed by high performance and applicability.
Commenting on the reason why GXchain came third on the log, a spokesperson at the CCID stated that, “public blockchains with high performance and support for general application development are generally ranked high” adding that “Among the top 10, four public chains adopted graphene architecture with better performance, six public chains use the dPOS consensus mechanism, and seven public chains support Dapp development.”
According to reports, a visual presentation of the new standing is currently been circulated on social media.
It is important to note that EOS has been enshrined in a lot of controversies in recent months with critics targeting its apparent lack of decentralization and ability to reverse transactions among areas of concern.
Meanwhile, the new standings released by CCID has awarded the seventh position to BitShares (BTS), a project that is believed to share the same creator as EOS, Daniel Larimer.