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The encrypted classification in China is not new, as it began in May of this year, including Bitcoin and Ripple for a total of 28 cryptographic projects. The cryptocurrencies are evaluated in three categories: application, innovation and technology. The cryptocurrencies are then classified as in a general index. From the first ranking of 28 cryptographic projects in May, there is an increase in the number of 33 cryptographic projects in the latest rankings.
New classifications of cryptocurrency by CCID – Bitcoin has further downgraded
On Monday, the Chinese Center for the Development of Information and Industry (CCID), under the Chinese Ministry of Industry and Information Technology, announced its new (sixth) update of the crypto projects. As from last time, at the top of the general list is EOS followed by Ethereum and then Bitshares arrives.
However, it is not good news for Bitcoin as it has been further downgraded to 19th place in the ranking. During the August update, Bitcoin was in 10th place, but fell to the 16th in the September update. We do not expect that we expect it to drop further during the next update, but it seems that its overall score falls in every new update that China sends.
Bitcoin Cash (BCH) is doing well and has gained some positions taking 28th place from 31st place last month. At the bottom there is NEM who does not seem to want to give up his previous position.
The classification methodology
In the general category, as mentioned at the beginning, at the top of the list is EOS, which has proved to be the favorite of China so far followed closely by Ethereum. EOS was not included in the first rankings released in May, probably because its main network was not online yet. But later, he kept the first position without signing to go down.
According to the CCID, the technological category of cryptographic project classification represents 65% and evaluates the technical implementation, examines the performance, security and decentralization of the public chain. According to this category, the top five have maintained their positions with respect to the last update, and are EOS, Bitshares, Steem, Ethereum and Gxchain.
As for the applicability that evaluates the overall level of Blockchain support for applications such as wallet application, node distribution, implementation of application and development support, first five positions were taken respectively by Ethereum, NEO, Nebulas, Qtum and Dash. As per CCID, this category represents 20% of the general classification.
As for creativity, which represents 15% of the overall ranking and focuses on continuous innovation in the public chain that includes developer size, code impact and update, the top five positions have been occupied by BTC, Ethereum, EOS, Nuls and Cardano.
The screenshot of the CCID report page with Ripple is the first in the list of an innovative project index. | Source: CCID
The latest ranking index involving cryptography projects that have the most significant increase in the top-ranked Ripple innovation lists, and then Nuls, Lota, Nebulas and Bitcoin Cash respectively.
It is quite interesting to see how China continues to classify Bitcoin even if at least 50% of BTC is considered controlled by China, since most of the crypt is extracted there. Obviously, Ripple at the top of the list of the most innovative cryptographic projects is good news for the XRP community that seems to be more active than the rest (for me). Ripple coming up to the top is well deserved even though the blockchain firm has proven to actually be able to innovate in different ways than the way people deal with money today.
The main purpose of the ranking is to be able to scientifically assess the level of development of the global technology of public blockchain and to accurately capture the trend.
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Glaborde7 / Pixabay
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