The latest Chinese cryptocurrency rankings have placed Eos first and Ethereum second. Both are dApp development ecosystems. Eos has held the top spot for three consecutive months, while Bitcoin moved up on the rankings from 17 to 10.
The rankings are managed by the China Center for Information Development (CCID), in conjunction with the China Software Testing Center (CSTC). Both CCID and CSTC are funded by the government. China was the first government in the world to ban cryptocurrency, and the first government to rank them.
The rankings list 33 cryptocurrency projects, including Tezos and Nuls since the last release. The three ranking categories are technology, applicability, and innovation.
Surprising entries on the Chinese cryptocurrency rankings
While Eos and Ethereum may not be altogether surprising, 3rd, 4th, and 5th are taken by Komodo, Nebulas, and NEO respectively. Lisk is ranked 7th, a very surprising entry on the list, along with GX chain in 8th. This is the first time since the rankings began (in May) that Bitcoin has made the top ten. According to the CCID –
“The current model is basically the same as the previous one, and only some data accounting methods have been revised. In terms of the composite index, the three public chains with the highest increase in scores compared to the previous period were EOS, Nano and Komodo, and the three public chains that have risen the fastest in ranking were Komodo, Nano and Bitcoin”
Weiss v Chinese cryptocurrency ratings comparison
This research can be compared to the Weiss cryptocurrency ratings, one of the few firms dedicated to rating cryptocurrencies. Weiss rated 93 cryptocurrencies, ranking them A, B, C, D, and E. There are lots of similarities. EOS was one of the three best cryptocurrencies in the Weiss system, rated B+. Stellar, Ethereum, Neo, Bitcoin, Steem, Bitshares, Cardano, and Ripple are all in the top 20, much like the Chinese cryptocurrency ratings. Weiss does not rank in a list but similarly rated coins have the same ‘grade’.
There are some differences. Decred is ranked in the top three by Weiss and 32nd by the Chinese cryptocurrency rankings, a significant difference. Lisk and Nano are ranked far higher in the Chinese cryptocurrency rankings than by Weiss ratings. Zilliqa is highly rated by Weiss but not included in the Chinese list. Komodo is outside the top 20 in Weiss and 3rd in the Chinese cryptocurrency rankings. GXchain, Stratis, and Ark seem unusually high on the Chinese list. But overall, there is a good deal of overlap between the two ranking systems.
The ratings are good for the industry and for investors who need to perform some basic research with regards to what cryptocurrency to invest in. There is no standardization with regard to how to evaluate a cryptocurrency. Now that the craze is dying down, it may be time to invest in sensible cryptos for long-term growth. These rankings can help with this selection.
It is also helpful that both a state-funded and corporate rating system arrived at largely the same conclusions regarding the status of various cryptocurrencies, though both used different rating algorithms and classifications.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.