Innovations play a crucial role when progress is concerned. Countries who adapt first, prosper the most. This has been the case in all of history.
Although China has a very strong stance on cryptocurrencies, they do embrace the possibilities offered by blockchain. The China Electronic Information Industry Development (CCID) updated their blockchain rankings on June 19th.
The top of the cryptocurrency ranking takes a lot
The CCID’s structure focuses on 3 criteria: innovation, application and technology. EOS placed first with 102 points in technology 15.4 in applicability and 44.1 in application. Ethereum placed second after EOS. This might come as a surprise for many, especially due to the recent incidents involving EOS. Account suspensions without reasoning and the network being paused due to the discovery of critical bugs raised some flags.
EOS still got ranked #1 by the Chinese government.The title of the best blockchain in the world is awarded to EOS for the many technical advantages in transaction confirmation efficiency, transaction costs and network throughput.
The cryptocurrency ranking can never be a 100% accurate. Far too many blockchain projects can be segregated into far too many different categories, including smart contacts, proof-of-stake (PoS), utility token, tokenized security, bank protocols, payment and others. The ranking can change dramatically if groundbreaking information comes up.
Some blockchains excel in a few categories, but fall short in others. This essentially creates a big discrepancy in the cryptocurrency ranking. The proof-of-stake (PoS) consensus algorithm surpasses the ability to process transactions of the proof-of-work (PoW) blockchains.
This would give a very EOS a lot of points, considering that Ethereum has a desire to become a hybrid PoW/PoS network in the future. The high amount of points in innovation also has to do with the extremely large capacity of the EOS PoS protocol.
Some people might argue EOS is lacking behind Ethereum when innovation is concerned. The community is hard at work to scale the network organically. The idea is to avoid a trade off between decentralization and scalability.
EOS needs to work hard to stay on top of the cryptocurrency ranking
Even more good news is that the Ethereum open-source development community has more than 200 000 developers working on scaling solutions like Plasma and Sharding. Vitalik Buterin said that could increase Ethereum’s transaction capacity to 1 million transactions per second.
Now given the fact that EOS is still in it’s infancy, it’s safe to say that the project has remarkable potential. The sky’s the limit when it comes to the evolution of such a young and ambitious project.
China is aware and has recently formed a specialist committee. The goal of it being to establish nationwide blockchain standarts by the end of 2019.
The president Xi Jinping recently said that blockchain is an example of a new generation of technologies. The technology is reshaping the global innovation map and the global economic future.
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Tags:#rankingBlockchainCCIDchinaChina Blockchaineconomic futureEOSEthereumInnovationpos protocolPOWTechnologyXi Jinping