China's Crypto Ratings Index Puts EOS in Top Slot, Drops Bitcoin

China's Global Public Chain Assessment Index has released its second monthly evaluation of blockchain networks – with perhaps surprising results.

Jun 25, 2018 at 2:45 p.m. UTC
Updated Sep 13, 2021 at 8:06 a.m. UTC

A research group linked to China's Ministry of Industry and Information Technology (MIIT) has released its latest evaluation of blockchain networks – with perhaps surprising results.

The China Electronic Information Industry Development (CCID) Blockchain Research Institute – which aims to provide an independent rating system for the blockchain space – has placed the just-launched EOS network in the number one spot, with ethereum and NEO coming second and third, respectively. The release is the second since the index launched in May

Notably, bitcoin, the largest cryptocurrency by market capitalization, was rated outside the top 10 in 17th place – a drop from 13th in the last list, following a change in the ranking methods.

However, the project sets out to gauge 30 major blockchains based on their technological capabilities and use cases, not aspects related to their financial valuation. According to the index's website, the purpose of the list is to "evaluate the development level of global public-owned chain technology, accurately grasp the trend of blockchain."

The placement of EOS in the top slot may be seen as somewhat controversial, however, since the project went live as recently as June 14 and almost immediately encountered issues with transactions that forced developers to make a hasty fix.

Just days prior to launch, EOS had also seen serious bugs raised by a Chinese internet security firm that required urgent patches to be issued. The report said that loopholes in EOS' code could expose nodes to attackers, giving them the ability to possibly take "full control" of transactions.

In its assessment, the CCID blockchain research team gave EOS 102 points for fundamental technology, 15.4 for applicability and 44.1 for innovation. Meanwhile, ethereum – a platform noted for its smart contract functionality – scored lower on fundamental technology (85.2), but higher on applicability (24.9).

The team wrote about the number one-placed blockchain:

"Because of its potential to support commercial distributed applications, [EOS] is considered by the industry to be a typical representative of Blockchain 3.0."

Bitcoin was rated as low as 41.6 on the fundamental technology scale but, notably, scored relatively well on innovation (35).

Founded in 1995, CCID is the scientific research institute for the MIIT, responsible for technology research and development, policy-making and software testing for a variety of sectors.

Trophies image via Shutterstock

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