Bitcoin descended further from 17th in the September edition to 19th spot in October, according to the Global Public Blockchain Technology Assessment Index, published by the China Electronic Information Industry Development (CCID).
As the undisputed world leader in Bitcoin mining, China currently controls over 70 percent of Bitcoin’s hashing-power and now CCID has updated its ranking of 33 crypto projects, evaluated in three separate categories as well as overall. Bitcoin has been downgraded further since the previous update from the Center, while EOS and Ethereum are standing firmly on the top of the overall ranking.
This is the sixth update that the Center made and the number of crypto projects evaluated remains 33, that is, unchanged from the previous ranking.First on the list is again EOS that is then followed by Ethereum and Bitshares.
In August Bitcoin held 10th place and then felt to 16th in September. In October, the number of points decreased to 92.5, which led to a reduction in the rating table of the credibility of the bitcoin blockchain until the 19th place.
The analysts at the CCID tried to explain the real reason for the dominance of these two blockchains which are used to deploy decentralized apps (DApps) and smart contracts.
“At present, EOS and Ethereum are undoubtedly the preferred platforms for Dapp development worldwide, and EOS is showing a stronger momentum. The data shows that EOS Dapp is highly active and user increments are large.”
Nevertheless, public blockchain digital currency relies on the decision of third parties to solve the problem of ranking. Regarding this, Bitcoin became less attractive payment tool compared to competitors, which transactions are confirmed much faster.Just for comparison, Bitcoin transactions take 10 minutes to process, and Ethereum only features 15 second transaction resolution at best.
Neither guarantees a transaction will be in the next block, so it might be hours with Bitcoin if there is a high transaction load for a transaction to clear. And smart contracts will typically feature multiple transactions of various sorts.
Bitcoin’s forked version Bitcoin Cash also found its place but much lower, down at the 31st place. Given that a major fork for the Bitcoin Cash network is approaching on the 15th of November, it would be interesting to see if the seventh such index sees Bitcoin Cash soaring in the list.
Thanks to their launch of x-Rapid payment product, XRP made it to the top 10 spots on the CCID crypto ranking. XRP was therefore ranked 7th on the list with a total index score of 103.4. It scored big on basic technology, 72.0 while getting 13.1 and 18.3 respectively for application and creativity.
In one of the the last interviews, Ripple’s senior VP of marketing and communications Monica Long said the current speed of cross-border payments is pushing the adoption of crypto and blockchain technology.
“Moving money from one country to another can be extremely costly and time-consuming. Your money can be in limbo for up to five days, which is absurd when a business could be putting that capital to work.
This friction in cross-border payments has driven enterprises to be some of the biggest champions of blockchain technology and digital assets. For example, these individuals are asking their banks to look into this realm as a solution to their problems. This is beneficial for smaller businesses who pay suppliers in other countries and have tight margins. By utilizing this technology, these mom and pop stores can help to reduce their costs and speed up the time it takes to move money.”
EOS, Ethereum Dominate
EOS and Ethereum continued to go bullish on the CCID index for the fourth time. The dapp and smart contract platforms this time scored 150.5 and 136.3 points, respectively, mainly excelling in terms of basic technology and applicability, which Bitcoin lacked. In June this year, EOS has been named the cryptocurrency No.1 according to a CCID ranking then. Ethereum ranked 2nd.
EOSIO is a software – powered by EOS tokens – that enables quick and easy decentralized application development, as well as cloud storage, authentication, hosting and a wide range of other applications. According to the company, this blockchain architecture has the potential to scale to millions of transactions per second and virtually eliminate user fees.
Ranked at no.2 in market cap, Ethereum has brought a lot to the masses in recent years. Being a decentralized platform where developers can create smart contracts, Ethereum is a blockchain with huge reach that can add value and represent the ownership of items, property & dApp development.
In May however, the Ministry of Industry and Information Technology of China released its public blockchain ranking, where the world second-largest cryptocurrency Ethereum managed to grab the top spot leaving its top rival Bitcoin far behind. Even then, Bitcoin did not manage to get even in the top-five or the top-ten spots, but instead was at the thirteenth position.