By
Temitope Olatunji
April 24th, 2024
EOS is named the cryptocurrency No.1 according to a recently released ranking from China. Ethereum ranks 2nd, though earlier it was the leader.
China has released the second edition of the state-backed monthly ratings of cryptocurrencies and blockchain projects according to which EOS has managed to overtake Ethereum as the leading cryptocurrency.
This government-sponsored report is called the Global Public Chain Technology Evaluation Index. And its main aim is to present detailed insight into the growing crypto economy and to provide analysis of blockchain projects based on their usefulness, capabilities, viability and innovation.
The monthly report is published by the China Center for Information Industry Development (CCID) of the Ministry of Industry and Information Technology, and it is said that the report is prepared by the most highly qualified experts and scholars.
The second “Global Public Chain Technology Evaluation Index” that includes analysis of 30 cryptocurrencies was released on June 20. It evaluates the cryptocurrencuies on the base of three sub-indexes: Technology, Application, Innovation. And this month it ranks EOS 1st, Ethereum (ETH) 2nd, and Bitcoin (BTC) 17th. Last month, Ethereum was named the first.
EOS is utilized in the development of decentralized applications. It enables developers and entrepreneurs to leverage the technology in simple, ready-to-use systems. The system’s protocol was created with a view to carry out thousands of transactions per second without being affected by scalability issues.
Chinese experts noted EOS’s efficient transaction verification, transaction cost, and network capacity. As a result, this crypto received the highest marks for innovation and technology.
Nevertheless, EOS’s top ranking may seem rather surprising taking into consideration the latest news. But despite all criticism for freezing some accounts and technical issues of the EOS Mainnet, the report praised the project for its openness to innovations and a public blockchain of a new generation that it offers to its users.
In general, the positions of the majority of cryptocurrencies under consideration are rather unstable. Last month the first place was occupied by Ethereum followed by Steem, Lisk, Neo and Komodo. Ethereum got the highest score in terms of technologies, while NEO was the first according to application.
The world’s largest and most dominant cryptocurrency Bitcoin was ranked 13th in May due to the limited use of its blockchain network. But it got the highest score in the aspect of innovation as it was the first digital currency on the market powered by a completely decentralized blockchain network.
Nevertheless, this month Bitcoin still remains outside of the top ten and even lost several positions. Now it is ranked 17th and all its scores are significantly lower.
But in reality BTC still dominates the cryptocurrency market. According to CoinMarketCap, its market capitalization is over $106 bln and it can boast a trading volume of more than $4 billion over a 24-hour period.
Though China has been showing its negative attitude to the cryptocurrencies and Initial Coin Offerings for quite a long time, according to specialists, the new monthly Index reflects the government’s confidence in blockchain.