Chinese Government Ranks EOS the Best Cryptocurrency
An organization associated with the Chinese government has estimated that in coming days EOS will be the world’s top cryptocurrency after it was omitted from the first lot of rankings that got released in May. This latest statement has got the mixed response as many market experts are surprised because just earlier this month EOS’ botched mainnet was launched.
Crypto Market Rankings
In one of the recent write-ups, China’s Center for Information Industry Development (CCID) has printed the second edition of its Global Public Chain Technology Evaluation Index. The key highlight of the publication was the evaluation made on 30 cryptocurrencies, and it was concluded that EOS is the topmost cryptocurrency based on technology and application. The report stressed upon the outstanding technical benefits in transaction confirmation efficiency, network throughput along with transaction costs as the key factors for the growing popularity and top ranking of EOS.
In the report submitted, Ethereum and NEO earned the 2nd and 3rd rank respectively. Although, in the previous month, Ethereum was the top-ranked cryptocurrency when the first version of the report was published. The top-10 projects are ranked in order below:
Talking more about the rankings of cryptocurrency, Bitcoin, largest cryptocurrency by market cap, lost the ranking all the way down at no. 17. Not only this, Komodo, which initially grabbed the attention of many, ranked at no. 5 in the first version now lost the ranking and reached at 16. With so many variations in the rankings, CCID stated that the crypto-market rankings are primarily based on a severe analysis made by the first-rate domestic experts and scholars.
EOS Under Scrutiny
Though many are too surprised to see the ranking of different cryptocurrencies, CCID, which in general directly reports to China’s Ministry of Industry and Information Technology, defended the ranking in spite of the litany of subjects surrounding the launch of the EOS Blockchain. In fact, after waiting for nearly two weeks, the EOS mainnet officially went live June 15 after the software surpassed the 15% token threshold. However, the network came to a halt after the EOS Authority recognized a network bug.
The controversy raised over the weekend after the EOS Core Arbitration Forum (ECAF) directed block producers to halt processing transactions from 27 wallet addresses. Adding to that, the project’s developers faced lots of criticism from Cornell professor Emin Gun Sirer and smart contracts pioneer Nick Szabo for not enabling a smoother mainnet launch. Szabo even went ahead to say that “In EOS a few complete strangers can halt what users thought was their money.” Adding to that, he said. “Under the EOS protocol, it is important for you to have faith in a ‘constitutional’ organization encompassed of people. The EOS ‘constitution’ is socially unscalable and a security hole.”
In the past few months, peaking in April, EOS has lost approximately two-thirds of its value and moreover, the prices have been halved compared with 30 days ago.