China Electronic Information Industry Development (CCID) updated its rankings regarding cryptocurrencies and blockchain technologies. Previously, the Ethereum (ETH) blockchain was considered the best, but this week Chinese think that EOS (EOS) is the #1 blockchain in China. What’s interesting is that Bitcoin (BTC) is not even in top 10.
However, the decision to list EOS blockchain as the best in the cryptocurrencies market is somewhat bizarre, given the recent events surrounding EOS (EOS).
First, some critical bugs forced EOS team to pause the network and 27 accounts were frozen without notice during the process. Then, Professor Emin Gun Sirer from the Cornell University, as well as the famous smart contracts engineer Nick Szabo, vehemently criticized the EOS blockchain.
EOS (EOS) ranked the #1 blockchain in China, while Bitcoin (BTC) didn’t make it in the top 10
We know that there is no such thing as perfect rankings when it comes to blockchains. It’s not like listing cryptocurrencies by market cap or trading volumes which are calculable things, that’s known and accepted. The primary reason why blockchains can’t be adequately ranked is that they can be cataloged in at least a dozens of categories, including smart contracts, crypto payments, apps blockchains, bank protocols, PoS, utility blockchains, and so on.
But the CCID ranking is very off-track because it lacks some elementary knowledge about blockchains. Under the hood, the index could be based on general criteria such as proof-of-stake (PoS), consensus algorithm, or the ability to process transactions, among others, but what they show is that they categorize blockchains by technology, applicability, and innovation.
Thus, this ranking is a mistake only because EOS (EOS) network relies on Ethereum (ETH) blockchain, so, if Ethereum shuts off, EOS blockchain dies, too. Also, the high score EOS blockchain received under “innovation” criterium is also wrong because that is thanks to Ethereum blockchain, once again.
Don’t get me wrong here, EOS is a great project and its PoS is one of the best in the cryptocurrencies market, and, in other news, EOS (EOS) has recorded the most significant increase today between the top 10 cryptos, surging by about 13%, at the moment of this writing, trading at $8.46.