China rankings reveal Eos as best crypto project

China revised its rankings on crypto projects this weekend – the People’s Republic’s second monthly appraisal of the technology that supports cryptocurrency transactions – and found the Eos project to be the best.

China has performed a remarkable about turn in its policy regarding cryptocurrencies: having been the first country to impose an outright ban on all cryptocurrencies, last month it became the first country to implement a ranking system to appraise them.

Ranking critera

Abandoning the traditional measures of asset quality, such as volumes traded, liquidity and price volatility, China’s Centre for Information Industry Development (CCID) – part of the Ministry of Industy and Information Technology – ranked entire cryptocurrency projects using three basic criteria:

• The level of technological excellence
• The project’s level of innovation
• Potential applications and their usefulness

Eos promoted to top spot

Based on these criteria the CCID ranked Eos, which had been excluded from the original rankings as its network had still not gone live, at number one position.

The CCID said: “The EOS main network went live on June 10. Although there was an accident such as a short-term suspension, it was highly active in technological innovation, and the software update speed was still one of the new generation public chains that are currently most concerned by the industry.”

It added a note of cautioun, however: “Due to its short on-line time, the stability of the network remains to be observed.”

Ethereum dips to second place

Ethereum, which had topped the original list, moved down to second place. The rest of the top five spots were taken by Neo in third place, Stellar in fourth and Lisk at number five.

Bitcoin languished outside the top ten at number 17, while Bitcoin Cash failed to make the list at all.

Despite the criteria that make up the rankings, it remained unclear how the CCID calculated the precise scores.