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- The Chinese Ministry of Industry and Information Technology has published the fourteenth report on project rankings in the cryptocurrency market.
- EOS is still in 1st place, TRON in 2nd place and Ethereum in 3rd place.
The Ministry of Industry and Information Technology of China has published the fourteenth project ranking of the most successful cryptocurrencies. This ranking is published once a month and is intended to evaluate cryptocurrencies in various areas in order to draw conclusions about technological innovation and its actual influence on the economy.
EOS and TRON defend the top positions
The cryptocurrency EOS is still in first place, directly followed by TRON. Both projects are considered to have great potential as they have been in the first two places for quite some time. Ethereum holds the third place, whereas the “Chinese Ethereum” NEO is only in 9th place.
🇨🇳 News out of #China continues…
The Ministry of Industry and Information Technology's CCID has released v14 of #crypto project rankings.
Notable moves (vs. v13):#Ethereum 🔻1#TRON 🔺1#Lisk 🔺7#Qtum 🔺10#Ontology 🔻7#Cosmos 🔻12#GXChain 🔻≥30 (👋) pic.twitter.com/PIPQftIRPk
— Nugget's News (@NuggetsNewsAU) October 28, 2019
The CCID index consists of a number of different indicators that try to represent complex projects in a tangible matrix. For example, the usability of the technology and its actual use in real life plays a major role. In addition, the popularity of the respective project is evaluated and influences the overall score.
The ranking has no influence on the prices of the respective cryptocurrencies, but should provide persons and companies in their own country with the most important information briefly and concisely and give a comprehensive overview of the projects. Due to the consistently positive news from China regarding the blockchain technology and the crypto law already passed, the CCID ranking is currently receiving particular attention.
Criticism of the CCID Ranking
The result of the ranking should under no circumstances be used as a possible investment decision, but rather as a further point of reference for the evaluation of various crypto projects. The composition of the total score as well as the criteria used are opaque and not further detailed.
The founder of Qtum, Patrick Dai, describes on Twitter that he does not know exactly which factors are used in detail for the evaluation. However, Qtum is in 8th place. Strong criticism also comes from the VeChain community.
VeChain is a highly complex project that can already boast countless use cases and well-known partnerships with large companies. However, VeChain was and is not to be found in the current ranking, so that the question arises whether the applied standards actually reflect the real evaluation of the respective projects for industry and economy.
China removes anti-blockchain statements
The Chinese President Xi praised the blockchain technology as well as its positive influence and benefit for the own country. Furthermore, the Chinese news service cnLedger reports that all articles and statements by high-ranking politicians as well as media that portrayed blockchain as a SCAM or negatively evaluated the technology were removed from the social media nationwide.
This development shows that China wants to steer public opinion about the blockchain in a new direction. Whether these steps are linked to its own digital currency, the digital yuan, can only be guessed at. However, the trend is a positive sign for the cryptocurrency market.
