EOS has once again been crowned the world’s top cryptocurrency by the Chinese government. The criteria for the award is based on innovation and application rather than market capitalisation. Whilst EOS takes the top spot, Bitcoin, the world’s leading cryptocurrency in terms of trading volume and market cap moved up seven places from June.
The Chinese Centre for Information Industry Development has made public the third edition of the Global Public Chain Technology Evaluation Index which lists dozens of cryptocurrencies in terms of satisfying a range of criteria. EOS has come first for the second consecutive time, despite issues around the platform’s mainnet launch back in June.
Part of the success of EOS has been put down to its scalability as the platform’s proof-of-stake protocol is able to process a large number of transactions in comparison to other leading blockchains.
Similar to the previous edition, Ethereum came in at number two but NEO dropped out of the top three to be replaced by Komodo which last time, had failed to crack the top 10.
The top 10 are as follows;
Whilst Bitcoin has not performed particularly well on the first two CCID reports, it has seen a rise through the rankings following a big shift in the crypto-market. The dominance rate of Bitcoin has increased 40% over the past three months and it now accounts for over 52% of the entire market capitalisation.
EOS and Ethereum have seen big decreases in value over the same few months, with Ether reaching a 14-month low last week, leading to alarm bells ringing in the ICO sector.
The growing market share of Bitcoin means that other digital assets and currencies are destined to rise and fall with it. Whilst it is seen as a good sign if a cryptocurrency does not correlate with Bitcoin, recent price developments show that investors are stopping speculative bets for assets with a proven and demonstrable track record. Founder of Ethereum, Vitalik Buterin said that this will no doubt lead to a new year of ICOs with better protocols and improved business models. He believes that this paradigm, dubbed “Tokens 2.0” could materialise by the beginning of next year.
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