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China sees Ripple as innovative blockchain while Bitcoin gets no love again

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Ripple Bitcoin

The crypto ranking in China is not breaking news as it started in May this year whereby including Bitcoin and Ripple a total of 28 crypto projects were ranked. Cryptocurrencies get evaluated in three categories: application, innovation, and technology. The cryptocurrencies are then get classified as well as in an overall index. From the first ranking of 28 crypto projects in May, there is an increase in number to a total of 33 crypto projects in the latest ranking.

New cryptocurrency rankings by CCID – Bitcoin downgraded further

On Monday, China’s Center for Information and Industry Development (CCID), under China’s Ministry of Industry and Information Technology announced its new (sixth) update of the crypto projects. As like from the last time, at the top of the overall list is EOS followed by Ethereum and then comes Bitshares.

However, it’s not good news for Bitcoin as it has been downgraded further to 19th in the rankings. During the August update, Bitcoin was ranked 10th but fell to 16th in September’s update. We’re not predicting that we expect it to fall further during the next update, but it seems as if its overall rank falls in every new update China sends out.

Bitcoin Cash (BCH) is doing well as it has moved up a few positions occupying the 28th spot from last month’s 31st place. At the bottom is NEM which looks like it doesn’t want to surrender its previous position.

The Ranking Methodology

In the overall category, as mentioned in the beginning, topping the list is EOS which has proven to be China’s favorite thus far followed closely by Ethereum. EOS was not included in the first ranking issued in May only probably because its main network was not yet online. But after that, it has held the first position with no signing of going down.

According to the CCID, the technology category of ranking the crypto projects accounts for 65%, and it evaluates the technical realization, examines the performance, safety as well as the decentralization of the public chain. According to that category, the top five maintained their positions from the last update, and they are EOS, Bitshares, Steem, Ethereum, and Gxchain.

On applicability which evaluates the comprehensive level of Blockchain’s support for applications such as wallet application, node deployment, application implementation, and development support, the top five positions were taken by Ethereum, NEO, Nebulas, Qtum, and Dash respectively. As per CCID, this category accounts for 20% of the overall ranking.

Regarding creativity which accounts for 15% of the overall ranking and focuses on the continuous innovation in the public chain that includes developer size, code impact, and update, the top five positions were occupied by BTC, Ethereum, EOS, Nuls, and Cardano.

CCID China Ripple Innovation

The screenshot of the CCID report page having Ripple as the first in the list of innovative project index. | Source: CCID

The latest ranking index that involves the crypto projects which have the most significant increase in innovation lists Ripple at the top, and then comes Nuls, Lota, Nebulas and Bitcoin Cash respectively.

It’s quite interesting to see how China keeps rating Bitcoin low even though at least 50% of BTC is believed to be controlled from China since that much of crypto-king gets mined there. Of course, Ripple topping the list of most innovative crypto projects is pretty good news for the XRP community who seems to be most active than the rest (to me). Ripple making to the top is well-deserved though since the blockchain firm has proved they actually are innovating in different ways that how people deal with money today.

The primary purpose for the ranking is to be able to assess the development level of the global public blockchain technology scientifically as well as to grasp the trend accurately.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Glaborde7/Pixabay

Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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