The rest of the list follows the general logic of the previous one. Ethereum took the second place with NEO, Stellar and Link rounding out the top five. Steem, which ranked second last month dropped to the seventh place in the updated rankings. The ranking criteria of the project remain the same. Each cryptocurrency is mainly judged on three factors: the level of technology used, the application of the platform and the innovativeness. Nevertheless, some changes were also made to optimize the results of the rankings. CCID commented on the updates: “The second-phase assessment model has been optimized compared to the first phase. The security assessment algorithm has been improved and the evaluation indicator for ease of deployment of public-chain nodes has been added”.
Many platforms, when ranking cryptocurrencies, often take into account the market capitalization along with price movements and don’t look at the technology behind. CCID, on the other hand, takes a completely different approach, only factoring in the usefulness, innovativeness and the level of technology. The ranking, which is compiled by “the first-rate domestic experts and scholars”, mirrors the attitude of the country towards the new technology in general. China has put many restrictions on cryptocurrency-related activities, including banning virtual currency exchanges and ICOs altogether. With CCID’s move to study and look deeper into the new technology, China underscores that it is interested in the technology itself, but is wary of the speculation that surrounds it. Many countries have taken a similar approach, trying to use the blockchain technology in state projects while tightly controlling related activities on the market.