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What is Bitcoin? Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency.
Besides being created as a reward for mining, bitcoin can be exchanged for other currencies, products, and services in legal or black markets.
Bitcoins in its pure essence is money. It is digital currency that serves the same functions and pu…

Bitcoin Rises in New Crypto Rankings by Chinese Government-Backed Institute

Bitcoin Rises in New Crypto Rankings by Chinese Government-Backed Institute

China’s Center for Information and Industry Development has revised its cryptocurrency project rankings. Thirty-seven crypto projects were evaluated overall and in three sub-categories. Bitcoin has risen while the top three spots remained occupied by EOS, Tron, and Ethereum.

CCID’s 18th Ranking Released

The Center for Information and Industry Development (CCID), under China’s Ministry of Industry and Information Technology, published its 18th update of crypto project rankings on Thursday. The last update was in April when the review was affected by the coronavirus pandemic. This month, the same 37 crypto projects were ranked overall as well as in three sub-categories: basic technology, applicability, and creativity.

In the 18th ranking, BTC improved slightly from the April revision overall, rising from the 14th position to the 12th position. BCH fell slightly from the 31st position to the 34th spot. Meanwhile, EOS, Tron, and ETH continue to top the overall ranking.

BTC Rises in New Crypto Rankings by Chinese Government-Backed Institute
The 18th CCID’s Global Public Blockchain Technology Assessment Index places BTC number 13th overall. EOS, TRON, and ETH remain the center’s favorites crypto projects out of all 37 projects ranked.

The CCID explained in its Thursday announcement that its evaluation methodology has not changed from the previous period. The basic technology subindex accounts for 65% of the total score. The innovation subindex accounts for 20% of the total, whereas the creativity subindex accounts for 15%.

The rankings are compiled every two months by the CCID (Qingdao) Blockchain Research Institute, an entity established by the CCID. Several organizations participate in the evaluation work, including the CCID think tank and the China Software Evaluation Center. The center previously said that “The result of this assessment will allow the CCID group to provide better technical consulting services for government agencies, business enterprises, research institutes, and technology developers.”

According to blockchain data firm Longhash, there are currently 83,199 registered blockchain companies in China, 29,053 of which are still in operation while 59,339 companies have had their legal status or license revoked. As for cryptocurrencies, several Chinese courts have ruled that bitcoin and ethereum are legal property, protected by Chinese law. In May, China’s top legislature passed the civil code that protects crypto inheritance.

What do you think about this CCID crypto ranking? Let us know in the comments section below.

The post Bitcoin Rises in New Crypto Rankings by Chinese Government-Backed Institute appeared first on Bitcoin News.

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