China Ranks EOS Blockchain as #1 Despite Criticism

EOS-China-Cryptocurrency-Blockchain

Despite criticism of the features and flaws within the EOS blockchain, China now claims it is the best blockchain network in the global market.

The report, released by the China Electronic Information Industry Development (CCID), ranks cryptocurrencies based on certain aspects of their blockchain, including their technology, applicability, and innovation.  The CCID uses the scores the blockchain networks receive to develop an overall index score which leads to a ranking.  EOS notably offset Ethereum as the number one blockchain network since the CCID’s last report.

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Discrepancies in the CCID’s are frequent, however, mainly due to the different categories of blockchains they are comparing.  Types of blockchain networks include: smart contracts, payment networks, security tokens, utility tokens, appcoins, bank protocols, and proof-of-stake networks.  The vast array of blockchain network types makes it difficult and inefficient to directly compare and rank specific networks against one another.

Nevertheless, it is likely that EOS’s proof-of-stake (PoS) consensus algorithms and its ability to process a significant amount of transactions led to its high score in the technology section.  Its leading score in the innovation section likely stemmed from its successful implementation of its PoS.

It is interesting that EOS is ahead of Ethereum considering that it is based on the Ethereum network, and without the Ethereum base layer EOS would not exist.  

Critics of EOS claim that the complex voting system and the constitutional abilities of the network (like the ability to freeze accounts) makes the network more centralized than competing networks, like Tron and Cardano.  Critics also refer to the issues surrounding the MainNet’s vulnerabilities and crash that occurred less than two days after going live.

Proponents of the project claim that EOS is currently the best PoS project and it is still in its early stages.  Once it smooths out some of its issues and has further time to develop it could become a leading blockchain project.