Bitcoin Drops Further In Blockchain Projects Ranking
Latest data by a Chinese agency indicates that EOS is dominating the market.
EOS Outshine Bitcoin
A Chinese agency has released the latest blockchain ranking figures. The report by China Electronic Information Industry Developing indicates that Bitcoin is trailing the likes of EOS and Ethereum.
Data shows that Bitcoin lies in a distant 19th position based on technological merits. Projects that emerged after Bitcoin have occupied the top positions led by EOS. Ethereum follows closely at second rank, followed by Nebula and Ripple among others.
The latest index reviewed about 33 public projects judging them depending on their anchor technology, application capabilities, alongside creativity. From the data, bitcoin struggled to outshine competitors in the parameters listed. However, bitcoin emerged top in regards to its fork version. Another notable project that performed poorly is Bitcoin Cash which lies in the 31st position.
The same organization's ranking was released back in August and found Bitcoin ranked among the top ten blockchains. In September, Bitcoin dropped to the 17th spot based on cumulative points, standing at 93.2. It currently stands at 92.5.
A look at factors contributing to the drop, the slowed uptake of bitcoin might be responsible. Elsewhere, the establishment of dApps might be responsible. At the moment, bitcoin’s blockchain depends on outside platform to fix the perennial scalability problem. This complication has led bitcoin lose potential customers who would otherwise use it for payments but choose not to due to the fact that Bitcoin takes a lot of time to confirm transactions when compared to its peers.
However, in the creativity aspect, bitcoin scored higher than other cryptos. It emerged ahead of Ethereum with 34.6 points.
The index highlights that EOS and Ethereum are scoring a lot of points and are both turning into a force to be reckoned with. Both garnered 150.5 and 136.3 marks. The two platforms seemed to perform better when it came to their easy application, something missing on the bitcoin side.
According to the report, the two were the most preferred platforms on a global scale. At the moment, EOS is on an upward slope with users increasing on a constant basis.
Latest products like Ripple and Nuls also made it to the top 10 list. Ripple displaced Lisk and Qtum. In October, Ripple performed well after the unveiling of xRapid payment solutions. Additionally, a strong partnership with key financial institutions meant that Ripple’s market presence will sore. In the same period under review, Nuls, with headquarters in China joined the US market.