China's Official Crypto Ranking Introduces Two New Contenders
Friday, August 10, 2018 12:35 PM
BEIJING, CHINA / ACCESSWIRE / August 10, 2018 / Today, CCID, the research institute under the Ministry of Industry and Information Technology (MIIT) of China announced that it would include two new projects, Nuls and Tezos, into their 4th issue of the Global Public Blockchain Technology Assessment Index (GPBTAI), which is to be released later this month. GPBTAI, the only official crypto index run by a government entity, is now tracking 33 top public blockchain projects from around the world.
Dr. Songtao Pu, director of GPBTAI at the CCID Blockchain Research Institute, said that the inclusion of these two promising projects is mainly due to the recent successful go-live of their main networks, and the fact that both projects have been continually improving their underlining technologies with significant development efforts. Dr. Pu indicated that the fast advancing technologies for public blockchains like these are also a good test of their own technical assessment model, which is constantly evolving to keep up with the rapid development in the field.
The two projects also have some commonalities from a design perspective. Both Nuls and Tezos emphasize on-chain governance that unleashes the power of change to the users of the blockchains. Nuls goes one step further, allowing different types of blockchains to join their ecosystem through the sub-chain concept.
With prospective enterprise users in mind, Nuls adopts a modular design that encapsulates multiple layers of infrastructure for easy customization. In fact, they call Nuls the Adaptable Blockchain for Enterprise Solutions. Nuls takes a highly customizable approach so that its main network can accommodate the exchange of information and value from different types of blockchains through its cross-chain exchange mechanism. Like Etherium, EOS and other Distributed Application (DApp) platforms, Nuls will also support Smart Contracts and DApps in their upcoming releases. In addition, Nuls will implement a new consensus mechanism called Poof of Credit (POC) later this year.
Tezos' claim to fame is on-chain governance, in their own words: Tezos is formalizing blockchain governance. In Tezos, stakeholders govern the protocol. Being one of the most successful and highly visible Initial Coin Offering (ICO) last year, Tezos overcame some early controversies and is quietly building a robust DApp infrastructure that supports Smart Contracts with its unique verification mechanism to avoids buggy code. Tezos uses proof-of-stake consensus algorithm to reward its growing network of transaction verification participants called Bakers.
Currently, Nuls has a total market cap of $65 million, while Tezos has a whopping market cap of almost $1 billion, ranking 18th in the world.
The CCID Global Public Blockchain Technology Assessment Index is the only blockchain ranking system that evaluates public permission-less blockchains exclusively. It is also the single crypto ranking authority that is backed by a government-funded research organization. Despite the ban of ICOs and Crypto Currency Exchanges instituted by the regulators last year, China has been quite friendly to the development and application of blockchain technology itself. Local governments even offer a wide variety of incentives and supportive policies to attract companies developing state-of-the-art blockchain applications. It is a clear indication that China does not want to lag behind when it comes to blockchain technology, many dubbed as the disrupting force behind the 4th industrial revolution.
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Source: CCID Group