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EOS [EOS] and Ethereum [ETH] hold strong at number 1 and 2 in crypto rankings

Akash Anand

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EOS [EOS] and Ethereum [ETH] hold strong at number 1 and 2 in crypto rankings
Source: Unsplash

On 16th August, China’s governing body, the Ministry of Industry and Information Technology unveiled the new official cryptocurrency rating index, marking its fourth edition. This month’s list was topped by EOS followed by Ethereum.

This was an exact reflection of last month’s rankings [3rd edition] where EOS and Ethereum held the same spot. Bitcoin, the most commonly used cryptocurrency, enjoyed a 7 place rise, jumping from the 17th spot to the 10th spot.

The Global Public Chain Technology Assessment was organized and implemented by the CCID [Qingdao] Blockchain Research Institute. It was jointly carried out by a number of units including the CCID Think Tank under the China Electronic Information Industry Development Research Institute and the China Software Testing Center.

The purpose is to scientifically assess the development level of Global Public Chain Technology and accurately grasp the trend of the cryptocurrency market.

The ratings are adjudged based on three factors:

  1. Technology- This is based on the level of developments in the technology used and its list of upgrades and feasibilities.
  2. Applicability- This is based on the number of areas that can use the cryptocurrency to directly produce tangible results.
  3. Innovation- This parameter is a set standard based on which the range of use of the cryptocurrency is calculated.

On the current rankings, EOS held a total of 158.6 points, a relatively big spike from the last edition’s 145.6 points. The cryptocurrency had a technology score of 104.3, applicability score of 17.6 and innovation score of 36.7. The report showed that the disparity between EOS’s technology score and the second-placed Ethereum is an eye-catching 22.3 points.

Ethereum had a total score of 139 with a technology score of 82, applicability score of 27.4 and innovation score of 29.6.



Bitcoin fans had something to cheer about this time around with a marked difference in position from the earlier reports. The cryptocurrency showed a technology score of 46, applicability score of 15.4 and innovation score of 40.3. What Bitcoin enthusiasts were most miffed about is the fact that Bitcoin had the lowest technology score among the top 20 cryptocurrencies.

Stellar did not see any change in its position, staying stable in the sixth position. The cryptocurrency has a total score of 106.9 points with an application score higher than that of Bitcoin and Ripple.





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

Altcoins

Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block

Akash Anand

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Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block
Source: Pixabay

Bitcoin SV [BSV] and its proponents have been making headlines over the past couple of weeks, either due to developments or because of comments made by its major proponents, Craig Wright, the chief scientist at nChain, and Calvin Ayre.

The network was also hit with several members of the cryptocurrency community alleging that the cryptocurrency itself is a sham without any use cases, as evidenced by its delisting on several popular cryptocurrency exchanges like Binance, Kraken and Shapeshift.

The latest news added salt to BSV’s wounds after it was revealed that the network went through another blockchain reorganization on a 128 MB block. This fact was pointed out by Nikita Zhavoronkov, the lead developer of Blockchair, who had tweeted:

“Whoops! $BSV has experienced yet another reorg, this time 6 (six!) consecutive blocks were orphaned (#578640–578645), this chain included a 128 MB block #578644 🤦‍♂️ The network was basically stuck for 1.5 hours, and this shows that even 6 confirmations are not enough.”

Orphaned blocks are valid blocks which are not part of the main chain. There are ways that they can occur naturally when two miners produce blocks at similar times or they can be a result of an attacker with enough hashing power using it for nefarious activities like reversing transactions.

A major reason why this reorg event made news was that a major 128 MB block was stuck in transaction, something that was not supposed to occur according to the initial claims made by the SV camp. Supporters of the cryptocurrency, however, have stated that despite being slower than promised, the transactions on the block settled faster than that on a Bitcoin Core block.



One supporter of BSV, mboyd1, tweeted:

“Orphaned blocks are a feature, not a bug”

To this tweet, Zyo, another cryptocurrency enthusiast replied:

“yes, but orphaning 6 blocks in a row is not good, that means that 6 confirmations is not safe. It’s a bug because the 100+ MB take way too long to propagate and validate. There is a reason why BCH doesn’t have [yet] 100+ MB blocks.”





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