China’s Blockchain Rankings CCID to Include NULS and Tezos in Next Release
CCID to Include NULS and Tezos in New Rankings
The government of China has consistently held cryptocurrency and blockchain technology to a sort of guided embrace. While the central government is hesitant to provide too much economic freedom to the bussing industry, it has been quick to indulge in the massive profits and technological windows offered by new blockchain startup and old fintech companies within their expansive technology sector. To this end, the government’s CCID, or China Electronic Information Industry Development Department regularly releases rankings of blockchain projects.
Inclusion on the coveted ranking list is dependent on a stated set of criteria, which include the independence of the original, main chain, the creation process for public chain nodes, as well as the functionality of the website and the openness of the source code used for the project. If a blockchain project meets these criteria effectively, it is allowed to be indexed on the rankings list, which is produced consistently by the independent department and its research team.
The inclusion of two new projects on the blockchain ranking list is incredibly important news. For Chinese blockchain companies, inclusion on the list by the CCID is an integral step in gaining the legitimacy required to win desirable institutional support. Perceptual legitimacy is key, and the backing of a government organization certainly can do the trick. Immediately following the announcement that they would be listed on the index, several companies in the past have seen the price of their stock/token skyrocket.
Tezos is another major blockchain platform seeking to usurp the leading platforms, including Ethereum and Bitcoin’s blockchain. Tezos is especially unique because the platform is actually able to self-evolve, meaning that the technology can upgrade without needing a hard fork, which is voted on by the entire community associated with the coin. This is an important feature, because it helps the currency to avoid many of the problematic clashes in similar communities over the disastrous effects of a potential hard fork in the blockchain.
Additionally, the platform seeks to offer a similar service that Ethereum does, allowing smart contracts, as well as DApps, to be created and maintained on their platform. However, Tezos actually offers a new feature in this model, introducing formal verification processes which seek to verify the validity of smart contracts which are set to be executed on their blockchain.
The company first came online in July of 2018, after a notoriously successful Initial Coin Offering netted the company more than USD $232 million in crowd-generated funding.
Nuls is the second new addition to the ranking by the Chinese department. Nuls is an open-source blockchain project which, yet again, supports the integration of smart contract technology and the execution of smart contracts on its network. Nuls’ most unique feature is the dual-design, which includes a mechanism that allows users to add or delete functional modules on the chain. This increases the effectiveness and cost efficiency of the entire unit, potentially saving significant energy and money for users all over the network.
As it stands currently, Tezos holds rank 17 on the list, while NULS occupies the 84th spot.