The Ministry of Industry and Information Technology of China released a new public ranking of Blockchain on Thursday, May 17, where the world’s second-largest cryptocurrency Ethereum managed to capture first place, leaving its main competitor Bitcoin far behind. As it’s not strange, but Bitcoin couldn’t get even in the top ten, instead it took the thirteenth position.
4/ Detailed scores of the first crypto ratings by CCID Research, China's Ministry of Industry & Information Technology pic.twitter.com/7LiJIWokge
— cnLedger [Not giving away ETH] (@cnLedger) May 17, 2018
These ratings were compiled on three main criteria for technology, applications and innovation. Steem, Lisk, Neo and Komodo also ranked 5 tops of the rating, following Ethereum. All of these five best Blockchain networks effectively use smart contracts, processing all information in a decentralized manner.
Despite the fact that Bitcoin wasn’t included in the top 5, in terms of innovation it received the highest score because Bitcoin has the advantage of being the first digital currency in the market, based on a completely decentralized network of Blockchain. However, the Bitcoin network has a very limited, organic app, compared to Ethereum and others, because it doesn’t launch any smart contracts and doesn’t accommodate any other decentralized apps.
The community of Cryptocurrency rather expressed dissatisfaction with China’s ratings and their methods, as Bitconi placed as much as 13th position, despite the fact that the coin is the oldest and still the most dominant and secure cryptocurrency on the world market.
In this ranking there are also some more unexpected positions. For example, Steem occupies a leading position over Lisk and NEO, despite the fact that Steem isn’t the base layer of the Blockchain network, which can be used to host decentralized apps. In fact, Steem’s main goal is to distribute content on the Blockchain network.
The community stated that it’s illogical to claim that Bitcoin’s application is limited only by money and payments, which is why the cryptocurrency was awarded the 13th place. On the other hand, Steem, which is the platform for content distribution, has the second place in the list, which isn’t an objective statement.
The community also added that Bitcoin is one of the most widely used and active open source communities in the global crypto space. It also helped in the development of several innovative technologies, such as Confidential Transactions, Lightning Network and Bulletproofs.
For CoinShot, Monero’s position at number 9 in the rating also caused surprise. Monero was noted by the Japanese regulators of cryptocurrency because of its ability to handle anonymous payments that may be related to other illegal activities, such as the sale of drugs and weapons, money laundering and tax evasion.
Most analysts agree that the Chinese government, in its public ranking, gives priority to the next-generation Blockchain network, ignoring the long track record, hashrates, processing power and the overall complexity of the main Blockchain networks, such as Bitcoin.
Like Bitcoin’s position, the crypto community also expressed dissatisfaction with the ranking of Ripple and Litecoin, which was placed on the 17th and 21st positions.