Ethereum is largest public blockchain and bitcoin 13th
Ethereum is largest public blockchain and bitcoin 13th
Rick_Jo iStock Thinkstock
18 May, 2018, 12:38
China's government has made it clear that it's no fan of cryptocurrency because of the financial instability that comes with it, but it has welcomed the development of the underlying blockchain technology.
"The evaluation of the global public-private chain technology mainly focuses on the basic technical level, application level and innovation ability of the public chain".
Coming in at the top of the grade, Ethereum earned a total index score of 129.4.
Even more curiously, below Ethereum at the number one spot, second came Steem, the crypto token used by the Steemit social network. Surprisingly, bitcoin, the world's most popular digital currency, ranked 13 out of 28 coins, mostly because of its low 13.1 application score.
In the middle placed position, Bitcoin maintained an edge over the 27 listed blockchain in the innovation category, arguably because of being the first demonstration of what a public blockchain is. A more extensive list of the top 15 was tweeted by cnLedger.
The CCID announced the initiative (link in Chinese) last week, citing the lack of an independent analysis of crypto and blockchain as a guide for governments, enterprises, and research institutes around the world.
Bitcoin may remain the biggest cryptocurrency token by market cap and trading volume but was ranked 13th in the listings generated with three major features of a blockchain in perspective - generation, software, and innovation.
However, not everyone puts a lot of faith into the ministry's work.
Eric Zhao, a Shanghai-based engineer at the Chinese Academy of Sciences who operates the widely followed CNLedger Twitter account, said he won't take the official crypto ratings very seriously because "most old-school experts haven't followed the crypto space long enough to grasp some of the traits of [the] tech and community that can't be found elsewhere". Nathan has a passion for new technology, grant writing, and short stories. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. He spends his time rafting the American River, playing video games, and writing.
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