China Releases Cryptocurrency Grades: Ranks Ethereum 1st and Bitcoin 13th

China Releases Cryptocurrency Grades: Ranks Ethereum 1st and Bitcoin 13th

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.

Ethereum boasts the best application rating, the second highest technology score of 80.3 and an above average innovation score 25.4 amongst its peers. "The issuance of this index will help to fully grasp the status quo of global public-chain technology development, timely track the direction of public-chain technology innovation, and help promote the innovation and application of blockchain technology", Chinese outlet CEN writes. Steem is a content distribution platform based on the blockchain with a primary objective of distributing content.

However, Bitcoin (BTC) which is world's most popular and valued cryptocurrency with the market cap of $142 billion and right now sits at $8,386 has been ranked 13th. Surprisingly, Ethereum claimed top spot while XEM ranked lowest of all in a list that significantly varies from what crypto investors perceive. Another surprise inclusion to the list is Monero which is ranked at 9th position and given that several governments and regulatory authorities have raised concerns toward Monero and ZCash as it could be involved in money laundering and financial frauds. All the top five cryptocurrencies utilize smart contracts to efficiently and securely process information in a decentralized manner.

He went on to note, however, that "I believe at least it's a sign that the officials are starting to treat crypto projects more like a neutral endeavour towards better technology and innovations, rather than just challenging the power and authority of banks and government".

According a new index established by the governmental China Center for Information Industry Development Ethereum is the top public blockchain on the market today, whilst the original cryptocurrency Bitcoin fails to make the top 10.

Featured image from Shutterstock.

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