The public ratings released by China’s Ministry of industry and information technology ranked various blockchain projects like Ethereum in the global cryptocurrency sector. Technology application and innovation were three criteria is evaluated/considered for ranking.
The Top Five Position Holders
Ethereum has been ranked as the world’s best blockchain network and is at No. 1 position. Ethereum, Stem, Lisk, NEO and Komodo bagged top five positions respectively. All the top five position holders (refer to the chart below) use smart contracts to efficiently and securely process information in a decentralised way.
The inclusion of steem among the top five rankings of the Chinese government’s blockchain network came as a surprise for the community as steem is not a base layer blockchain technology that can be utilised for the creation of decentralised applications.
Basically steem is for content distribution and is based on blockchain technology. Like Reddit, Steem is also based on decentralised blockchain.
Monero, secured position No. 9 in the ranking. In spite of cryptocurrencies like Monero and the Zcash have received apprehensions from several governments, prominently Japanese government and its financial services agency (FSA) as these are the cryptocurrencies that are capable of processing anonymous payments that could be linked with criminal activities like money laundering. So under the influence of these facts, Monero securing Position #9 in the rankings is a matter of great wonder.
Bitcoin and Verge both shared Position #13 in the ranking. Bitcoin undoubtedly has the reputation as the most secure and dominant cryptocurrency in the cryptocurrency market worldwide. So its position in the ranking surged a wave of rage in the bitcoin community.
The facts associated with Bitcoin, which are worth mentioning here are the development of innovative technologies like Confidential Transactions (CT), Bulletproofs, lightning network which enable private transactions, processing micro payments etc. It is highly imperative to mention that bitcoin possesses one of the most active open source development communities.
Cryptocurrency Community’s Aspirations
Cryptocurrency community longed from the government of China to rank private blockchain networks and protocols that can help the government in monitoring of transactions. So, the government ranking in Ethereum and Monero among top 10 shows the government’s intention in the assessment being done with objective approach.
The ranking by Chinese government has raised a debate regarding the government overlooking long track record, hashrate, computing power and accumulated difficulty of major blockchain networks and thus preferred next generation blockchain networks.
Some blockchain network may be seen operating in China post the high ranking of Ethereum and Smart Contract blockchain networks.
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