China’s Ministry of Industry and Information Technology has recently released its public blockchain ratings, ranking various blockchain projects like Ethereum in the global cryptocurrency sector based on three criteria: technology, application, and innovation.
Interestingly, the Chinese government has ranked Ethereum as the world’s best blockchain network at number 1. The top five included Ethereum, Steem, Lisk, NEO, and Komodo, all of which utilize smart contracts to efficiently and securely process information in a decentralized manner.
The cryptocurrency community was taken aback by the ranking of Bitcoin at number 13, which was co-ranked with privacy-focused cryptocurrency Verge, as shown in the chart below. The Bitcoin community was understandably outraged by the ranking of Bitcoin at 13, considering that Bitcoin has the longest track record as the most secure and dominant cryptocurrency in the global market.
Meanwhile, analysts have stated that the Chinese government has overlooked the long track record, hash rate, computing power, and accumulated difficulty of major blockchain networks like bitcoin and prioritized next-generation blockchain networks instead.
Another surprising addition to its top 10 rankings was Monero at number 9, given that several governments including the Japanese government and its financial services agency (FSA) have expressed their concerns towards cryptocurrencies like Monero and Zcash that are capable of processing anonymous payments that could be associated with crypto jacking, money laundering, and criminal activities.