The Chinese are the first to evaluate cryptocurrencies. Which ones are the best?
The first report was published by some of the public institutions that evaluate and classify blockchain technologies or associated cryptocurrencies. China, the leading country in terms of the number of patented ways to use global technology of block sequencing, has marked Ethereum as the best.
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The Chinese Ministry of Industry and Information Technology (IT) Research Institute (IT) has released the first global report on blockchain technology and its associated cryptocurrencies. It is the first officially publicly released cryptocurrencies rating, which will now be released on a monthly basis. In the first edition, they rated usefulness of 28 cryptocurrencies and ICO coins.
Three incidators that they used for the evaluation
With this evaluation, the Institute wants to follow the development of public data collection projects and chronologically record the direction of the innovations and the usability of blockchain technology. The overall assessment or common index of public-private global blockchain technologies consists of three indicators:
- the basic level of technical development of technology,
- the level of usability,
- the ability to provide further innovation.
Ethereum has the best common index / rating
Ethereum, as the best-rated technology for concluding smart contracts and a typical representative of the second generation of data blockchain technology, managed to occupy the very top of the scale. It ranks among the three best in each of the three indicators. When it comes to measuring the time of block creation, the ethereum is considered the fastest technology.
Bitcoin barely on 13th place
Cryptocurrency with the highest market value, Bitcoin was barely ranked in the top half of the scale with the 13th place. Whilst it has received the highest score in the innovation index among the rated cryptocurrencies, it has almost 1x worse estimate score than ethereum in the technical development. Compared with the remaining cryptocurrencies, the largest stone around the bitcoin neck is the slowness of its transactions and their costs.
Ethereum Classic, Dash, Litecoin, Ark, Nano and Decred were also rated, but they did not rank on the 15 best rankings.
Who are the winners of individual fields
The best rated in basic technology is Steem. Steem is one of the key players with the fastest transaction times for which no transaction costs are required. It uses highly-appreciated block-chain technology called Graphene.
NEO is the best rated at Usability Indicator, which wants to automate the management of digital assets using smart contracts. In the Innovation field, the Bitcoin is the highest rated. The high score is mostly due to the fact that it is a pioneer in the use of blockchain technology.
From the Chinese, only NEO is among the best
Although China is the country's leader in the number of patented ways to use global blockchain technology, their technology is still lagging behind in terms of technological innovation. Of the best-rated projects of public blockchains, only NEO ranks the highest.
Check out the rankings below:
Rankings source: cena.com.cn
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Helloo arhitekt
Wow i'm so happy to see that the usability of steem is higher than other crypto currencies. I'm sure It will always lead others
I agree. Thanks
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But steem is first when it comes to technology.
I'm just glad that Steem is getting more and more relevant.
Yes, it's growing bigger and stronger daily. We must support Steem and Steemit as much as we can.
That's the point! If we can all make steemit stronger, we will all benefit on the long run. Steemit is not popular in my region, and I am already making plans on hosting a sensitization rally for it. With that we can enable more people come onto steemit and perhaps make it even bigger.
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Interesting post and see Steem as first in Basic Technology positions shows one more time the opportunities that lies here.
Well this is not the first attempt to rank all cryptos, remember how a few months a US based did the same, and Steem was one of the big winners too. I think China is trying to officially pave the way to protect the sector from fraud and scam and tight regulate it to keep control over the nation's economic performance.
I find it kind of logical that Bitcoin is not on the top and why ETH yes, due to the fact that currently Bitcoins only value proposition is to be a digital coin free from governments. It is not a little thing, I know, but in comparison with all the opportunities that Smart Contracts and Turing Complete blockchains have brought to the crypto realm is almost irrelevant.
Now, what amazes me the most is why not to take in mind ETH current limitations and why not to include EOS, which could be simply the solution and new gold platform for the future of crypto.