China crowns Ethereum as king in new government crypto rankings
China’s government experts have graded Ethereum No. 1, bitcoin No. 13 based on their underlying technologies.
A new assessment of the leading cryptocurrencies has ranked the best projects in the eyes of researchers from China’s Ministry of Industry and Information Technology, and it is based on each project’s fundamental technology, applicability and innovation.
Here are the rankings:
The official report also drilled down by each of the three subcategories, and of the top 15 cryptocurrencies, the analysts deemed Steem as the most technologically advanced, followed closely by Ethereum and then BitShares, Stellar and NEO.
Based on application potential, China gave NEO its highest score, followed by Ethereum, Qtum, Lisk and Stratis.
As far as innovation goes, the rankings applauded bitcoin for pioneering the blockchain movement, while also commending Komodo, Ethereum, Cardano and Steem.
The rankings also mentioned 13 others, though no index scores were provided. Among them were Ethereum Classic (ETC), Dash (DASH), Litecoin (LTC), Ark (ARK), Nano (NANO), Bitcoin Cash (BCH) and Decred (DCR).
According to the initial release, the Ministry of Industry and Information Technology plans to continuously update the rankings on a monthly basis.
The Chinese agency also noted that while its country leads the world in the number of blockchain-related patent applications, the capabilities of the cryptocurrency projects produced within its borders is still lacking.
Rating cryptocurrencies isn’t the only area where China is actively participating; two months ago its central bank announced plans for a digital currency of its own, stating that such technology is inevitable. Meanwhile, the government has been aggressively blocking non-Chinese trading platforms and barring its own banks from providing crypto trading services.
For more information on the technologies behind these cryptocurrencies, check out our in-depth guides to more than 100 altcoins.
Disclosure: At the time of writing, the author holds XRP, CND, ANT, DRGN, EOS, NEO, ADA, AION, GTO, SALT, QTUM, WAX, BTC and ETH.
Latest cryptocurrency news
- 14-day crypto predictions: As FTX collapse effects linger, sentiment shifts to bearish on Bitcoin
- Crypto market crisis: FTX on the verge of bankruptcy
- 14-day crypto predictions: As cryptocurrencies drop, sentiment shifts to neutral on Bitcoin
- Binance to purchase FTX in bailout offer
- 14-day crypto predictions: As cryptocurrencies hold their ground, sentiment shifts to bullish on Bitcoin