China’s New Blockchain Rating Sees Bitcoin Rank Higher

The Chinese government released its latest ranking of public cryptocurrency blockchain projects, with the ratings springing a few surprises. The Center for Information and Industry Development in China increased the number of projects captured in its ranking to 35, with Tron debuting close to the top of the list, while Bitcoin has gone up slightly.

Tron added to the list; Bitcoin rises higher

The Center for Information and Industry Development, called the CCID, working under the Ministry of Industry and Information Technology, released its latest crypto project ratings on Tuesday, February 26, 2019.

This is the CCID’s second ratings this year, and a total of 35 projects were surveyed, with Tron making only its second appearance. There was no surprise at the top of the list, with EOS still occupying the number one spot. Tron, however, impressed many researchers by holding on to the second position ahead of Ethereum which is now ranked the third best public crypto blockchain.

Bitcoin also went up on the list. It previously occupied the 15th place but is now the 13th best public crypto blockchain. Bitcoin Cash also experienced a slight improvement, rising from the 28th place to now occupy the 27th position.

In its report, the CCID stated that it is impressed by Tron, which was launched in May 2018. “Tron is a low-level public chain with high throughput, high expansion, and high reliability, and it is compatible with the Ethereum smart contract.” The center praised Tron’s transaction protocol, describing it as highly active, with the over 200 Tron DApps leveraging its impressive features. Tron currently has a total valuation index of 145.6, second only to EOS, which continues to lead all other blockchain projects.

CCID still uses 3 sub-rankings

The center explained that it still makes use of three primary indicators – basic technology, applicability, and creativity – when rating crypto blockchain projects. However, the latest ranking saw the CCID place more emphasis on the creativity index, with Nano, Verge, and Qtum making massive improvements in this regard.

Basic Technology: For the basic technology index, the leading public blockchains include EOS, Tron, Bitshares, GXchain, and Nano. This index typically evaluates the technical realization level of each public blockchain and then look into its function, performance, safety, and degree of decentralization.

Applicability: In terms of applicability, Ethereum, NEO, Nebulas, Tron, and Ontology were the top five crypto projects. The applicability index measures the comprehensive level of public blockchain support for functional parameters such as node deployment, wallet applications, support by developers, and application implementations.

Creativity: Finally, the creativity index measures the continuous innovation level shown by each blockchain, such as the number of developers, code updates, and code impact recorded. Bitcoin, Ethereum, EOS, Lisk, and Tron, were the leading crypto projects in this category.

Crypto projects becoming more creative and efficient

The latest CCID ratings have been received favorably by the cryptocurrency community as it shows that public crypto projects have become more creative. This increased level of creativity will help make public blockchain projects more appealing to developers and can potentially contribute towards boosting cryptocurrency adoption.

The report also showed that most of the projects listed operate at a high-efficiency level. Over the past few years, the most prominent critics of cryptocurrencies and blockchain attacked their low efficiency. Market experts have also emphasized for a long time the need for blockchains to achieve a high level of proficiency if they are to replace fiat currencies as the money of the future.

Bitcoin has continued its impressive climb on CCID’s rankings. In January’s ratings, BTC went up from 18th to occupy the 15th spot. Despite initial criticism of Bitcoin’s blockchain by the Chinese government, the recent rise of the network could mean that the CCID is finally seeing the incredible potential that Bitcoin and its system offer the crypto space. As the gold standard of the crypto community, this bodes well for cryptos by and large, and we are excited not only about the projects that made it to the CCID’s list but for the future developments that we expect to see from each project.