Ethereum Declared The World’s Best Blockchain Network By The Chinese Government

· 18 May 2018 in Cryptocurrency News, Home
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Important news for Ethereum enthusiasts around the world. The Chinese Government has decided to evaluate virtual currencies according to their technology, application and innovation. As per  the index developed by the CCID, Ethereum is the world’s best blockchain network available.

Ethereum Best Blockchain Network

China’s Ministry of Industry and Information Technology has released on May the 17th, its public blockchain rating in which Ethereum was considered the most valuable virtual currency and blockchain platform in the market. 

In this ranking, Ethereum scored 80.3 points in technology, 23.7 points in application, and 25.4 in innovation, obtaining a final score of 129.4 points. The second most valuable blockchain, according to this index is Steem, and Lisk is in the third position with 115.9 and 104.8 points respectively.

What is surprising is that Bitcoin appeared in the 13th position, scoring 88.1 points, the same as Verge.

The index caused surprise because of the fact that Steem does not allow companies, individuals, and institutions to create decentralized applications on its network. This is quite different to what Lisk, NEO, and Ethereum propose, and one of the main reasons why they ranked so high – Lisk in the third place, and NEO in the fourth.

Two other interesting facts about this ranking is that Monero (XMR) was in the top 10 (it ranked 9), and that Bitcoin was not able to enter the top positions. China is giving legitimacy to a virtual currency that has been several times criticized by institutions and governments due to its privacy features.

The crypto community couldn’t understand how the most important virtual currency in the market, Bitcoin was ranked 13th, at the same level as Verge. At the moment, Bitcoin has one of the most active developing communities in the cryptocurrency world, which have ben adding other features like Bulletproofs, Confidential Transactions, and soon the Lightning Network will be released.

Another important institution, Weiss Ratings, has also ranked the most important virtual currencies in the market. Ethereum obtained an B- grade ‘good’ higher than the ‘fair’ C+ grade given to Bitcoin.

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