On May 17, China’s Ministry of Industry and Information Technology released its public blockchain ratings, ranking various blockchain projects like Ethereum in the global cryptocurrency sector based on three criteria: technology, application, and innovation.
Bitcoin at #13
As shown in the chart below, the Chinese government 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.
4/ Detailed scores of the first crypto ratings by CCID Research, China’s Ministry of Industry & Information Technology pic.twitter.com/7LiJIWokge
— cnLedger (@cnLedger) May 17, 2018
The addition of Steem in the top five rankings of the Chinese government’s blockchain network was unexpected by the community because unlike Lisk and NEO, Steem is not a base layer blockchain technology that can be used to create decentralized applications. Steem is a content distribution platform based on the blockchain with a primary purpose of distributing content. Essentially, Steem is like Reddit based on the decentralized blockchain.
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 money laundering and criminal activities.
The cryptocurrency community was taken aback by the ranking of bitcoin at 13, which was…