Why Does China Rank Ethereum (ETH) 1st and Bitcoin (BTC) 13th?

On May 17, the Chinese government has revealed its public blockchain-based evaluation index and ranking, positioning Ethereum before all cryptocurrencies listed.

Currenctly, the index is listing 28 cryptocurrencies. These were ranked taking into account three criteria: technology, aplication and innovation. The project is under the supervision of the China Electronic Industry Information Development Department (CCID).

The project was completed shortly, as it was only announced on 11 May during the Beijing Conference. No matter how beneficial the index would be, it would cause a tide of disappointments among users, given that Bitcoin was ranked 13th in the top of crypto assets.

The 28 cryptocurrencies according to their hierarchy in the Chinese index are: Ethereum, Steem, Lisk, NEO, Komodo, Stellar, Cardano, IOTA, Monero, Stratis, Qtum, BitShares, Bitcoin, Cloud Storage Chain, Bitcoin Cash, Litecoin, Ark, Big Zero, Nano, Bit Cash, Decred, Super Cash and New Chain, according to CYYW.

“The results show that the typical representative of the second-generation blockchain technology is Ethereum’s technology assessment index with a smart contract function of 129.4, ranking first in the assessment list, and the evaluation index is ranked second to fifth,” the Research Institute of the Ministry of Industry and IT published.

Local media CnLedger summarized on Twitter:

Another similar project, Weiss Ratings, gave Bitcoin the score of C+ in January 2018, while later it was updated to B-. On the other side, Ethereum scored B+. It seems that the high volatility of the most valuable crypto assets doesn’t show confidence for Chinese organizations.

“It is reported that the index released this time is the world’s first technology-focused public chain assessment index, which will be issued periodically on a monthly basis. The issuance of this index will help to fully grasp the status quo of global public-chain technology development, timely track the direction of public-chain technology innovation, and help promote the innovation and application of blockchain technology.”