Blockchain Ratings from China: Bitcoin is Not Doing So Well

The Chinese blockchain ratings for August are out. Blockchain networks like Ethereum and Bitcoin are rated harshly but fairly on their technological and application development.

These blockchain ratings are put together by the Chinese Electronic Information Industry Development Research Institute and the China Software Testing Center. Input is taken by highly respected professors and researchers in the country’s most prestigious institutions such as Beijing and Tsinghua Universities.

The Rankings for August 2018 are the following:

There is no surprise in the number one network for August since EOS is placed above Ethereum and Bitcoin yet again.  Earlier this year CCID and STC, which are funded by the Chinese government named EOS, the best performing blockchain network in the world. This month saw Bitcoin barely making it in the top 10. Bitcoin is currently rated lower than Steem, GXChain, Lisk, Stellar, Neo, Nebulas and Komodo.

Blockchain Ratings can be full of surprises not checked regularly

If you are seeing the list for the first time, you will be surprised to see Bitcoin in the 10^th spot. However, this is quite the improvement since last month it was placed as #17. The biggest problem, which is weighting Bitcoin down is that it doesn’t support smart contracts or dApps.

When we look at the technology category, it’s important to note that EOS stands out mainly because of the platform’s support of the Proof-of-Stake (PoS) algorhitm. This is something which even the Ethereum platform is struggling towards achieving. This is definitely not the only reason for EOS’ extremely high technology score since Cardano is using the same PoS algorhitm.

When we take into consideration China’s ban of all domestic crypto exchanges in 2017, it’s crazy to see how quickly the country has started adopting the technology. Despite placing 2^nd the last few months, Ethereum is by far the most trusted name in the country. The support for Ethereum even exceeds that of China’s very own NEO, which received the country’s support for the last few years.

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