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China Claims that Bitcoin Doesn’t Stand Among Top Ten Cryptocurrencies

Huawei

The Chinese Center for Information and Industry Development or CCID had revealed on the 18th of June, 2020 the 18th iteration of the CCID Global Public Chain Technology Evaluation Index. This index took it upon itself to rank the 37 most well-known forms of cryptocurrencies out there, doing so by measuring its technical specifications.

EOS And Tron Alleged Top Dogs

A local Chinese media outlet, Chainnews, published a table showing the rankings. According to this rankings, however, Bitcoin, the world’s first cryptocurrency, has only managed to get 12th place, overall, with a rating of 106.2 points.

According to the CCID, the best technical blockchain network out there stands as the EOS network, with a lead of 156.1 points. This is followed shortly after the TRON network, with 138.43 points, then the Ethereum blockchain, with 136.4 points. EOS had managed to gain a score of 24.7 on creativity, and 20.4 points on applicability. TRON, however, managed to get 15.5  and 28.4 points in those same fields.

BTC Moving Up In The (Official) Chinese World

The fourth and fifth places for this listing is given to IOST and LSK, respectively. IOST managed to gain a ranking of 130.3 points, while LSK managed to receive 119.3 points. XRP, another heavyweight crypto, had been labeled at 14th place, only managing to gain 105 points.

The interesting thing is that Bitcoin was lower in the previous iteration of this ranking system, having previously stood at 17th place. Bitcoin, the currency that started it all, only had a rating of 43 for innovation at the time and a measly 19.9 for applicability.

Many Moving Parts At Play

Tron network’s founder and CEO, Justin Sun, had previously warned that Chinese authorities have started to become suspicious of the network’s legal status. As one would imagine, this had led to a very tense relationship between Sun and the Chinese authorities.

China is a strange beast, and everything about it must be taken with a grain of salt. This applies to any state-owned ranking system, as well. It’s no secret that the CCP has been against Bitcoin, with some rumors being that it’s due to how they’re incapable of fully controlling it. Even so, the nation has been vehement in the adoption of blockchain technology, already busy with its own form of CBDC, which they call the DC/EP.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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