We reported late last week on an initiative announced by the blockchain research arm of the Chinese Ministry of Industry and Information Technology to assess the strengths and weaknesses of the world’s leading blockchain technologies.
That initiative was undertaken as part of a larger strategy for determining the best blockchain technologies to adopt for the Chinese government’s upcoming series of publicly-financed blockchain projects.
Twenty-eight blockchain technologies were included in this initial round of assessment, and were judged on a range of criteria ranging from infrastructure and applicability through to creativity. Yesterday, CCID, the government department responsible for carrying out the assessment returned its results – and the rankings have been raising eyebrows in some quarters, particularly among Bitcoin’s most enthusiastic advocates.
Bitcoin Ranked Mid-Table
The winning platform was Ethereum, coming in at number one in the so-called Global Public Chain Technology Assessment Index whose rankings are to be re-assessed on a monthly basis. Bitcoin itself ranked a modest 13th, although it did rank best in the relation to creativity criteria – perhaps reflecting its development community’s engagement with solving some of the biggest challenges handed down by blockchain scalability issues.
Arguably the biggest surprise of all was the second place handed to the Steem blockchian which operates purely as a content rewards platform – its most popularly known manifestation being the Steemit website, a Reddit-type platform paying cryptocurrency to its users for what the blockchain’s algorithms judge to be good content.
Also appearing in the top five were NEO – lamented in the report for being the only Chinese technology to appear on the list, indicating how China ” … is still lagging behind in this area of technological innovation” – and Stellar which is increasingly being leveraged by IBM for its own blockchain projects.
Litecoin was ranked towards the bottom end of the list, sitting on 20th, placing it just four places above Bitcoin Cash which itself ranked a somewhat unflattering 24th.