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As a society, we love to rank things. Sports teams, colleges, and even places to live are just a few of the things us humans love to put numbers next to.
Now, thanks to the Chinese Ministry of Industry and Information Technology, even blockchains have their own power ranking index of sorts. The agency released a report last May (2018) that graded 28 prominent blockchains. (You can find the Chinese report here.) This new rating reported is expected to be released by the organization on a monthly basis.
How and what they rate
Although the Chinese government didn’t explain their exact methodology in detail, they said the following in regards to the basic criteria they used to determine which blokchains were eligible to be ranked:
“First, it has its own independent main chain; Second, the public chain node can be freely created; Third, it has an open block browser, block information can be consulted; Fourth, code open source; The fifth is to have a project homepage, the project team can contact.”
The areas they rated included technology, application, and innovation. For example, Ethereum was the highest rated blockchain. It received an 80.3 in the technology sub-index, a 23.7 in the application, and 25.4 score in innovation. This is for a total index score of 129.4.
Steem came in second with an an overall index score of 115.9. Meanwhile Lisk took the bronze spot, with an overall score of 104.8. Rounding out the top 5 are NEO and Komodo with a score of 103 and 101.5 respectively.
Perhaps the biggest surprise on the list was that Bitcoin ranked 13th overall. That’s right, despite being associated with most valuable cryptocurrency on the market, the popular blockchain received a mediocre 88.1 TI ranking. To break it down, Bitcoin received a score of 39.4 in technology, 13.1 in application, and 35.6 in innovation.
In response to the ranking, cryptocurrency analyst Joseph Young wrote,
“The cryptocurrency community was taken aback by the ranking of bitcoin at 13, which was co-ranked with privacy-focused cryptocurrency Verge. The bitcoin community was understandably outraged by the ranking of bitcoin at 13, considering that bitcoin has the longest track record as the most secure and dominant cryptocurrency in the global market.”
While a list of this nature was bound to generate debate amongst those in the blockchain community, it could also be viewed as a positive. As Cryptoslate writer Jonnie Emsley points out,
“All question of the report’s findings aside, China’s move is a clear statement of intent. While China may be seen as being anti-cryptocurrency — having banned ICOs, closed domestic exchanges and blocked cryptocurrency-related sites — the government’s investment into such the monthly report may be considered a staunchly pro-blockchain move.”
Here’s the list of the Top 15 rankings with sub-index information: