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Bitcoin Falls to 19th[!] in China’s Latest Blockchain Rankings

Last Updated March 4, 2021 3:07 PM
Yashu Gola
Last Updated March 4, 2021 3:07 PM

A latest blockchain ranking report has put Bitcoin behind the new blockchain projects like EOS and Ethereum.

The 6th Global Public Blockchain Technology Assessment Index, published by the China Electronic Information Industry Development (CCID), a government organization, listed bitcoin at the 19th position according to technological merits. At the same time, blockchain projects that surfaced after bitcoin took prime spots, with EOS topping and Ethereum, Nebula, Ripple, NEO, IOTA, amongst others, following closely.

The index judged a total of 33 public blockchain projects based on their underlying technology, applicability, and creativity. While Bitcoin has been unable to beat many of its closest blockchain peers on all the mentioned parameters, it still has managed to stay ahead of its forked version, Bitcoin Cash, which stands at the 31st spot on the index.

Interestingly, the same index report from August had put Bitcoin among the top ten blockchain projects. The last month saw the digital currency dropping to the 17th position with a total of 93.2 index points. In October, the points fell further to 92.5, bringing the credibility ranking of the bitcoin blockchain to the 19th spot.

The drop could have appeared in the wake of Bitcoin’s lower adoption while settling payments or creating decentralized applications (dapp). The digital currency’s public blockchain so far is relying on a third party solution to fix its prevailing scalability issue.  It has made Bitcoin a less attractive payment tool than its peers whose blockchain confirms transactions faster.

Nevertheless, the CCID pointer system revealed Bitcoin’s dominance as far as innovation is concerned. The digital currency scored 34.6 points on creativity, trailing ahead the rest of the 32 listed coins on the index.

“Innovation aspect, the top five were Bitcoin, Ethereum, Square, EOS, NULS, and Cardano,” the report read. “Compared with the previous period index, the index increased the most innovative public chain were NULS, IOTA, Nebula, and Bitcoin Cash.”

EOS, Ethereum Dominate

EOS and Ethereum continue to dominate the CCID index for the fourth time. The dapp and smart contract platforms this time scored 150.5 and 136.3 points, respectively, mainly excelling in terms of basic technology and applicability, which Bitcoin lacked. The report said:

“At present, EOS and Ethereum are undoubtedly the preferred platforms for Dapp development worldwide, and EOS is showing a stronger momentum. The data shows that EOS Dapp is highly active and user increments are large.”

New blockchain projects like Ripple and Nuls also entered the top 10 list, pushing Lisk and Qtum out. While Ripple had a strong month with the launch of its xRapid payment solution and partnerships with major banking and financial firms, Nuls, a China-based blockchain project, scaled its operations by entering the US market.

Featured image from Shutterstock.