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China Ranks Bitcoin Out of Top 10, Favours EOS, Ethereum and TRON

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August 1, 2019 | 

1628 Views | 

Darryn Pollock | 

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Bitcoin, the leading cryptocurrency in many areas, has not impressed a Chinese government-backed research institute which has put the original blockchain project in 11th spot out of 37.

At the top of the list, and an all-time leader, is EOS, a smart contract platform that is in competition with Ethereum, the project that is ranked second overall by the Chinese CCID Research Institute. Tron comes in at thrid, having dropped a spot since the last ranking.

Bitcoin at 11th is actually up one spot from the last ranking, however, even after adding two more projects this time around - Cosmos and Zilliqa - there is still no room for Ripple’s XRP.

Backing smart contracts

The CCID is a government research agency as it falls under the Ministry of Industry and Information Technology of China. This then gives a good amount of insight into how China is viewing cryptocurrencies and blockchain technology at the moment. 

China was one of the first countries to clamp down on the financial aspects of decentralized cryptocurrencies as they first banned ICOs, and then followed that up by blocking access to cryptocurrency exchanges. 

At the same time, China has been a big believer in blockchain technology with their president even outlining its role in the upcoming fourth industrial revolution which will be predicated on new technologies. 

With the country favouring EOS, Ethereum and Tron as their top three ranked coins, it is clear that the People’s Republic is looking for the ingenuity and application of ‘World Computers’ to lead them forward. 

Bitcoin floundering

With that being said, Bitcoin, which is primarily a financial tool in regards to being a digital asset, does not impress the CCID and its ranking categories of technology, application and innovation.

Bitcoin has climbed one spot to 11th, but still remains outside the top 10. In fact, this is the closest it has been to cracking that mark. In the March iterations of the ranking, it was 15th after being 13th in February.

Despite Bitcoin being the leaders in many different aspects, such as market cap, dominance, netowrk hash etc, its actual usage is still pretty basic compared to the ‘generation two’ blockchains. 

Therefore, it is not totally unrealistic for China to view Bitcoin as a mediocre blockchain project for their usage of this technology is more based on its second generation.

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