A report issued recently by the China Electronic Information Industry Development (CCID) has placed Bitcoin (BTC) in the 19th position within a ranking of cryptocurrencies.
Tracking this type of instrument is especially important for investors with a reasonably diversified or extensive portfolio as it allows them to quickly evaluate a wide range of options based on similar comparison standards.
In a press release, CCID commented that they expect to monthly evaluate a list of cryptocurrencies so that the public has an overview of the state and evolution of each project:
“The global public chain technology assessment work is organized and implemented by the CCID (Qingdao) Blockchain Research Institute under the China Electronic Information Industry Development Research Institute. The evaluation results will be released on a monthly basis.”
According to the ranking, the best five cryptocurrencies in general terms are EOS, Ethereum (ETH), BitShares, Nebulas, and NEO. The methodology to determine the total score consists of the aggregation of the score obtained in 3 evaluative sub-indices: Basic Tech, Applicability, and Creativity.
The press release does not explicitly mention how each score was obtained, however, it is important to note that the methodology is standard and uses the same criteria for all cryptocurrencies.
Bitcoin: Being the Best in Innovation Does Not Make It The Best Crypto Overall
In spite of being a general ranking, evaluation results of isolated features show very different results, evidencing that there can be cryptocurrencies exceptionally good for certain aspects and weak for others:
“In terms of underlying technology … The top five of the underlying technology index for this period are EOS, BitShares, Steem, Ethereum, and GXChain. The top five are consistent with the previous issue.
In terms of applicability, this evaluation has improved the evaluation methods of development tools and comprehensively evaluated APIs, SDKs, RPCs, smart contracts, and other development tools. The results show that the top five applications are Ethereum, NEO, Nebulas, Qtum, and Dash. Bit cash, NULS, and Nano have a significant increase in the index.
In terms of innovation, the top five are Bitcoin, Ethereum, EOS, NULS, and Cardano. Compared with the previous index, the blockchain with the most significant increase in the innovation index is XRP, NULS, Iota, Nebula Chain and Bitcoin Cash.”
It is curious that although Bitcoin is a leader in creativity and innovation, it is so low in the ranking. Some experts point out that it is due to the lack of satisfactory results in certain developments within the community, and for relying on third parties outside the project for important developments such as Lighting Network and payment protocols.
Bitcoin Cash Among The Worst Cryptocurrencies Within the Ranking
For its part, Bitcoin Cash, the most important altcoin born as a fork of the Bitcoin is ranked as the sixth worst crypto in the ranking, with a total score of 77.1.
Just for comparison, Bitcoin (BTC) has a score of 92.5, EOS has 150.5, Ethereum 136.3. Other notable projects include NEO (the so-called Chinese Ethereum) with 108, XRP with 106.1, IOTA with 95.8 and Cardano with 93.
Full ranking is available below: