China Reviews Blockchains: How Some Leading Coins Stack Up

Crypto enthusiasts had a field day deciphering the rationale behind China’s lineup of blockchains.

Just like the Weiss Ratings estimation, the recent Chinese top 28 of crypto coins and assets surprised and amused investors and traders. Emotions run hot when it comes to defining the best chain, or the most robust project.

But the most dramatic reaction was the ranking of Bitcoin on position 13. There are surprises at the top as well. Ethereum is listed as the leading blockchain, but the second position belongs to Steem, currently the largest blockchain-based social media.

Lisk, the Berlin-based blockchain project, is listed ahead of NEO, a blockchain seen as one of the most robust Chinese networks.

Other network tokens in the top 28 of assets include Komodo, Stellar, QTUM, Stratis, and NEM. The list also includes several coins, or assets only aiming to work as currency, not as tools to sustain distributed apps. Most notably, Verge has the same total score as Bitcoin. The case of Verge is mystifying, since the asset is much smaller in market capitalization and trading, and its network recently saw an attack of rogue mining due to a bug.

The criteria by which the blockchains are lister include an assessment of the technology, usability, and innovation. Hence the rankings for some of the more complex blockchains like Komodo.

But in the real world, coin usage has an entirely different profile. However, some crypto enthusiasts speculated the ratings may reveal China’s readiness to allow more freedom to blockchain projects.

As for Weiss Ratings, in a recent block the ratings agency experts turned to the special phenomenon of platform coins, believing they have more intrinsic value than stocks. Tokens like NEO, QTUM, and soon TRON, also serve as utilities on the network, even paying out a small passive income in digital assets.

Platform coins are also unique in securing funding to projects worldwide, extending the reach of funding to projects that could never attract the attention of traditional venture capital firms.