Which Cryptocurrency Is Better Than Bitcoin?

Which Cryptocurrency Is Better Than Bitcoin?

March 21, 2019 0 By Shweta Pandey

Discussions about which cryptocurrency is the best one and which one has brighter future than the others have been going on since the creation of the first altcoin. Generally, the idea behind the creation of altcoins is that the Bitcoin isn’t perfect and has a number of serious drawbacks. That’s why people decided to create other coins, which are supposed to be better and are supposed to beat Bitcoin in terms of market capitalization. However, despite this conflict raging for the last 10 years and despite the creation of many new coins by hundreds of great minds, no altcoin has ever threatened, even for a brief moment, the might of the Bitcoin. So it’s worth asking yourself whether the market capitalization reflects the quality of a given cryptocurrency? Or does the price simply have nothing to do with the possibilities offered by a given altcoin? Maybe there really is an altcoin that will conquer the crypto market in a few years’ time that’s just hidden in some distant places of the market capitalisation rankings?

 

From China with Love

On 17th of May 2018 the Chinese CCID Research Institute working under the auspices of the Ministry of Industry and Information Technology officially published the first global rating index of the blockchain technology, which also includes a ranking of the popularity and the recognition of a given coin among the general public. The results showed that the cryptocurrency that won the first place is based on the blockchain technology of the second generation. It’s a public blockchain that offers a platform with smart contracts. What’s the name of this mysterious coin? Hardly any surprise here – it’s the Ethereum, which scored 129.4 points and took the first place as a result. Although this didn’t surprise the public, the coins on the next positions were quite surprising. Second place went to Steem, the third to Lisk, the fourth to NEO and the fifth one to Komodo. It’s worth mentioning that on 17th of May 2018 these coins had the following positions in the market capitalization ranking:

 

Steem took the 31st place

Lisek was ranked 24th

NEO ranked 11th

Komodo took the 57th place

 

Bitcoin, which was and undoubtedly still is the most popular cryptocurrency, took the 13th place. It was preceded by projects like Stellar, Cardano, IOTA, Monero, Stratis, Qtum and BitShares. The ranking was created based on the sum of points in three categories: basic technology, applicability and creativity.

In the first edition of the report, we could read that the Chinese researchers focused mainly on the evaluation of the blockchain technology and on the study and the classification of basic technology levels, applicability levels and on the ability to innovate in the public chain. Steem obtained the highest value in the basic technology index. On the other hand, NEO, which is the chinese version of Ethereum and which also offers a platform for smart contracts to automate the management of digital content, was ranked first in the applicability index. The first place in the innovation index was taken by Bitcoin, which is the first cryptocurrency in history and the first case of using blockchain in such a way.

Although China ranks first in the world in terms of the amount of blockchain technology patents filed, we can conclude from this ranking that The Sacred Earth and Divine Land is still relatively backwards in terms of technological innovations in this area. The only representative of this country in the ranking is NEO, which scored only 7.3 points in the fields of creativity.

The Latest Update

Less than 2 months ago there was an update of the ranking and now it’s quite different from its first version. Ethereum lost its leading position and dropped to second place. Despite the long interval between updates of the ranking, which in this case was over 8 months, the most popular smart contract platform won only 5 points more and with 134.1 points in total won a silver medal. First place went to EOS, a project that lasted for over a year and raised more than $8 billion. The leader scored almost 147 points. The third place is occupied by Ontology, followed by GXChain, Bitshares, Nuls, NEO, Nebulas and Komodo. Compared to the first version of the ranking, it’s worth mentioning that the Ontology which jumped to the third position didn’t even catch up to the top thirty in the previous version. A similar situation occurs with GX Chain, Nuls and Nebulas. In the latest ranking we’ll also find projects from the first version such as Steem, Stellar, Lisk, IOTA, Waves, Bitcoin, NEO and Qtum. What is interesting, this time Bitcoin took a distant, 15th place in the ranking. Despite its unquestionable leadership position in the market capitalization ranking, the king of the crypto fell quite poorly compared to the competition. The Bitcoin’s only salvation lies in the creativity index, where it scored almost 35 points due to being the first cryptocurrency in the history. Second place in terms of creativity is taken by, yeah you guessed it, the Ethereum and third place by EOS. When it comes to applicability, Ethereum’s the leader. It’s difficult to discuss this issue when thousands of other projects have been built on the same blockchain and it processes thousands of transactions every day. NEO and Nebulas are next in terms of applicability. The unquestionable leader in basic technology is EOS, which scored more than 102 points. Then there’s BitShares and Steem.

 

It’s worth noting that, as in the case of the first version, we are now dealing with cryptocurrencies from distant places of the market capitalization ranking, which ranked very high in the Chinese one. GXChain which took the fourth place here takes 82nd place at CoinPaprika. The BitShares that was fifth here is 45th there, the Nuls which ranked sixth is already 109th there, and the Nebulas is 105th.

Professional Criticism

In the first edition of the index, it has been reported that it’s the world’s first technology focussed public chain rating index is going to be published monthly. The release of this index will help fully understand the status quo of the global development of the blockchain technology and it’s going to help keep track of the innovations and help promote innovation and different applications of the blockchain technology. The boost the cryptocurrencies thanks to the gambling industry and from the emergence of sites like Bitcasino.io and from the growing popularity of blockchain based games is over.  Eric Zhao, an engineer from the Chinese Academy of Sciences, who runs a fairly well known Twitter account called CNLedger, said that he wouldn’t take official cryptographic ratings seriously because most of the experts from the old days don’t follow the development of cryptocurrencies and the blockchain technology long enough to capture the innovation and the extraordinary ability to solve everyday problems. He believes however that this is at least a sign that officials are beginning to treat the cryptographic projects more like a neutral pursuit of the better technology and innovation and less than simply questioning the strength and authority of the banks and the government.

 

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