Steem ranks as second best blockchain in the world according to Chinese Government!
Steem just received some high praise from an unexpected source!
In a report out this morning from the Chinese Government, it was revealed that Steem was ranked second out of all the blockchains in the world.
Right behind Ethereum.
A sample of their rankings can be seen here:
(Source: https://www.ccn.com/china-ranks-ethereum-as-the-worlds-best-blockchain-network-bitcoin-at-13/)
Not only did steem score as the 2nd best blockchain on the planet but it got the highest overall score in the "technology" section.
A section that bitcion did very poorly in by the way.
As you can see, steem didn't receive a very high score in the application section. If that were higher steem had a shot of being rated as the number 1 blockchain overall in the world.
This marks the second independent rating that steem did very very well in.
The previous one can be found here:
Given the recent high ratings for steem, it is a wonder why steem still tends to languish in the 32nd position on coinmarketcap.com.
Look way down this list and you will see what I am talking about:
(Source: https://coinmarketcap.com/)
In both independent ratings, Steem landed in the top 5 yet its market cap places it as the 32nd most valuable coin.
Something about that doesn't seem to add up.
Either the market isn't properly pricing the steem project or the ratings agencies are rating it way too high.
I am thinking it is most likely the first one. As price discovery eventually takes place in the space I would imagine steem's valuation will more accurately reflect it's ratings.
Right now promotion and excitement tend to rule the roost in terms of valuations and steem hasn't been promoted to the degree of some of the projects ahead of it.
Until price discovery eventually happens, it's probably a good idea to accumulate steem.
Stay informed my friends.
Follow me: @jrcornel
The rating of EOS would have been interesting, but as it is not yet running on its own chain, it doesn't appear in the ranking.
Anyway, these are positive news again for STEEM.
Apart from that it shows that the Chinese government is still following the crypto market very closely. I guess they will either develop their own coin or finally support one of the Chinese solutions which are already available, like for example NEO or YOYOW.
Gotta love those Chinese! And their food too 👍🤪👍
I do love me some good orange chicken!
well the chinese have to pay a high price for the electricity waste of bitcoin, they cant be friendly on it.
That is a very good point. It scored very poorly in the technology section. I would imagine that is part of that.
Plus they're sitting on a stockpile of USD. They'd rather other things be disrupted before currency.
I don't think it's either of these actually. I think it's that the market is improperly pricing almost all of the other top 30 coins.
There is no reason that many of those should be worth even close to the amount they are currently trading for. I suspect the high prices are mostly due to market manipulation.
Yes, that is what is meant by that statement. If steem is valued accurately then many of the others ahead of it are not. Most likely due to promotion, manipulation, etc.
Agree. If you go down the list, so much of the market share is things trying to be a better Ethereum or forks of Bitcoin (or things that work the same as Bitcoin like Litecoin). There's no point to most of it.
I could easily be missing one or two because I don't know what they are, but within the top 30 it seems like really only Bitcoin/Ethereum/Monero/Steem have a point to them, like you could weed the top 30 down to the top 4.
Neat that China gave a shoutout to Steem. But loll that Bitcoin would be that low, below the likes of Lisk and Komodo and Stratis and Cardano, lol that's cute.
Edit: Kind of want to add that I'm not trying to single out Lisk/Komodo/etc as being any more bad than the other ones on the list. Just kind of randomly picking those examples, all of them are ridiculous to put ahead of BTC.
Agreed, no one uses cryptos as currencies. All that volume comes from trading. Unless tax code in US is changed it wouldn't even make sense to use them as currencies. Who wants to track and pay taxes everytime you make a purchase
that's a very good point... cart before the horse with excitement
Well the technology may be good but the awful distribution and the power on the platform wielded by those with large stakes can't be ignored. That is the main reason why the steem price is so low imho, Steem is closer to Ripple than to Ethereum in that sense.
Wow, very cool! STEEM will change the world!
The market looks at Steem as a scam because of the transparency and the 80% Steem coin pre-mine. Once we get some more development and SMTs we'll be in the top 10 for sure.
There is probably a lot of truth to that.
This doesn’t give any reasoning for the ratings. That may explain why Steem scores so highly. EOS doesn’t feature and it should be well into the top 15, but as it doesn’t actually exist yet that could explain things.
Yep, how do you rate a blockchain that isn't actually running yet?!
Agreed. Maybe it will be up there in the next report!
Steem is in the 32th postion due to the Steemit user. We have one million user till now. Let the number growing. We can expect huge price hikes of steem
The fact that XVG is rate at #14 kind of kills my hype for this rating system.
Why is that?
Privacy coin with very little privacy outside of tor. Copy and paste stealth code from 2014 and already proven to be outdated. Unstable blockchain.