China released the world’s first-ever blockchain rankings by a government, even though it had banned the use of cryptocurrency.
And Ethereum, whose native currency is called Ether, was ranked first, while the distributed ledger of Bitcoin received only a 13th place on the first monthly Global Public Chain Assessment Index released by the China Center for Information Industry Development, or CCID, a think tank under the Ministry of Industry and Information Technology.
Distributed ledgers such as the blockchain that underlies Bitcoin were ranked on the basis of innovation, technology and application.
Blockchains are public ledgers comprising of a peer-to-peer network, where volunteers spread across the world validate each transaction based on consensus.
The top Bitcoin rival claimed 129.4 points and the blockchain of the social media and blogging platform Steem came in second with 115.9 points.
NEO, Komodo, Stellar, Cardano, IOTA, Monero and Stratis the others in that order in the top ten. The index ranked 28 distributed ledgers.
Qtum and BitShares were also ahead of Bitcoin, while Bitcoin Cash was in the 25th place.
There are nearly 1600 cryptocurrencies at present with a total market capitalization of $388.74 billion, according to the crypto market data website CoinMarketCap.
While China literally banned the use of cryptocurrencies, the government has a positive approach to blockchain technology.
by Jyotsna V