Ethereum is top public blockchain, bitcoin No. 13 in China's new cryptocurrencies index
Ethereum is the top public blockchain in the cryptocurrency space, while that of bitcoin, the original virtual currency, is ranked 13th, according to the Chinese government`s first monthly Global Public Chain Assessment Index released on Thursday.
Ethereum is the top public blockchain in the cryptocurrency space, while that of bitcoin, the original virtual currency, is ranked 13th, according to the Chinese government`s first monthly Global Public Chain Assessment Index released on Thursday. The index was created and released by the China Center for Information Industry Development, part of the Ministry of Industry and Information Technology in Beijing. It evaluates the technological capability, usefulness of the application, and innovativeness of the project.
Blockchain, the system powering cryptocurrencies like bitcoin, is a shared database that is maintained by a network of computers connected to the internet. Ethereum, whose currency is called ether, garnered an overall score of 129.4. It has the become the foundation for many initial coin offerings, in which start-ups create their own digital currencies and sell them to investors to generate financing for their projects.
Bitcoin, founded nearly 10 years ago, had a rating of 88 and came in at No. 13.
Blockchain projects Steem, Lisk, NEO and Komodo took second, third, fourth, and fifth place, respectively, with scores of 115.9, 104.8, 103.0 and 101.5.
The index, which has 28 blockchain projects with their corresponding cryptocurrencies, will be updated monthly.
The sector currently has more than 1,500 cryptocurrencies, with total market capitalization of nearly $380 billion, according to digital currency tracker coinmarketcap.com.
Watch this Zee Business video here:
Bitcoin, the largest of the digital currencies, last traded at $8,153.39on the BitStamp platform. Ethereum was down 1.4 percent at $689.62.
China in general sees blockchain technology as an active area of innovation and expects public blockchains and decentralized applications to become significant parts of the future economy. In the second half of last year, though, the Chinese government started to crack down on illegal initial coin offerings.
China was the most active filer of blockchain patent applications last year, according to data collated by Thomson Reuters` Practical Law from the World Intellectual Property Organization database.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
09:42 AM IST