China bans trading in cryptocurrencies, but is now ranking them

Chinese Crypto Ranking Index: Ethereum Bags 1st Spot while Bitcoin Ranks 13th

China bans trading in cryptocurrencies, but is now ranking them

"The results show that the typical representative of the second-generation blockchain technology is Ethereum's technology assessment index with a smart contract function of 129.4, ranking first in the assessment list, and the evaluation index is ranked second to fifth", local news outlet China Electronics News summarizes linked by social media resource CnLedger. The list ranks twenty-eight leading blockchains according to three metrics: Technology, "Application" and Innovation.

The project is under the control of the Ministry of Industry and Information Technology's China Electronic Information Industry Development department (CCID).

The crypto ranking index followed certain criteria to rank the cryptocurrencies that involve basic technology, applicability, and creativity. Ethereum (ETH) is world's second largest cryptocurrency whose market value is now $711 with the market cap of $70 billion. Surprisingly, Ethereum claimed top spot while XEM ranked lowest of all in a list that significantly varies from what crypto investors perceive. It's followed by Steem (115.9), Lisk (104.8), NEO (103), and Komodo (101.5). Understandably, the Bitcoin community is outraged by the ranking as Bitcoin has the longest track record of being most secure and dominant cryptocurrency in the global market. Other cryptocurrencies that scored better than Bitcoin are Stellar, Cardano, IOTA, Monero, Stratis, Qtum, and BitShares.

According to domestic reports, the Chinese government believes this transparency will be healthy for future innovation and for properly evaluating each coin's development.

The public ranking table rolls out the 16th to 28th positions, viz. Ethereum Classic, Ripple, Dash, Siacoin, Bytecoin, Litecoin, Ark, Zcash, Nano, Bitcoin Cash, Decred, Hshare, and NEM. Being the holder of the maximum number of blockchain-related patents, China might have banned cryptocurrencies but is very much serious and focused on the application and growth of underlying technology, blockchain. Do your market research before investing in cryptocurrencies.

Altre Notizie