China Releases Rankings Of 28 Cryptocurrencies, Blockchains

Ethereum

Ethereum

After banning the cryptocurrencies in the country, recently Chinese government in its bid to understand and support the blockchain technology made the announcement to release its "first global public-owned chain technology evaluation index and ranking" for 28 cryptocurrencies, in total.

China's Ministry of Industry and Information Technology released rankings of 28 cryptocurrencies and blockchains based on technology, application, and innovation. "The issuance of this index will help to fully grasp the status quo of global public-chain technology development, timely track the direction of public-chain technology innovation, and help promote the innovation and application of blockchain technology", Chinese outlet CEN writes.

The crypto ranking index followed certain criteria to rank the cryptocurrencies that involve basic technology, applicability, and creativity.

The ethereum, whose currency is called ether, had an index of 129.4. Ethereum (ETH) is world's second largest cryptocurrency whose market value is now $711 with the market cap of $70 billion. It's followed by Steem (115.9), Lisk (104.8), NEO (103), and Komodo (101.5).

He added, "I believe at least it's a sign that the officials are starting to treat crypto projects more like a neutral endeavour towards better technology and innovations, rather than just challenging the power and authority of banks and government".

Incidentally, Bitcoin has been ranked 13th in the list, sharing the spot with privacy-focussed cryptocurrency Verge.

However, Bitcoin (BTC) which is world's most popular and valued cryptocurrency with the market cap of $142 billion and right now sits at $8,386 has been ranked 13th.

As shown in the chart below, the Chinese government ranked Ethereum as the world's best blockchain network at number 1.

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. China was the most active filer of blockchain patent applications in 2017, according to Reuters, despite the government cracking down on illegal initial coin offerings. Do your market research before investing in cryptocurrencies.

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