What’s Going On?
Ethereum has emerged top of the Chinese government’s first monthly Global Public Chain Assessment Index.
Why Does It Matter?
The index was created by the China Centre for Information Industry Development (CCID), part of the Ministry of Industry and Information Technology in Beijing, reported Reuters and this week saw the first of its now-regular monthly release.
Altcoins Steem, Lisk, NEO, Komodo took second to fifth places in the ranking, while Bitcoin – the original blockchain-based cryptocurrency – came in at 13th place.
All Change In China?
The blockchain space in China supports more than 1,500 cryptocurrencies, with an overall market capitalisation of almost $380 billion, according to CoinMarketCap.
Global Banking & Finance Review said China’s new index provides a detailed review of the nation’s global blockchain and cryptocurrency projects by experts in the Chinese government, academia and industry.
China sees blockchain technology as an active area of innovation, reported Reuters, and expects public blockchains and decentralised applications to play a major role in the nation’s economic development. Data collated by Thomson Reuters’ Practical Law from the World Intellectual Property Organisation database indicated that China filed the most blockchain patent applications last year, despite its government’s decision to crack down on illegal initial coin offerings.
China’s Top 25 Cryptocurrencies, May 2018
- Ethereum Classic
- Bitcoin Cash