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
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
Blockchain projects Steem, Lisk, NEO and Komodo took second, third,
fourth, and fifth place, respectively, with scores of 115.9, 104.8, 103.0
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
Bitcoin, the largest of the digital currencies, last traded at
$8,153.39 BTC=BTSP on
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
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.