China Ranks Ethereum As The Worlds Best Blockchain
China is a country that has been very tough on cryptocurrencies in the past. In fact, China has probably been more tough on cryptocurrency regulation than any other country in the world. There was even a rumor that the Chinese Government was going to launch a massive firewall blocking access to all cryptocurrency related sites. However, this, like most FUD in the cryptocurrency world, turned out to be false.
Now, China seems to be embracing a different attitude on the newly developing blockchain technology. China has gone so far as to come out with there own rankings of which blockchains they consider the best. Reportedly, the three factors that played into the Governments rankings were technology, application, and innovation.
The definite list of rankings released by the Chinese government are as follows:
13. Bitcoin* and Verge
Ethereum is widely cherished by the cryptocurrency community as being the most technologically innovative, so it is no surprise that it was ranked at number one. Also interesting is that most of the top ranked coins are all smart contract platforms.
The Ethereum blockchain is also regarded as the most widely adopted platform. Not only are most new coins built on the platform, but it is already being used outside the cryptocurrency realm. A prime example of its real world adoption is the AWS templates that will soon be released to Amazon developers. This will allow Amazon devs to build Ethereum templates for their apps. The blockchain is also being researched by NASA for deep space exploration. The Korean treaty between North and South Korea was also recorded on the blockchain.
Most interestingly however, is the fact that Bitcoin was ranked all the way down at thirteen. Many speculate that this is because people are beginning to realize that Bitcoin has greatly benefited from what is known as “first movers advantage”. Meaning, it’s wide adoption is due to it being the first blockchain, not its technological superiority. Many believe other blockchains, especially Ethereum, will soon overtake Bitcoin.
It is clear that the Chinese Government has at least, partially, changed their minds on cryptocurrency. The Government would certainly not release blockchain rankings if their plan was just to ultimately block them anyways. China likely realizes that cryptocurrency will play a major role in the future of technology, and doesn’t want to fall behind.
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Written by Jack Baker