Although Bitcoin is a pioneer of all cryptocurrencies, it does not make its position strong in every country around the world. This is evident from its position in the list of top virtual currencies released by the Chinese government.
In a list called the Global Public Chain Assessment Index released by China Center for Information Industry Development (CCID), part of the Ministry of Industry and Information Technology of the Bamboo Curtain country, Bitcoin only ranks 13th. The index itself contains 28 blockchain-based projects classified cryptocurrency.
The first rank is occupied by Ethereum, a virtual currency that arguably became one of the major competitors of Bitcoin in terms of market capitalization. Both are the largest cryptocurrency market rulers with Bitcoin having a capitalization of USD 140 billion, while Ethereum USD 69 billion. Overall, the market capitalization of over 1,500 cryptocurrencies circulating in the world nearly reached USD 380 billion.
Ethereum collected 129.4 points, a result of the multitude of virtual currency applications in the initial coin offering (ICO). Mostly, startups who apply the offer as a fund-raising strategy for the project.
In the second, third, fourth and fifth positions are respectively occupied by Steem, Lisk, NEO, and Komodo with a score of 115.9, 104.8, 103, and 101.5 respectively. While Bitcoin, who is not even able to penetrate the top 10, only collecting 88 points, as quoted from Reuters on Sunday (20/05/2018).
The index, which is updated monthly, is based on the capabilities, usefulness of the application, and the innovations offered by blockchain based projects belonging to cryptocurrency. In general, China does see blockchain technology as a sector full of innovation.
The country led by Xi Jinping is targeting the technology can be applied publicly and decentralized in order to play a significant role in the economy in the future.
This is manifested by the livelihood of the Chinese government as the most active country in registering patents on the application of blockchain technology over the past year.
This is based on data collected by Thomson Reuters' Practical Law from the World Intellectual Property Organization. In addition, the Chinese government is also keen on closing the illegal ICO circulating from the second half of last year.
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