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Ethereum beats Bitcoin in China’s new index

Jake Hill
Jake Hill

China recently unveiled index of public blockchains. And in that index, Ethereum is at the top. Bitcoin, on the other hand, is ranked at the 13th place. This is the index which was launched by the government of China. It is known by the name of global public chain assessment index. It was 1st launched on Thursday.

It is created by the China Centre for information industry development. It is initiated by the Chinese government to make cryptocurrencies more transparent and also to introduce some rules and regulations in the cryptocurrency industry which will help the investors.

The blockchain is the underlying technology on which most of the cryptocurrencies work. It is based on the decentralized computers as well as machines of miners to verify the transactions in order to facilitate the transactions.

Ether had a score of 129.4. It is also used by many companies that are coming out with their own ICO’s. That is why it is ranked so highly in this index. Moreover, the smart contracts systems which are in place in Ethereum are also being widely used in order to conduct the transactions. As a result, this particular blockchain is being widely used to in order to conduct the transactions as well as facilitate many decentralized applications. Moreover, the cryptocurrency Ethereum is also being used widely in order to transact online.

On the other hand, when you look at the ranking of Bitcoin, it is ranked at number 13. It has a score of 88. This clearly indicates that when it comes to public blockchains, Ethereum is much more used as compared to Bitcoin. Moreover, since the developers are using the decentralized computing power which is provided by Ethereum, the usage of Ethereum is ever increasing. All in all, it is being used by the developers as well as by the companies which are coming out with ICOs. As a result, it is much more popular as compared to Bitcoin. Bitcoin, on the other hand, is just concentrating on becoming the dominant mode of transaction. If indeed, it becomes the dominant mode of transaction, the value of Bitcoin in the index will increase further as well. Till then, however, when it comes to the public blockchain, it seems like Ethereum is certainly ahead of Bitcoin.

It remains to be seen how the changes take place in this index. At this point in time, however, it seems like Ethereum is more popular as a blockchain than Bitcoin.

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Jake Hill

Coming from a University Education in Computer Science, I am interested in blockchains and Bitcoin since 2014 and even mined at the time. The rumors of Bitcoin bubble made me run away, but I have com