Ethereum has been given the title as the top public blockchain for cryptocurrency, while bitcoin, the first virtual currency, has been ranked No. 13, according to the first monthly Global Public Chain Assessment Index the Chinese government released Thursday.
The China Center for Information Industry Development created as well as released the index. The CCIID is part of Beijing’s Ministry of Industry and Information Technology. The index evaluates technological capability, usefulness of application and innovativeness.
Blockchain, which is the system that powers a cryptocurrency such as bitcoin, is a database that is shared and maintained by a series of computers that are all connected to internet.
Ethereum, with ether being its currency, earned a score of 129.4 overall and it’s now the foundation for several initial coin offerings. ICOs are where startups create new digital currencies of their own and sell them to their investors to help finance different projects.
Founded nearly a decade ago, Bitcoin ended with an overall score of 88 to land at No. 13.
Sports betting online has become a multi-billion dollar industry worldwide and bitcoin over the last four to five years has grown in popularity amongst online sportsbooks. The majority of online sports betting sites today accept bitcoin deposits by their bettors, who can then use the bitcoin to make their wagers.
The original cryptocurrency is a favorite of sports bettors since it is very easy to make deposits in sportsbooks that accept them, and withdrawal requests are almost instantaneous whereas when requesting withdrawals in other form of currency the time it takes to process and receive it can reach 24 to 48 hours or in rare cases longer.
Coming in second in the Thursday’s index was Steem, followed by Lisk, NEO and Komodo rounding out the top five.
The index has a total of 28 blockchain projects and their respective cryptocurrencies and will be updated each month.
Total market capitalization for the sector currently stands at almost $380 billion distributed across over 1,500 cryptocurrencies, shows data released by coinmarketcap.com a tracker of digital currency.
The largest of all digital currencies, bitcoin, traded late Thursday at $8.153.38, while Ethereum traded at $689.61.
China looks at blockchain technology in general as part of new innovation and is expecting public blockchains to play more significant roles in the world’s economy in the near future.
Nevertheless, during the last half of 2017, Beijing started cracking down on initial coin offerings it called illegal.