Published on May 18th, 2018 | by bitcoin0
Has been ranked number one in China’s General Block
Bitcoin, the world’s largest and most dominant cryptocurrency has been ranked 13th due to the limited use of its blockchain network.
On Thursday, May 17, the Ministry of Industry and Information Technology of China released its new public blockchain rankings where the world second-largest cryptocurrency Ethereum managed to grab the top spot leaving its top rival Bitcoin, far behind.
These rankings were decided on three basic criteria of innovation, technology, and application.
All of these top-five blockchain networks make efficient use of smart contracts while processing all the information in a decentralized manner.
A majority of the analysts say that the Chinese government in its public blockchain rankings has prioritized next-generation blockchain network by overlooking the long track record, computing power, hashrate, and overall difficulty of major blockchain networks like Bitcoin.