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Chinese Telecom Ministry, “Ethereum’s blockchain is no. 1”



Chinese Telecom Ministry, “Ethereum’s blockchain is no. 1”

The Chinese ministry of telecom has declared on its Twitter page that Ethereum is the number one on the charts of blockchain rating report.

Bitcoin, which is the biggest cryptocurrency in circulation has acquired 13th rank. The blockchain of Bitcoin was ranked 13th according to the five criteria suggested by Ministry.

We have already done a piece on the Chinese government interest in keeping eye on the crypto market especially with regard to Blockchain technology.

This was shocking to some given the Chinese hardline repression of crypto miners throughout their country.

Steem is ranked second. Lisk is third. Neo and Komodo are fourth and fifth respectively. Some analysts argue that Bitcoin must learn to adopt these new technologies, especially regarding its application and innovations to beat its competitors.

This news is not new. Among the financial behemoths, many have praised the Ethereum for its structural adjustments and technological improvements earlier.

David Rutter in a Bloomberg article praised Blockchain as a once in a generation opportunity and called Ethereum on its performance over Bitcoin.

However, Bitcoin enthusiasts are so zealous in their belief and their insistence on the importance of an open space blockchain that it is almost impossible to win them over.

They are like the technological purists who abhors the involvement of centralized companies despite their offerings of decentralized blockchains.

Ethereum founder Vitalik Buterin who is known for his sarcastic twitter commentary has had his feuds with this tribe. These were fun to watch.

But on a more serious note, both have some good points to make regarding the cryptocurrencies. The embrace of Chinese ministry of Telecom can’t be that fruitful if they are hell-bent on cracking down crypto use all across their country.

Ethereum does have some superior technological functions but Bitcoin has kick-started all this. The original Satoshiites are not gonna budge on this. More so if Chinese telecom ministry announced something.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.