The Chinese government issued their own version of virtual currency ratings. In the newly released rankings by the Ministry of Industry and Information Technology, Ethereum (ETH) scored 129.4 in the ministry’s assessment index and because of its smart contracting abilities.
The evaluation of cryptocurrency focuses on the technical capabilities of cryptocurrency, the appropriate platform they offer, their application level and availability to users.
Analysts quickly added that Chinese government ratings ignore factors such as cryptocurrency track record to come up with a list. This then explains why Bitcoin (BTC) is ranked # 13 even though this virtual currency is the oldest and most popular.
Get to know Ethereum
Ethereum is a distributed open source, public platform, Blockchain-based, and operating system that displays the functionality of smart contracts (scripting). The platform supports a modified version of the Nakamoto consensus through transition-based country transitions.
ETH was created in late 2013 by Vitalik Buterin, a researcher and cryptocurrency programmer. The development is funded by online crowdsale that runs between July and August 2014. The system was then launched on July 30, 2015, with 11.9 million “premined” coins for crowdsale. This value accounts for about 13 percent of the total supply of circulation.
In 2016, as a result of the collapse of the DAO project, the ETH is divided into two separate Blockchains – a separate version becomes Ethereum (ETH), and the original continues as the Ethereum Classic (ETC). The value of the ETH currency grew more than 13,000 percent in 2017. Ethereum is known as the second most popular virtual currency in the world after Bitcoin.