China’s Ministry of Industry and Information Technology has for some reason decided to rate cryptos by giving them an abstract number presumably plucked out of thin air because they provide no reason or explanation.
The end results, therefore, have been widely ridiculed in public places, but at least they got one thing semi-right, ethereum is the top public blockchain according to their “ratings.”
We say semi-right because NEO somehow has more application than ethereum. We’re not sure if neo has a blockchain yet, let alone CryptoKitties or indeed tokenized geopolitics with Venezuela and potentially Iran launching tokenized and asset backed bonds.
Yet, what neo has is Chinese roots, so we can’t expect the Chinese ministry to not show us they are at least a century behind by so clearly communicating nationalism.
Steem’s technology is rated above ethereum in this bizarre land which has willingly shut off itself from the crypto world. That’s presumably because ethereum is just one dapp running on top of steem (other way around).
Bitcoin is the most innovative crypto, and not just by a little bit, but by a whole 10 random points. That thing is so innovative it takes 10 minutes to transfer from A to B, sometime within a day, sometime for the privilege of $70 in fees.
It was first though, so that makes it innovative because it was innovative so when compared to the rest it always stays innovative because these are not ratings.
Is that Verge? We’ve glanced at Komodo before because at one point they were quickly rising up the ranks, but more innovative than eth?
Alright, we know what’s happening. The civil service of China clearly has no clue whatever what any of this space is, its potential, or what the tech and its application is.
They probably thought this PR stunt would get them some PR and keep China in our pages from where it has been quickly dwindling, but what they’ve showed is an explanation as to why they decided to be the only nation on earth to ban crypto trading.
They have decided to do so because they obviously have no clue whatever, not one little bit of knowledge, regarding this technology.
Which is fine, everyone starts without knowledge, but they owe it to their citizens to do their homework and to educate themselves, then remove that great wall they have placed in front of our faces.
Not that their citizens really care. But they deserve much better from their administration, an administration that is so careless they even make it known they have no clue whatever about public blockchains.