U.Today Franchise
F2Pool
0
🤷 Opinions
1227 views

Tron and EOS Get Thumbs Up from China as Top Rated Cryptos — A Big Boost for ETH Rivals?

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Jack Thomas
    🤷 Opinions

    Very anti-cryptocurrency, China has seen one of its agencies come out and praise EOS and Tron as the best crypto assets

Tron and EOS Get Thumbs Up from China as Top Rated Cryptos — A Big Boost for ETH Rivals?
Cover image via u.today
Contents

When it comes to China and cryptocurrencies, the association is usually a negative one. The Socialist Republic has made it clear that they are distrustful of cryptocurrencies, preferring to focus in on the blockchain technology.

However, there has been news out of the country that the Center for Information and Industry Development (CCID) under China’s Ministry of Industry and Information Technology has rated EOS and Tron highly in several categories, including applicability and technology.

This is big news for China, as well as cryptocurrencies which are rivals to Ethereum, as it shows the direction in which the savvy Chinese are looking, when they are looking at cryptocurrencies. Ethereum has been under a lot of scrutiny recently, and in 2019, the platform is not offering what countries like China are looking for.

It will be interesting to see just how much this focus on EOS and Tron helps boost the cryptocurrency prices, as it is clear that the Chinese are looking for a blockchain platform that dApps can be built upon, making blockchain technology more applicable and useful.

A new wave of blockchain applications?

The Chinese case study is an interesting one to take note of because they are traditionally very forward-thinking with their technology and are often pioneers. Many still believe Bitcoin is the only relevant and useful cryptocurrency, but the Chinese disagree.

On the list, Bitcoin comes in 13th, while the top three are all smart contract blockchains, with third place going to Ethereum. However, the fact that there are smaller projects that haven’t been around as long as the second-rated crypto by market cap, indicates that there is an identification of improvement.

EOS and Tron are so highly rated by the Chinese because they are able to maintain a large transaction capacity due to the structure of the network that relies on a group of nodes called Super Representatives, which play a vital role in Tron’s Delegated Proof of Stake (DPOS) consensus mechanism.

Boost for EOS and Tron Prices?

If this recommendation from the Chinese Agency holds any weight in the country and allows for more blockchain developers to work with these platforms, there is a huge untapped market available that could boost the price of both Tron and EOS.

China has been looking more and more at its own blockchain solutions and projects, but this represents a big thumbs up for these two platforms, and if they are accepted in China, there will be a huge spike in demand, and as such, a big spike in price can be expected.

The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.

About the author

Jack Thomas is a journalist from Australia who has had a long career writing about finance and technology. He has combined his enthusiasm for these two subjects and applied his writing to covering blockchain and cryptocurrencies in the past few years.

Recommended articles
CLOUD MININGPromoted
0
📰 News
1260 views

Ripple's Partner Wants to Transform Gaming Industry with XRP

Put your
crypto to
work
  • 0.00

    Interest per week

  • 0.00

    Interest per year

  • 0.0

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Alex Dovbnya
    📰 News

    Forte reveals the benefits of using Ripple's XRP for creating digital economies

Ripple's Partner Wants to Transform Gaming Industry with XRP
Cover image via u.today
Contents

San Francisco-based company Forte, which formed a $100 mln fund in partnership with Ripple's investment arm Xpring back in March, keeps working on applying the blockchain technology in gaming.

Recently, Forte co-founder Brett Seyler explained the benefits of using XRP.  

👉MUST READ

Ripple's Partner MoneyGram Now Uses Visa Direct to Enable Instant Cross-Border Payments

Ripple's Partner MoneyGram Now Uses Visa Direct to Enable Instant Cross-Border Payments

Blockchain-based gaming economies  

Forte is helmed by top-tier industry executives (including its founding CEO Kevin Chou) who are not focused on creating new powerful economies within the $140 bln gaming while making it more decentralized. 

There have been multiple attempts at creating a killer gaming dApp, but the technology is still way too cumbersome for the average Joe. Forte wants to address the adoption problem by making such games more approachable.       

“Creating game economies with multi-sided participation, open markets and increased transparency offer a potent solution to the challenge of the complexity plaguing game developers that result in stagnant economy design,” said Seyler.  

Blockchain is a perfect tool for creating peer-to-peer gaming economies since it could make in-game transactions easy, fast, and transparent.       

👉MUST READ

Ripple Now Lets Customers of Major Crypto Exchange Instantly Deposit USD

Ripple Now Lets Customers of Major Crypto Exchange Instantly Deposit USD

The impact of XRP  

In order to make the magic happen, Forte utilizes the Interledger protocol (ILP) that was created by former Ripple CTO Stephan Thomas for establishing connections between multiple blockchains. 

On top of that, the startup also uses XRP for increasing the level of interoperability as well as security and liquidity.  

Since its inception, Xpring invested more than $500 mln in around 20 companies to streamline the adoption of XRP.  

Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Recommended articles
CLOUD MININGPromoted