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Crypto Community Roars In Response to China’s Scathing Ranking of Bitcoin

Bitcoin Hammered In CCID Ranking

The China Electronic Information Industry Development (CCID) seems to be back at it again with (yet another) crypto ranking. If it wasn’t bad enough already, it apparently got even worse in the March installment, as the group bashed this industry’s beloved Bitcoin (BTC) with a hammer.

china crypto rankings, bitcoin

Bitcoin plunged from 13th to 15th, as it was smashed in the applicability department. On the other side of the proverbial coin, EOS, Tron, and Ethereum got a nice boost, as their creativity and basic-tech points gave them a hefty tailwind. In the middle lay projects like NEO, Steem, Lisk, Stellar, among others, whose ratings were neither spectacular nor harrowing.

Crypto Community Up In Arms

While some TRX, EOS, and ETH maximalists (of which there are many) were in love with the ratings, some were skeptical. The Block’s Mike Dudas joked that the Chinese government and FlipsideCrypto must be using the same algorithm, drawing attention to a debacle in which the latter entity bashed BTC and praised the smart contracting platforms mentioned above.

Joseph Young, a leading crypto journalist, opined in a recent CCN article that the aforementioned ranking should be a mere reference at best, rather than a “definitive ranking of blockchains.” He adds that the CCID ranking scheme naturally gives more brownie points to DApp chains, as its criteria focused on technology, applicability, and creativity.

As Bitcoin is the world’s first blockchain, with a limited premise and raison d’etre, it’s standings in the aforementioned ranking scheme would be rather low. But, that’s not to say that BTC doesn’t have some semblance of a use case in the real world. Far from. In fact, an argument has been made that the cryptocurrency is the world’s best digital asset, and the only one that is truly needed. Even if it isn’t the end all and be all of blockchain use cases, it would be hard to doubt the traction Bitcoin has gained.

Just look to institutions for some evidence. The few mainstream firms that have looked into this space have focused their efforts on Bitcoin and Ethereum, more the first rather than the latter though. Fidelity Investments, for one, launched its custodial offering and trade execution platform for Bitcoin first, as it weighs the addition of other digital assets.

Bakkt, too, will center its efforts around the flagship crypto. While the ICE-backed platform has been delayed many a time, it has been made clear that a physically-delivered BTC futures vehicle will be the Atlanta-based project’s first venture, as Bitcoin would get the most demand and love from its expansive clientele. It’s a similar sight around the rest of the industry.

Sure, CCID’s rankings may be entirely fair for the list of standards it is enlisting, but it would be hard to deny that BTC is still booming. And at the end of the day, who’s really listening to the Chinese agency’s quips about the cryptocurrency space anyway? The topic is effectively banned in the nation…

Photo by FuYong Hua on Unsplash

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Report: Bitmain Plans to Set Up 200,000 Crypto Mining Machines in China

Leading crypto mining hardware producer Bitmain is reportedly planning to install 200,000 units of mining equipment in China to benefit from cheap hydroelectric power.

Cryptocurrency mining giant Bitmain is reportedly planning to set up 200,000 units of mining equipment in China to benefit from low-cost hydroelectric power in the country, crypto media outlet CoinDesk reported on March 21.

A source from China familiar with the matter reportedly told CoinDesk that Bitmain will install 200,000 units of their own mining machines to take advantage of cheap hydroelectric power costs during the summer following the excessive rains in southwestern China. The mining equipment is estimated at around $80 million to $100 million.

The crypto mining giant has reportedly entered into negotiations and started making deals with local mining farms to host its equipment. According to the source, Bitmain is looking to deploy its new machines like AntMiner S11 and S15 along with some older models like the AntMiner S9i/j.

The news comes in the wake of Bitmain’s decision to close its development center in Israel and fire local employees last December, and to reduce its operations in the Netherlands in January. Gadi Glikberg, head of the Israeli branch and Bitmain vice president of international sales and marketing, ostensibly linked the closure to the recent crypto market collapse:

“The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation.”

As for the closure of its operations in the Netherlands, Bitmain said that the move was part of its longer-term roadmap of cost-saving measures. Bitmail reportedly suffered as a result of decreased profitability of Bitcoin mining in recent months, with Bitcoin (BTC) currently circling $4,000.

Also in January, news broke that Bitmain had reportedly suspended its mining operations in Rockdale, in the United States state of Texas. Steve Young, a Milam County Judge, issued a statement reporting that all Bitmain employees but two engineers and the director of human relations had been laid off, and all operations had been suspended.

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China’s Alibaba Partners With Chinese Software Giant to Promote Blockchain Development

Chinese e-commerce conglomerate Alibaba will promote blockchain tech development with Aerospace Information Co.

Chinese e-commerce conglomerate Alibaba and Aerospace Information Co., a major software developer and provider, have signed a strategic cooperation agreement for cloud computing, blockchain and other technological services development. Chinese finance publication Securities Daily reported on the deal on March 21.

The two parties have agreed to take advantage of their respective brand technologies “to actively integrate resources and carry out in-depth cooperation” in in the fields of cloud computing services, finance and taxation, government affairs and blockchain technology, among others.

As the publication states, Aerospace Information will collaborate with Alibaba to work together in research and development in order to promote the integration of new technologies. It also adds:

“In the field of blockchain, we will jointly provide cloud solutions to promote the development of the blockchain industry.”

Earlier this month, vice president of Alibaba Group Liu Song revealed in an interview the company’s plans to implement blockchain technology for cross-border supply chains, with the possibility to link the ecosystem with local governments, as Cointelegraph reported on March 7.

Back in October, Alibaba had filed a patent application for a system backed with blockchain allowing for third-party administrative intervenience in a smart contract.

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China: Shenzhen Issues Country’s First Subway Electronic Invoices Backed With Blockchain

Tencent and the Shenzhen Municipal Taxation Bureau have issued electronic invoices based on blockchain via a mobile payment platform.

China‘s first blockchain-based electronic invoice for a subway ride was issued at the Futian Station of the Shenzhen Metro, local finance publication Securities Daily reports on March 18.

Shenzhen is the first economic special zone in China. The e-invoice function is the jointly developed project of the Shenzhen Municipal Taxation Bureau and Chinese tech giant Tencent, which provided the blockchain technology back-up through its 1 billion user social media platform WeChat.   

As the publication states, after the end of each trip, the Shenzhen Metro passenger code can be seen on the WeChat Payment voucher page. It also underlines that as of March 15, 2019, the Shenzhen City Blockchain electronic invoicing system has issued more than one million electronic invoices backed with blockchain tech, with the total invoices amounting up to 1.33 billion yuan (around $200 million).

The article states that the blockchain electronic invoice system for subway passengers, once launched, is expected to record 170,000 online self-service invoices a day.

The application of the Shenzhen Metro is the first step in the implementation of blockchain-backed e-invoicing that will affect all public transport system including “taxis, airport buses and other traffic scenes simultaneously with on-line blockchain electronic invoicing functions.”

As Cointelegraph reported on Dec. 12, the Shenzhen Municipal Taxation Bureau and Tencent announced that they had successfully linked a blockchain invoice system with the WeChat payment platform.

Last month, SUBE (Sistema Único de Boleto Electrónico), the Argentinian state public transport card, partnered with Bitex, which provides blockchain-driven financial services to businesses to provide the payments’ ability by Bitcoin (BTC), as Cointelegraph reported on Feb. 9.

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Crypto Startup Behind Alibabacoin Agrees to Stop Using ‘Alibaba’ Name After Legal Action

Dubai-based crypto firm ABBC Foundation agreed to stop using name “Alibaba” after legal action by Chinese e-commerce giant Alibaba Group.

Dubai-based crypto firm ABBC Foundation has agreed to stop using the name “Alibaba” for its cryptocurrency after legal action by Chinese e-commerce giant Alibaba Group, Reuters reported on March 11.

The decision from ABBC Foundation is reportedly part of a settlement of an almost year-long lawsuit brought by Alibaba against the crypto startup.

ABBC Foundation, previously also known as Alibabacoin Foundation, reportedly said that it regretted confusion caused by its former use of the name “Alibabacoin” for its firm and cryptocurrency. Per the report, the company’s coin will now be called ABBC coin.

As Cointelegraph reported in April last year, Alibaba had previously sued the company for copyright infringement after the latter’s initial coin offering (ICO) initially raised $3.5 million.

Later, in May 2018, a United States court ruled against Alibaba’s request for an injunction against the startup. However, despite the setback, in October last year, Alibaba won a preliminary injunction against ABBC Foundation (at the time Alibabacoin Foundation) in a lawsuit over the misleading use of Alibaba in their name in the U.S. District Court for the Southern District of New York.

Recently, Liu Song, Alibaba’s vice president, said in an interview that the company is considering blockchain tech implementation for cross-border supply chains.

In January, news broke that the Pakistan-based subsidiary of global telecommunications giant Telenor had launched a cross-border remittance service powered by the blockchain system of Alibaba’s payment subsidiary, Alipay.

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Mining Giant Canaan Seals ‘Hundreds of Millions of Dollars’ in New Funding: Report

The mining giant has yet to confirm the news officially, which appeared in a Chinese finance newspaper.

Chinese cryptocurrency mining manufacturer Canaan Creative has completed a multimillion-dollar funding round, local finance news outlet Securities Times reported on March 11.

Canaan, which has not officially confirmed the report, is rumored to have raised an unspecified sum from as yet unknown backers.

The size of the investment, according to the Times, which cites “informed sources,” lies in the hundreds of million of dollars, while the company’s worth is reportedly now in the billions of dollars.

“From the point of view of market capitalization, after the current round of financing, Canaan’s valuation is worth billions of dollars,” the publication added, likewise without naming specific figures.

The cash injection comes at a timely juncture for the cryptocurrency mining industry. As Cointelegraph reported in November, the market, led by fellow Chinese stalwart Bitmain, has suffered considerably as a result of the ongoing Bitcoin (BTC) bear market.

Beginning last November, Bitmain began downsizing its operations, withdrawing from some areas and firing staff.

Both Bitmain and Canaan have so far attempted but failed to clinch an initial public offering (IPO) in Hong Kong, with reports subsequently revealing that Canaan could undergo the process in New York in Q2 2019.

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Chinese IT Giant Tencent and University of Hong Kong Collaborate on Fintech

The Tencent Financial Academy signed a memorandum of cooperation with the University of Hong Kong to foster fintech research.

Tencent Financial Academy, a subsidiary of Chinese IT giant Tencent — signed a memorandum of cooperation with the University of Hong Kong on March 6 for joint research and development projects related to financial technology. Chinese media outlet QQ reported about the deal on March 7.

The collaboration reportedly involves joint research and development of fintech projects between the financial technology and blockchain lab of the department of computer science at the University of Hong Kong in cooperation with Tencent. According to the article, the University of Hong Kong will also launch a fintech course in its bachelor program in September this year.

For four years, Tencent’s subsidiary will also be offering internship opportunities to University of Hong Kong students and providing workshops, guest lectures and corporate visits. According to QQ, the Tencent Financial Academy was established in June 2018 to search for financial and technology talents needed in modern finance.

As Cointelegraph reported in October last year, the Chinese Financial Blockchain Shenzhen Consortium (FISCO), led by multinational telecommunication company Huawei and Tencent, announced its coinless blockchain FISCO BCOS.

More recently — in February — Ripple has announced the latest new partners in its global University Blockchain Research Initiative, which include universities in the United States, China, Singapore and Brazil.

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Alibaba Exec: E-Commerce Giant Considering Blockchain Use in Complex Supply Chains

Chinese e-commerce giant conglomerate Alibaba Group is considering blockchain tech application for cross-border supply chains.

Liu Song, vice president of Chinese e-commerce giant Alibaba Group, has said in an interview that the company is considering blockchain tech implementation for cross-border  supply chains. Song’s remarks were noted in an article published by China’s largest state-owned newspaper, People’s Daily, on Wednesday, March 6.

Song underlined that in the future, Alibaba can implement blockchain in complex supply chains to create a closed-loop ecological system that could be linked with local governments. Alibaba also plans to develop new technologies such as Internet of Things (IoT) and blockchain in the fields of customs brokers, international logistics and trade finances, according to Song’s extended remarks to brokerage and investment bank China Galaxy Securities.

Back in December 2018, Alibaba Group announced an upgrade of its service platform to a cross-border supply chain platform with the use of IoT and blockchain technologies.

As Cointelegraph reported on Oct. 25, the cloud computing arm of Alibaba Group, Alibaba Cloud, announced their aim to expand their enterprise-level Blockchain-as-a-Service (BaaS) to major international markets including Europe, the United States and Southeast Asia.

Earlier in October, Alibaba Group had filed a patent application for a blockchain-based system authorizing parties to freeze or halt user accounts associated with illegal transactions, or intervene in a blockchain network, Cointelegraph wrote on Oct. 5.

Recently, the World Trade Organization published a report that underlined the effectiveness of blockchain applications for several industries, including cross-border trade finance, logistics and transportation.