China’s Blockchain Industry Takes a Path Poles Apart From Other Countries

In China, because cryptocurrency has not been recognized by the mainstream society for a long time, the cryptocurrency projects established by Chinese people lag behind Europe and the US in terms of talent reserve, technical quality, marketing and publicity, and even a large number of altcoins and aircoins without technical strength and strong marketing run rampant.

On the contrary, due to the fact that many European and American regions keep an open attitude to cryptocurrencies, many well-known technicians and financial experts have entered the blockchain industry and started cryptocurrency projects. Nowadays, most of the mainstream cryptocurrency projects with high market value are mainly developed by people from European and American countries, such as bitcoin, Ripple, which have a great impact on the local financial system.

In China, the cryptocurrency trading is still in the gray area separated from of the mainstream regulatory system. Most exchanges are operating in violation of regulations, which makes the domestic mainstream financial companies and Internet companies keep a long distance from the cryptocurrency trading field.

In China, although many cryptocurrency wallets have launched cryptocurrency custody services, and their technologies are also well recognized in the industry, most large crypto asset holders will still be worried and tend to use overseas cryptocurrency custody services due to the lack of official endorsement and clear mechanism.

Thousands of online websites and offline stores in Europe and the United States have accepted payment in cryptocurrency: Bitpay, WireX and other cryptocurrency payment companies have achieved a large scale, which makes people in Europe and the United States get more convenient experience in business transfer, especially in cross-border payment. However, in China, due to the strict regulation of third-party payment and the exclusion of cryptocurrency, there are almost no use scenarios except for a few merchants’ efforts.

China’s blockchain industry is particularly good at transforming the concept created by the overseas blockchain industry. Many exchanges launch IEO, ILO, IGO on the basis of the ICO mode proposed by other countries, and many public chains in China launch variant consensus mechanisms such as BPOS, POC, YPOS on the basis of POS and DPOS consensus mechanisms from overseas.

Because of the deep-rooted patent thinking, the public’s blind worship of patents, and the country’s emphasis on “self-control”, most Chinese blockchain companies have a special interest in patent application. Many Chinese blockchain companies are simply modified on the basis of overseas open source code to ask for being patented.

For the Chinese consortium chains that enjoy a high position, most of them have strong patent thinking rather than open-source, and even have not disclosed their accounting nodes, which makes the domestic blockchain projects lack transparency.

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