Is Cryptocurrency Dying in China? An Overview of Cryptocurrency & Blockchain Apps
Currently there is no hotter topic than blockchain in China where “3AM Sleepless Blockchain Communities” are rumoured to thrive. What is blockchain you ask? It is a technology developed to keep track of Bitcoin transactions whose usage have expanded with its popularity. A blockchain is a digital and decentralized record of all transactions ever made relating to a certain cryptocurrency. Although it is mainly used to verity transactions, the technology can store any type of document into the blockchain. Some believe that blockchain will become a powerful system that connects everyone from everywhere in this gigantic network.
SEE ALSO: China’s Blockchain regulation: Seven ministries demanded immediate cessation of ICOs
We cannot predict the future of blockchain, but we can gain some insights into its development and commercial applications through an analysis of blockchain apps in the App Store. Here is are some of our interesting findings:
Release Trend of Blockchain Apps
Comparing the data from China and the U.S., we can see that the number of blockchain apps released in the two countries are on par with one and another until August 2017 when the number of U.S. apps skyrocketed. It was around that time the Chinese government published official documents prohibiting the exchange of virtual digital currencies which likely caused the decline in the Chinese app store. It is safe to say that the growth trend will continue in the U.S. where over 2000 blockchain apps exist already.
Categories of Blockchain Apps
There are many types of blockchain apps on the market, and the 5 categories with the most number of blockchain apps are: Finance, Business, Utilities, Games and News. This observation holds true in both China and the U.S. which sheds light on popular applications of the blockchain technology.
The effect of the Chinese ban is also evident in the changes of popular categories, the new winners are: Finance, News, and Utilities.
Blockchain Business Models
The business models related to blockchain technology generally include virtual digital wallet, blockchain news and virtual digital currency market services. Here are some examples:
- Virtual Digital Wallet: imToken is a digital wallet that supports many different cryptocurrencies and has many tools to help you manage your digital wealth.
- Blockchain News: you’ll find all the latest news on Blockchain Forum where you can also chat about all things Bitcoin.
- Virtual Digital Currency Market Services: Crypto Tracker is an app that tracks real-time prices & coin market capitalizations from 80+ crypto markets & trading platforms, including Binance, GDAX, etc.
- Others: there are also apps that are related to blockchain or Bitcoin, serving users from various other aspects. For example, apps like iNacho and Purple Throne support payment with bitcoins, while Bitmapp helps you locate those Bitcoin ATMs.