Nebulas selected by China's MIIT in Global Public Chain Evaluation

SAN FRANCISCO, June 19, 2018 /PRNewswire/ -- Last week, the CCID Blockchain Research Institute under the Ministry of Industry and Information Technology (MIIT) in China released the initial list blockchain projects included in its Global Public Chain Technology Evaluation. Nebulas is selected as one of the projects on the list.

The Global Public Chain Technology Evaluation aims to provide an objective review of the technological development of the top global public blockchains, and increase transparency into blockchain trends and innovations. The evaluation index will be released regularly every month. This will also provide consulting services for governments, enterprises, scientific research institutes and technologists.

At the moment, 30 projects have been chosen by the MIIT for evaluation, including Nebulas, up from 28 projects during the last evaluation round. Selected blockchain projects were handpicked by MIIT and did not apply to be included on their list of projects to be evaluated. It appears these 30 projects are prioritized because of the limited energy of the assessed staff. Currently, other public blockchain projects cannot apply for inclusion in the evaluation.

However, it is expected that applications will be opened in August for other blockchain projects to be evaluated by the MIIT, after the current batch of assessments concludes. Public chain projects cannot apply to be included in the MIIT evaluation, and the evaluation criteria will be selected by the Public Chain Technology Evaluation team. It is expected that the application channel will be provided by August to accept applications from the public chain teams.

Why has the MIIT blockchain institute selected Nebulas?

According to the technology evaluation FAQ, the selection of global public chain technology evaluation targets has strict criteria. Only public chains that meet all the criteria can be included. The technical evaluation of the public chain considers the basic technical, applicability and creativity of a public chain. These criteria correspond specifically to the MIIT evaluation model: B (basic-tech ), A (applicability) and C (creativity):

Basic-tech. In the evaluation of basic-tech, it mainly examines the applicability, basic performance, safety and centrality of public chains. Within, performance is investigated from the aspects of block efficiency, network throughput (both theoretical and practical), transaction fees, etc. In the security level, the existing evaluation model focuses on architecture security, consensus security, digital signature and account security.

Applicability. In the application-level evaluation, the Season 1 evaluation model mainly focuses on the user scenarios supported by the public chain, the number and applicability of wallets, and the development support of the public chain.

Creativity. In the evaluation of creativity, it mainly examines the scale of public chain technology innovation team, code update and code influence, etc.

The MIIT blockchain institute believes that the model of combining public chains and dApps will be very important. Based on the current assessment model, the public chain that provides smart contract functions will have a higher score. This is in line with the current development path of Nebulas.

Particularly, the Global Public Chain Technical Evaluation has its eye on blockchain projects that are open to the whole society. The evaluation points involve the tech-development, user scenarios and continuous innovation ability of the blockchain.

In the same way, Nebulas is a next generation public blockchain, aiming for a continuously improving ecosystem. It has an original blockchain value discovery system, future-oriented incentive and consensus mechanism, as well as the self-evolution ability to avoid hard fork. Nebulas mainnet was launched in March this year and has operating for nearly three months. Currently there are about 3,000 dApps on the mainnet, which surpasses Ethereum in number, and high-quality applications are continuously emerging on Nebulas mainnet.

This Global Public Chain Evaluation program is organized by the blockchain institute of MIIT jointly with the CCID think tank of the Chinese Academy of Telecommunication Industry Development and China Software Testing Center. The consulting team is composed of blockchain experts and and professors from China's top universities -- such as Tsinghua University, Peking University, Beijing University of Aeronautics and Astronautics, and Beijing University of Technology -- and are very influential in the blockchain industry.

MIIT was established in March 2008 as the state agency of the People's Republic of China. It is responsible for regulating and developing the country's postal service, Internet, wireless, broadcasting, communications, production of electronic and information goods, software industry and the promotion of the nation's knowledge economy. The agency is also responsible for industry planning, industry policies, and various standards formulation related to China's domestic information industry.

SOURCE Nebulas