Huobi Research Weekly (Vol.100) 2020.2.3–2020.2.9）
Abstract
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 11.68%, with 91 projects increased in value to varying degrees. According to coinmarketcap, as of February 9th, 2020, the total market cap of cryptocurrencies was 289.9 billion U.S. dollars, increased by 11.68%, and the total market cap of the top 100 cryptocurrencies was 286.0 billion U.S. dollars,increased by 11.36% from last week. 1 cryptocurrency projects entered the top 100 this week, namely AE and MANA. As of February 9th, 2020, Bitcoin was traded at 10116.67USD, 8.34% higher than its price last week. Ethereum was traded at 228.58USD, 21.29% higher than its price last week.
The hashrate of Bitcoin decreased but Ethereum increased by this week. This week, the difficulty of mining Bitcoin increased and the difficulty of mining Ethereum increased. The average number of transactions per block increased and the average block size of Bitcoin increased. The average number of transactions per block increased and the average block size of Ethereum increased this week.The average transaction fees of Bitcoin and Ethereum both increased. LSK was the most active project on GitHub this week.
The average bitcoin Hashrate for the entire network reached 110.6EH/s, decreased by 0.90% from the previous week. Average Hashrate for the entire Ethereum network was 166.21TH/s this week, increased by 16.92%. Average difficulty for mining Bitcoin this week was 15.46T, increased by 2.18% from last week. The average difficulty of mining Ethereum this week was 2100.75TH, increased by 1.78% from that of previous week.
In network activity, the average size of each block was 1.12MB, increased 10.89% form last week; there were on average 2241 transactions recorded in each block, increased by 6.66% from the previous week.. The average number of transactions per block in Ethereum this week was 91.7, increased by 13.63%. The average size of each block was 20034.42 bytes, increased by 5.44% compared to last week. As of February 9th, 2020, average transaction fees of Bitcoin this week was $0.659, increased by 21.81% from last week. Average transaction fees of Ethereum this week was $0.134, incresead by 46.13%. The total number of Bitcoin addresses was 45633595 increased by 142249 (0.31%).LSK was the most active project on GitHub this week, with 123 commits submitted in the past week.
In terms of community activity, Tron, Bitcoin and Ethereum are the most popular communities on Facebook. On Twitter, the most popular communities are Bitcoin, Ripple and Tron.
2 investments activities took place in the blockchain industry this week, PayStand got B round investment from Leap Global Partners and BlueRun Ventures, Dai Ge got strategic investment from Zhongzhuang construction.
1. Weekly Market Review
1.1 Market overview
This week, the overall market capitalization for the top 100 cryptocurrencies increased of 11.68%, with 91 projects increased in value to varying degrees. According to coinmarketcap, as of February 9th, 2020, the total market cap of cryptocurrencies was 289.9 billion U.S. dollars, increased by 11.68%, and the total market cap of the top 100 cryptocurrencies was 286.0 billion U.S. dollars,increased by 11.36% from last week, among which, KICK had the largest increased of 677.13%, bringing its market cap ranking from №91 to №29, SNX had the largest decreased of -22.85%, bringing its market cap ranking from №41 to №57. In addition, there were 2 projects that entered TOP100, namely, AE (Aeternity, increased 25.05%, Now №97), MANA (Decentraland, increased 72.35%, Now №100). As of February 9th, 2020, Bitcoin was traded at 10116.67USD, 8.34% higher than its price last week. Ethereum was traded at 228.58USD, 21.29% higher than its price last week.
The overall 24h trading volume increased this week. Overall, the 24h trading volume increased by 14.43% compared with the same period of last week. In this week,72 of the top 100 projects increased in 24h trading volume, led by KICK with a weekly increase of 3724.63%; there were 26 projects decreased in their 24h trading volume, there were 9 projects that saw over 20% decrease in their 24h trading volume, while 2 projects fell by more than 50%, led by MONA, with a decreased of 65.19%.
The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On February 9th, 2020, the overall market cap of the top 10 cryptocurrencies was 256.2 billion USD, increased by 10.87% from last week, accounting for 88.36% of the total market capitalization of cryptocurrencies, decreased by 0.64% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 63.53%, decreased by 1.96% from last week.
1.2 Segment Analysis
Among TOP 100 cryptocurrency project segments, the total market cap of Platform projects got the largest increase. The average market cap of Platform got the largest increase. As of February 9th, 2020, the total market cap of coin projects reached 215.2 billion USD, increased by 9.40%. The average market cap of coin projects reached 6.33 billion USD, increased by 15.84%. The total market cap of platform projects reached 39.9 billion USD, increased by 21.59%. The average market cap of platform projects reached 1.17 billion USD, increased by 18.02%. The total market cap of application class projects reached 26.09 billion USD, increased by 15.91%. The average market cap of application class projects reached 0.87 billion USD, increased by 12.05%. The total market cap of asset-backed token projects reached 4.78 billion USD, increased by 0.17%. The average market cap of asset-backed token projects reached 2.39 billion USD, increased by 0.17%.
The market segment distribution of the top 100 cryptocurrencies remained stable. As of February 9th, 2020, among the top 100 projects, the number of coin class projects decreased 2, application class projects increased 1, platform class projects increased 1 and asset-backed token class remain the same. The largest overall market cap by segment was still coin projects, accounting for 75.23% of the total market cap of top 100 projects.
Note: According to the different attributes of cryptocurrencies, Huobi Academy of Blockchain Application will divide them into four categories: Coin, Application Class, Platform Class and Asset-backed Token.
Coin Project: Refers to a type of asset developed based on blockchain technology that does not correspond to a specific use scenario and whose main function is only the transaction target. Its asset value is mainly reflected by liquidity.
Platform Class Project: A type of asset that is associated with the development of the underlying technology of the blockchain and is supported by the right to use or participate in the platform.
Application Class Project: Refers to a type of asset that is associated with a specific application scenario and is supported by a certain right of use, participation, or dividend.
Asset-backed Project: Refers to a class of assets that is linked to actual assets such as gold and US dollars and supported by the value of physical assets.
2. Technical Statistics
2.1 Cryptocurrency Mining Statistics
The hashrate of Bitcoin decreased but Ethereum increased by this week. From February 3rd, 2020 — February 9th, 2020, the average bitcoin Hashrate for the entire network reached 110.6EH/s, decreased by 0.90% from the previous week.
Average Hashrate for the entire Ethereum network was 166.21TH/s this week, increased by 16.92%.
This week, the difficulty of mining Bitcoin increased and Ethereum increased. As of February 9th, 2020, average difficulty for mining Bitcoin this week was 15.46T, increased by 2.18% from last week. The average difficulty of mining Ethereum this week was 2100.75TH, increased by 1.78% from that of previous week.
The number of blocks in Bitcoin decreased by 3.50%. Top 5 rankings has changed. The overall distribution of the Ethereum mining pools rankings remain the same, the number of blocks decreased 3.25%. In the past week, Bitcoin mined 992 blocks, decreased 3.50% from the previous week. Among the top five pools were F2Pool、 Poolin、BTC.com、AntPool、OKExPool, these 5 pools mined 194、158、116、93 and 66 blocks respectively, accounting for 19.56% 、15.93%、11.69%、9.38% and 6.65% of all Bitcoins mined this week. The Hashrate was 21.33 EH/s、17.37EH/s、12.76EH/s、10.23EH/s and 7.26EH/s, respectively.
In the past week, Ethereu’s entire network mined 47890 blocks, decreased 0.00% from the previous week. The top five pools were SparkPool, Ethermine, F2pool, Nanopool and Zhizhu.top, each mined 15622、10148、5346、3787 and 1929 blocks respectively, accounting for 32.5825%、21.1655%、11.1500%、7.8985% and 4.0233% of all Ethereum mined this week, respectively.
2.2 Activity Statistics
The average number of transactions per block increased and the average block size of Bitcoin increased. The average number of transactions per block increased and the average block size of Ethereum increased this week. According to blockchain.info, from February 3rd,2020-February 9th,2020, the average size of each block was 1.12MB, increased 10.89% form last week; there were on average 2241 transactions recorded in each block, increased by 6.66% from the previous week.
According to etherscan, the average number of transactions per block in Ethereum this week was 91.7, increased by 13.63%. The average size of each block was 20034.42 bytes, increased by 5.44% compared to last week.
Number of unconfirmed transactions in Bitcoin increased by 1.78%. Number of unconfirmed transactions in Ethereum increased by 2.63% from the previous week. As of February 9th, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 7051, increased by 1.78% from last week. There were 68023.78 unconfirmed transactions in the Ethereum network, increased by 2.63% from last week, with the lowest amount of unconfirmed transactions in the week being 983 and the highest amount being 99464.
Total transaction fees of Bitcoin and Ethereum both increased. As of February 9th, 2020, average transaction fees of Bitcoin this week was $0.659, increased by 21.81% from last week. Average transaction fees of Ethereum this week was $0.134, incresead by 46.13%.
The average number of distinct miners per day in Ethereum decreased by 12.16% from last week. From February 3rd, 2020-February 9th, 2020,the average number of distinct miners per day in Ethereum this week was 45.5, decreased by 12.16% from last week.
The number of nodes in Bitcoin decreased ,The number of nodes in Ethereum decreased this week. As of February 9th, 2020, there were 10813 Bitcoin nodes, decreased by 2.10% compared to last week, of which 2337 nodes were in the U.S, 1902 nodes were Germany, and 251 nodes were in China(№9), each accounting for 21.61%, 17.59% and 2.32% of the total number of Bitcoin nodes, respectively.
As of February 9th, 2020, there were 7729 Ethereum nodes, increased by 3.05% from the previous week. Specifically, there were 2039 nodes in the U.S, 1127 nodes in China, and 758 nodes in Germany, each accounting for 26.38%, 14.58%,9.81% of total number of nodes, respectively.
This week, the growth rate for new addresses of Bitcoin increased. According to the data on blockchain, as of February 9th, 2020, the total number of Bitcoin addresses was 45633595 increased by 142249 (0.31%).
LSK was the most active project on GitHub this week. From February 3rd, 2020 -February 9th, 2020, Lisk was the active project repository on GitHub with a total of 123 commits.
2.3 Community Activity Statistics
The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 966k, 524k and 158k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1million , 945k, and 496k followers, respectively.
3. Weekly Blockchain News Review
3.1 Industrial Application
1. French Food Company Looks to IBM’s Blockchain Network for Better Sourcing
IBM Food Trust blockchain platform has onboarded one more French manufacturer seeking to enhance transparency of product provenance and supply chain.The Avril Group, a vegetable oil, eggs and protein manufacturer, and the owner of brands Matines and Lesieur, has begun using IBM Food Trust network to ensure traceability of its products, according to a Feb. 4 press release. By applying blockchain, the Avril Group expects to make improvements in its corporate social responsibility, especially when it comes to sectors such as quality livestock and the consideration of animal welfare.Matines is looking to advance customer experience, providing greater transparency through a QR code printed inside the egg box, which directs customers to an application containing a wide range of data related to the eggs they consume — from the way the hens are fed to the date of dispatch to the warehouses of the distributors.
2. Liechtenstein-Based Startup to Issue Tokens Pegged to Value of Collectible Cars
Investment platform CurioInvest and Seychelles-based digital asset exchange MERJ Exchange Ltd. will jointly begin offering a token backed by collector luxury cars.The so-called Car Token (CT1) token is set to be pegged to the value of collectible cars giving more people a chance to have a fraction of an asset, BNN Bloomberg reported on Jan. 30. The company stipulated that the attractiveness of the token also lies in the fact that the value of such goods continues to appreciate. “When you look at fine art, collectible cars, they have been perceived historically as safe havens,” said Fernando Verboonen, founder and CEO of CurioInvest. Although the token is backed by the value of classic cars, CurioInvest told Cointelegraph that it does not consider it a stablecoin but rather a security token as it comes with and by the Financial Market Authority approved Prospectus and International Securities Identification Number.
3. UAE Health Ministry Debuts Blockchain Platform for Medical Data
The UAE’s Ministry of Health and Prevention (MoHAP) together with the Ministry of Presidential Affairs, Dubai Healthcare City and other relevant authorities has launched a blockchain-based health data storage platform.According to The Emirates News Agency on Feb. 2, the blockchain-based platform aims to improve the efficiency of MoHAP and other health authorities’ smart health services. It will help users streamline the search for health facilities and its licensed medical and technical personnel, as well as inquire about medicine supply chains.According to Dr. Lubna Al Shaali, the Director of the Public Health Policy Department, the new data storage blockchain platform will help secure an unchangeable, decentralized and encrypted database with high-security protection to verify data validity and reliability. Being decentralized, secure, transparent, and efficient in managing data, the healthcare sector can benefit tremendously from blockchain technology. Yet, there are several challenges ahead too, such as how it can adapt to real-world applications when it comes to regulation, privacy, business and provider and patient relationships which are unique to healthcare.
3.2 International Policies
1. Australia to Release National Blockchain Roadmap After Year of Preparation
The Australian government is going to launch its national blockchain strategy on Friday, Feb. 7, following a nearly year-long preparation.It has been almost a year since the country’s Ministry for Industry, Science and Technology and Ministry for Trade, Tourism and Investment announced the national blockchain strategy and roadmap last March.The new policy roadmap aims to make Australia’s nascent blockchain industry into a global leader, making the country’s wine industry, banking and finance the key priority sectors. Outlining the program’s development, Karen Andrews, Minister for Industry, Science and Technology, said that the five-year blockchain roadmap will underpin the work of regulators, startups and researchers on the matter, The Sydney Morning Herald reported on Feb. 7. She also mentioned that the sector is set to be worth AU$259.4 billion ($175 billion).
2. Singapore: Digitized Securities Exchange Gets Regulator’s Go-Ahead
Capital markets blockchain platform iSTOX has graduated from Singapore’s regulatory sandbox and been approved as a recognized market operator and capital markets services licensee.Singapore’s The Business Times confirmed on Feb. 3 that the platform, developed by blockchain infrastructure firm ICHX Tech, is now fully operational and licensed by the Monetary Authority of Singapore (MAS), the city-state’s central bank. MAS, which also serves as Singapore’s financial regulator, launched its FinTech Regulatory Sandbox to encourage local projects to pursue innovative financial products and services within a secure, efficient and low-regulatory pressure environment .ICHX Tech’s iSTOX will offer issuance, settlement, custody and secondary trading for digitized securities — heralding a new, fully-regulated arrival on the blockchain scene in a major global financial center.Now that it has graduated from MAS’ sandbox, restrictions on iSTOX will be lifted, including limitations on the size of the issuances it can host and the number of investors that can draw in. The firm is reported to have confirmed its graduation during a press conference Monday.
3. Indian Government Policy Think Tank Releases National Blockchain Strategy
A policy think tank of the Indian government, NITI Aayog, has released its national blockchain policy draft paper dubbed “Blockchain — The India Strategy” which explains different use cases of blockchain in India along with some conclusions from ongoing pilot projects. NITI Aayog was established with the aim to achieve sustainable development goals by fostering the involvement of state governments of India in the economic policy-making process. The strategy document targets stakeholders such as government, enterprise leaders and citizens with the aim of demystifying the concepts surrounding blockchain technology. It aims to create a concrete national plan of action towards blockchain technology. The policy paper is being released in two different parts. Part one deals with basic concepts, trust systems, the economic potential of smart contracts and blockchain, ease of doing business and different ongoing use cases. Part two will be released in the coming weeks which will mainly cover different recommendations for using blockchain technology in India.
3.3 Technological Breakthrough
1. Telegram Reveals Catchain, a BFT Consensus Algorithm
A Feb. 3 paper authored by Nikolai Durov, a Telegram co-founder, lays out the details of Telegram Open Network’s consensus mechanism, named Catchain. The proposed solution is a Byzantine Fault Tolerant (BFT) Proof of Stake (PoS) algorithm, similar to that used by NEO or Cosmos.BFT algorithms are attempted solutions to solve the Byzantine Generals problem, where actors of a particular network need to maintain its functionality even if some nodes are unreliable or malicious. Catchain will work for as long as one third of nodes are not malicious, which is equivalent to the theoretical limit outlined for BFT solutions. The system focuses on validating each block as it gets created, similar to Cosmos’ Tendermint or NEO’s dBFT. This in opposition to systems proposed by Ethereum and Cardano, where blocks are easy to produce, but must be then reconciled through fork resolution.Each new block is created via a block generation round, during which validators have a limited time to agree. Should they fail to do so, that block is skipped.Each validator has a clear role during a block voting procedure, with some creating the blocks, others proposing a block for voting, while the remaining nodes vote on the proposal. The roles are shifted with each new round, which should ensure the correctness of the procedure.Telegram is set to have no more than 100 validators for the master chain and from 10–30 for each “shard chain.” According to tests conducted in 2018, a block can be generated every five seconds, undergoing the full consensus procedure each time.For the most part, the system is reported by TON developers to be similar to Cosmos’ and Algorand’s. Differences lie in some of the specifics, such as how the nodes communicate with each other. Simply having each node communicate with every other is very inefficient, which means that each project tried to find its own way of making the process faster.
4.Weekly Investment Activities
2 investments activities took place in the blockchain industry this week, PayStand got B round investment from Leap Global Partners and BlueRun Ventures, Dai Ge got strategic investment from Zhongzhuang construction.
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