Huobi Research Weekly (Vol.111) 2020.4.20–2020.4.26)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 7.12%, with 79 projects increased in value to varying degrees. According to coinmarketcap, as of April 26, 2020, the total market cap of cryptocurrencies was 221.6 billion U.S. dollars, increased by 7.12%, and the total market cap of the top 100 cryptocurrencies was 221.5 billion U.S. dollars, increased by 6.98% from last week. 2 cryptocurrency projects entered the top 100 this week, namely HIVE and ZEN. As of April 26, 2020, Bitcoin was traded at 7679.87USD, 6.89% higher than its price last week. Ethereum was traded at 197.32USD, 8.74% higher than its price last week.

The hashrate of Bitcoin decreased and Ethereum decreased by this week. This week, the difficulty of mining Bitcoin increased but the difficulty of mining Ethereum decreased. 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 increased and Ethereum increased. LINK was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 107.9 EH/s, decreased by 6.66% from the previous week. Average Hashrate for the entire Ethereum network was 176.62TH/s this week, decreased by 1.28%. Average difficulty for mining Bitcoin this week was 15.95T, increased by 8.36% from last week. The average difficulty of mining Ethereum this week was 2217.4TH, decreased by 1.37% from that of previous week.

In network activity, The average size of each block was 1.24MB, increased 7.83% form last week; there were on average 2065 transactions recorded in each block, increased by 12.84% from the previous week. The average number of transactions per block in Ethereum this week was 124.6, increased by 5.06%. The average size of each block was 25236.42 bytes, increased by 2.73% compared to last week. As of April 26, 2020, average transaction fees of Bitcoin this week was $0.747, increased by 57.26% from last week. Average transaction fees of Ethereum this week was $ 0.138, incresead by 4.55%. The total number of Bitcoin addresses was 48011787 increased by 245259 (0.51%). LINK was the most active project on GitHub this week, with 110 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, Kava got 0.75 million dollars in strategic investment from Framework Ventures, Applied Blockchain got 2 million pounds in Pre-A round investment from QBN Capital leader.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 7.12%, with 79 projects increased in value to varying degrees. According to coinmarketcap, as of April 26, 2020, the total market cap of cryptocurrencies was 221.6 billion U.S. dollars, increased by 7.12%, and the total market cap of the top 100 cryptocurrencies was 221.5 billion U.S. dollars, increased by 6.98% from last week, among which, HIVE had the largest increased of 553.74%, bringing its market cap ranking from №118 to №39, DNA had the largest decreased of -20.13%, bringing its market cap ranking from №75 to №96. In addition, there were 2 projects that entered TOP100, namely, ZEN (Horizen, increased 7.91%, Now №100), HIVE (Hive, increased 553.74%, Now №39). As of April 26, 2020, Bitcoin was traded at 7679.87USD, 6.89% higher than its price last week. Ethereum was traded at 197.32USD, 8.74% higher than its price last week.

The overall 24h trading volume increased this week. Overall, the 24h trading volume increased by 2.20% compared with the same period of last week. In this week, 60 of the top 100 projects increased in 24h trading volume, led by HIVE with a weekly increase of 77195.87%; there were 38 projects decreased in their 24h trading volume, there were 17 projects that saw over 20% decrease in their 24h trading volume, while 2 projects fell by more than 50%, led by XEM, with a decreased of 69.77%.

The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On April 26, 2020, the overall market cap of the top 10 cryptocurrencies was 195.8 billion USD, increased by 6.49% from last week, accounting for 88.37% of the total market capitalization of cryptocurrencies, decreased by 0.53% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 63.58%, decreased by 0.14% from last week.

1.2 Segment Analysis

Among TOP 100 cryptocurrency project segments, the total market cap of Platform Project got the largest increase. The average market cap of Coin Project got the largest increase. As of April 26, 2020, the total market cap of coin projects reached 163.1 billion USD, increased by 7.04%. The average market cap of coin projects reached 4.40 billion USD, increased by 9.94%. The total market cap of platform projects reached 30.8 billion USD, increased by 9.96%. The average market cap of platform projects reached 1.18 billion USD, increased by 5.73%. The total market cap of application class projects reached 21.1 billion USD, increased by 5.56%. The average market cap of application class projects reached 0.62 billion USD, increased by 8.66%. The total market cap of asset-backed token projects reached 6.58 billion USD, decreased by 0.51%. The average market cap of asset-backed token projects reached 2.19 billion USD, decreased by 32.99%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of April 26, 2020, among the top 100 projects, the number of coin class projects decreased 1, application class projects decreased 1, platform class projects increased 1 and asset-backed token class increased 1. The largest overall market cap by segment was still coin projects, accounting for 73.57% 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 and Ethereum decreased by this week. From April 20 30, 2020 — April 26, 2020 ,the average bitcoin Hashrate for the entire network reached 107.9 EH/s, decreased by 6.66% from the previous week.

Average Hashrate for the entire Ethereum network was 176.62TH/s this week, decreased by 1.28%.

This week, the difficulty of mining Bitcoin increased and Ethereum increased. As of April 26, 2020, average difficulty for mining Bitcoin this week was 15.95T, increased by 8.36% from last week. The average difficulty of mining Ethereum this week was 2217.4TH, decreased by 1.37% from that of previous week.

The number of blocks in Bitcoin decreased by 7.42%. Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings remain the same, the number of blocks increased 1.75%. In the past week, Bitcoin mined 1011 blocks, decreased 7.42% from the previous week. Among the top five pools were F2Pool、Poolin、BTC.com、AntPool、OKExPool, these 5 pools mined 193、159、156、138 and 67 blocks respectively, accounting for 19.09%、15.73%、15.43%、13.65% and 6.63% of all Bitcoins mined this week. The Hashrate was 21.41 EH/s、17.64EH/s、17.31EH/s、15.31EH/s and 7.43EH/s, respectively.

In the past week, Ethereu’s entire network mined 48637 blocks, increased 1.75% from the previous week. The top five pools were SparkPool, Ethermine, F2pool, Nanopool and Zhizhu.top, each mined 15111、10634、4674、3369 and 2735 blocks respectively, accounting for 31.0689%、21.8640%、9.6100%、6.9268% and 5.6233% 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 April 20, 2020-April 26, 2020, the average size of each block was 1.24MB, increased 7.83% form last week; there were on average 2065 transactions recorded in each block, increased by 12.84% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 124.6, increased by 5.06%. The average size of each block was 25236.42 bytes, increased by 2.73% compared to last week.

Number of unconfirmed transactions in Bitcoin increased by 107.09%. Number of unconfirmed transactions in Ethereum increased by 11.57% from the previous week. As of April 26, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 1168, increased by 107.09% from last week. There were 76919.54 unconfirmed transactions in the Ethereum network, increased by 11.57% from last week, with the lowest amount of unconfirmed transactions in the week being 18361 and the highest amount being 89905.

Total transaction fees of Bitcoin increased and Ethereum increased. As of April 26, 2020, average transaction fees of Bitcoin this week was $0.747, increased by 57.26% from last week. Average transaction fees of Ethereum this week was $ 0.138, incresead by 4.55%.

The average number of distinct miners per day in Ethereum decreased by 6.01% from last week. From April 20, 2020-April 26, 2020,the average number of distinct miners per day in Ethereum this week was 54.7, decreased by 6.01% from last week.

The number of nodes in Bitcoin decreased ,The number of nodes in Ethereum increased this week. As of April 26, 2020, there were 10134 Bitcoin nodes, decreased by 1.94% compared to last week, of which 1955 nodes were in the U.S, 1797 nodes were Germany, and 192 nodes were in China(№10), each accounting for 19.29%, 17.73% and 1.89% of the total number of Bitcoin nodes, respectively.

As of April 26, 2020, there were 7092 Ethereum nodes, increased by 1.58% from the previous week. Specifically, there were 2031 nodes in the U.S, 492 nodes in China, and 813 nodes in Germany, each accounting for 28.64%, 6.94%, 11.46% 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 April 26, 2020, the total number of Bitcoin addresses was 48011787 increased by 245259 (0.51%).

LINK was the most active project on GitHub this week. From April 20, 2020 — April 26, 2020, Link was the active project repository on GitHub with a total of 110 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 967k, 558k and 161k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1 million , 951k, and 506k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. LG’s IT Subsidiary Uses Facial Recognition Tech for Payments With Digital Currency

LG Corporation’s IT services subsidiary is now testing artificial intelligence-based facial recognition technology which allows users to conduct payments using digital currency.LG CNS used its employees to test the new facial recognition service, IT Times reported on April 23. The platform includes AI, blockchain, and cloud technologies. After identifying an employee, the system enables them to automatically pay for services and products at the corporate restaurant with a pre-registered blockchain-based community currency.Lee Joon-won, solution business development manager at LG CNS, said: “It is expected that blockchain-based community currency will be used by a lot more people as it becomes more convenient when it meets AI. As non-face-to-face technologies are applied recently, blockchain that increases transaction reliability will be used more widely.”

2. Sony Bets on Blockchain to Reshape the Future of Public Transport

Sony announced on April 23 that it has successfully developed a new blockchain system for integrating data and service provision across different forms of transportation — whether it be trains, buses, taxis, car-sharing or on-demand rental bicycles.This approach to transport — referred to as MaaS (Mobility as a Service) — aims to provide people with data regarding optimal routes to their desired destinations.The system aims to replace a siloed, type-specific interface for each segment of the sector, whereby users pay and choose their means of transport in isolation from the wider urban transportation system — for example, by using a specific taxi-hailing app or paying for a local bus.Sony’s new Blockchain Common Database (BCBD) for MaaS can ostensibly process data from 7 million users per day and record, analyze and share their anonymized travel history and revenue allocation.It is the only successful project chosen from an initiative by the Netherlands Ministry of Infrastructure and Water Management last year, which appealed to developers to propose blockchain solutions for MaaS development.

3. Argentina’s Banks Set to Use RSK Blockchain Technology for Tracking Payments

RSK is entering the enterprise blockchain field with a pilot program designed to improve the direct debit process among Argentinian banks and financial institutions. The pilot was announced on April 21 by IOV Labs, the developer of the RSK blockchain. The company is part of the 2019 Financial Innovation Roundtable, which also includes Sabra Group, Banco de la Provincia de Córdoba, BBVA, ICBC, Banco Santander and others.The group has worked for several months since the end of 2019 to create a system that would track bank account transactions through what IOV claims is a decentralized network.Specifically, the blockchain system will handle direct debit transactions for customers, where the payment is initiated by the receiver of the funds and not the sender. Through the blockchain, the group is able to trace the claims between different participants like banks, clearinghouses and financial agents. In this pilot, blockchain solves the key problem of inter-entity messaging, creating a decentralized enterprise network.

3.2 International Policies

1. ICC’s New Carbon Council Will Implement Blockchain for Carbon Market

International Chamber of Commerce (ICC) launched its new Carbon Council initiative to celebrate Earth Day’s 50th anniversary, which will work on bringing higher liquidity to the carbon market through the use of blockchain.ICC is an institutional representative of more than 45 million companies in 100 countries. Considering their extensive reach, this could be a big win for both the carbon market and the blockchain industry.The ICC is working on Carbon Council alongside Perlin, a blockchain firm creating a carbon-friendly digital business ecosystem, and AirCarbon Exchange, a carbon asset digital exchange.Major international companies including BlackRock, Macquarie Bank, Shell, Singapore Airlines, State Street and Temasek attended the inaugural meeting of ICC’s Carbon Council.ICC says that the primary goal of founding the Carbon Council is to collaborate with both public and private companies to create a better system for funding global climate action. Their intended use of blockchain technology is to bring more liquidity, transparency, accessibility, and standardization in the carbon markets.

2. Dutch Central Bank ‘Ready to Play a Leading Role’ with Digital Euro

The Dutch central bank says The Netherlands is well placed to develop and trial a digital Euro.The Dutch central bank wants to be the proving ground for central bank digital currencies (CBDCs) in the European Union.In a 45-page report released by the bank on April 21, the De Nederlandsche Bank (DNB) said it was “ready to play a leading role” with research and development into its own digital currency as well as a Europe-wide digital currency. A digital Euro is expected to make cross-border payments faster and cheaper for all member states who participate. The Netherlands would be a suitable testing ground, the report said. Though not the primary target of the report, the DNB singled out cryptocurrency Libra as a possible threat to monetary stability and conceded it was “the reason why the DNB and other central banks are now considering issuing their own digital currency.”

3. Japan STO Association Releases New Regulatory Guidelines

The Japan Security Token Offering Association announced on April 20 it had issued new guidelines to protect clients’ assets and privacy. The Japan Security Token Offering Association (JSTOA) has just released self-regulatory guidelines on how to separate customer assets and electronic record transfer rights.Available on the JSTOA website on April 20, the association attributes the guidelines to the revisions of the country’s Financial Instruments and Exchange Act (FIEA), passed by the Japanese House of Representatives and set to be enforced starting May 1.At a meeting including employees and the Board of Directors, the association laid out the rules for electronic record transfer rights and management of customer assets, among others. The JSTOA will check the management of separately held customer assets once a month with certified public accountants and audits. Moreover, as part of their prevention against investment solicitation, the association is calling for a clearer definition of selling digital assets to elderly customers — those at risk for fraud — and to make the efforts to establish guidelines for solicitation.

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, Kava got 0.75 million dollars in strategic investment from Framework Ventures, Applied Blockchain got 2 million pounds in Pre-A round investment from QBN Capital leader.

Huobi Research

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Huobi Research was founded in April 2016 and started research and explorations in various aspects in Blockchain area since March 2018. We cover various fields such as Blockchain technology research, industry analysis, application innovation and economic model explorations. We aim to establish a research platform and to offer theoretical foundations as well as judgements of trends in Blockchain to the public, ultimately promoting the development of the Blockchain industry.

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