Huobi Research Weekly (Vol.114) 2020.5.11–2020.5.17)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 12.38%, with 85 projects increased in value to varying degrees. According to coinmarketcap, as of May 17, 2020, the total market cap of cryptocurrencies was 269.6 billion U.S. dollars, increased by 12.38%, and the total market cap of the top 100 cryptocurrencies was 262.1 billion U.S. dollars, increased by 9.83% from last week. 4 cryptocurrency projects entered the top 100 this week, namely QNT、MATIC、UBT and ENT. As of May 10, 2020, Bitcoin was traded at 9670.74USD, 10.48% higher than its price last week. Ethereum was traded at 207.16USD, 9.94% higher than its price last week.

The hashrate of Bitcoin decreased and Ethereum decreased by this week. This week, the difficulty of mining Bitcoin not changed and the difficulty of mining Ethereum decreased. The average number of transactions per block increased but the average block size of Bitcoin decreased. The average number of transactions per block increased but the average block size of Ethereum decreased this week.The average transaction fees of Bitcoin increased and Ethereum increased. LSK was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 100.9 EH/s, decreased by 7.35% from the previous week.Average Hashrate for the entire Ethereum network was 181.12TH/s this week, decreased by 0.90%. Average difficulty for mining Bitcoin this week was 16.10T, remain the same as last week. The average difficulty of mining Ethereum this week was 2272.83TH, decreased by 1.12% from that of previous week.

In network activity, the average size of each block was 1.26MB, decreased 2.33% form last week; there were on average 2354 transactions recorded in each block, increased by 2.48% from the previous week. The average number of transactions per block in Ethereum this week was 135.0, increased by 4.41%. The average size of each block was 26753.42 bytes, decreased by 1.67% compared to last week. As of May 17, 2020, average transaction fees of Bitcoin this week was $3.437, increased by 26.78% from last week. Average transaction fees of Ethereum this week was $0.316, incresead by 41.07%. The total number of Bitcoin addresses was 49038987 increased by 395927 (0.81%). Lisk was the most active project on GitHub this week, with 101 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, Coinme got 10 million dollars in A round investment from Pantera Capital lead,Molecular, FUZAMEI technology got Tens of millions yuan in Pre-A investment.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 12.38%, with 85 projects increased in value to varying degrees. According to coinmarketcap, as of May 17, 2020, the total market cap of cryptocurrencies was 269.6 billion U.S. dollars, increased by 12.38%, and the total market cap of the top 100 cryptocurrencies was 262.1 billion U.S. dollars, increased by 9.83% from last week, among which, ETN had the largest increased of 151.66%, bringing its market cap ranking from №147 to №80, ABBC had the largest decreased of -25.01%, bringing its market cap ranking from №63 to №85. In addition, there were 4 projects that entered TOP100, namely, QNT (Quant, increased 26.30%, Now №98), MATIC (Matic Network, increased 32.10%, Now №93), UBT (Unibright, increased 85.46%, Now №92), ETN (Electroneum, increased 151.66%, Now №80). As of May 10, 2020, Bitcoin was traded at 9670.74USD, 10.48% higher than its price last week. Ethereum was traded at 207.16USD, 9.94% higher than its price last week.

The overall 24h trading volume decreased this week. Overall, the 24h trading volume decreased by 39.73% compared with the same period of last week. In this week, 39 of the top 100 projects increased in 24h trading volume, led by ETN with a weekly increase of 3001.66%; there were 61 projects decreased in their 24h trading volume, there were 48 projects that saw over 20% decrease in their 24h trading volume, while 16 projects fell by more than 50%, led by ELAMA, with a decreased of 78.39%.

The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On May 17,2020, the overall market cap of the top 10 cryptocurrencies was 236.0 billion USD, increased by 10.40% from last week, accounting for 87.55% of the total market capitalization of cryptocurrencies, decreased by 1.57% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 65.93%, decreased by 1.13% from last week.

1.2 Segment Analysis

Among TOP 100 cryptocurrency project segments, the total market cap of Asset-backed got the largest increase. The average market cap of Asset-backed Project got the largest increase. As of May 17, 2020, the total market cap of coin projects reached 197.6 billion USD, increased by 9.78%. The average market cap of coin projects reached 5.99 billion USD, increased by 16.43%. The total market cap of platform projects reached 32.4 billion USD, increased by 9.17%. The average market cap of platform projects reached 1.15 billion USD, increased by 1.38%. The total market cap of application class projects reached 22.9 billion USD, increased by 3.03%. The average market cap of application class projects reached 0.63 billion USD, increased by 3.03%. The total market cap of asset-backed token projects reached 9.08 billion USD, increased by 36.83%. The average market cap of asset-backed token projects reached 3.02 billion USD, increased by 36.83%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of May 17, 2020, among the top 100 projects, the number of coin class projects decreased 2, application class projects remain the same, platform class projects increased 2 and asset-backed token class remain the same. The largest overall market cap by segment was still coin projects, accounting for 75.41% 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 May 11, 2020 — May 17, 2020 ,the average bitcoin Hashrate for the entire network reached 100.9 EH/s, decreased by 7.35% from the previous week.

Average Hashrate for the entire Ethereum network was 181.12TH/s this week, decreased by 0.90%.

This week, the difficulty of mining Bitcoin not changed and Ethereum decreased. As of May 17, 2020, average difficulty for mining Bitcoin this week was 16.10T, remain the same as last week. The average difficulty of mining Ethereum this week was 2272.83TH, decreased by 1.12% from that of previous week.

The number of blocks in Bitcoin decreased by 12.30%. Top 5 rankings had changed. The overall distribution of the Ethereum mining pools rankings remain the same, the number of blocks increased 2.03%. In the past week, Bitcoin mined 927 blocks, decreased 12.30% from the previous week. Among the top five pools were F2Pool、BTC.com、Poolin、AntPool、58COIN&1THash, these 5 pools mined 165、120、119、115 and 72 blocks respectively, accounting for 17.80%、12.94%、12.84%、12.41% and 7.77% of all Bitcoins mined this week. The Hashrate was 18.86 EH/s、13.72EH/s、13.61EH/s、13.15EH/s and 8.23EH/s, respectively.

In the past week, Ethereu’s entire network mined 47695 blocks, increased 2.03% from the previous week. The top five pools were SparkPool, Ethermine, F2pool, Nanopool and Zhizhu.top, each mined 15511、10076、4668、3204 and 2772 blocks respectively, accounting for 32.5212%、21.1259%、9.7872%、6.7812% and 5.8119% 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 decreased. The average number of transactions per block increased and the average block size of Ethereum decreased this week. According to blockchain.info, from May 11, 2020-May 17, 2020, the average size of each block was 1.26MB, decreased 2.33% form last week; there were on average 2354 transactions recorded in each block, increased by 2.48% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 135.0, increased by 4.41%. The average size of each block was 26753.42 bytes, decreased by 1.67% compared to last week.

Number of unconfirmed transactions in Bitcoin increased by 251.52%. Number of unconfirmed transactions in Ethereum increased by 7.11% from the previous week. As of May 17, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 32206, increased by 251.52% from last week. There were 89711.63 unconfirmed transactions in the Ethereum network, increased by 7.11% from last week, with the lowest amount of unconfirmed transactions in the week being 20762 and the highest amount being 107357.

Total transaction fees of Bitcoin increased and Ethereum increased. As of May 17, 2020, average transaction fees of Bitcoin this week was $3.437, increased by 26.78% from last week. Average transaction fees of Ethereum this week was $0.316, incresead by 41.07%.

The average number of distinct miners per day in Ethereum decreased by 3.54% from last week. From May 11, 2020- May 17, 2020, the average number of distinct miners per day in Ethereum this week was 51.8, decreased by 3.54% from last week.

The number of nodes in Bitcoin decreased ,The number of nodes in Ethereum increased this week. As of May 17, 2020, there were 8265 Bitcoin nodes, decreased by 14.44% compared to last week, of which 1946 nodes were in the U.S, 1815 nodes were Germany, and 207 nodes were in China(№10), each accounting for 23.55%, 21.96% and 2.50% of the total number of Bitcoin nodes, respectively.

As of May 17, 2020, there were 7354 Ethereum nodes, increased by 1.00% from the previous week. Specifically, there were 2162 nodes in the U.S, 456 nodes in China, and 833 nodes in Germany, each accounting for 29.40%, 6.20%, 11.33% 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 May 17, 2020, the total number of Bitcoin addresses was 49038987 increased by 395927 (0.81%).

LSK was the most active project on GitHub this week. From May 11, 2020 — May 17, 2020, zeus-shield was the active project repository on GitHub with a total of 101 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 966k, 573k and 164k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1 million , 952k, and 509k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. Blockchain-Powered 5G Phone Manufactured by Samsung Launches

Samsung and SK Telecom, a South Korean mobile carrier, unveiled the world’s first 5G smartphone equipped with blockchain-powered ID authentication.The phone, called “Galaxy A Quantum”, has a quantum random number generation chipset developed in partnership with Samsung Electronics. The phone’s initial price is 649,000 Korean won, or $527.54 USD, according to the announcement on May 14. The company stated that the blockchain-powered system is utilized when users pay for goods and services at offline merchants with the SK Pay. Blockchain is also used to help prevent the falsification and theft of information stored on the phone. Another of the phone’s major features is SK Pay biometric protection — a mobile blockchain authentication service.The mobile carrier noted that the phone goes up for presale on May 15, with an official launch date of May 22.

2. Blockchain Startup Aims to Help Indian Farmers Get Fair Crop Prices

A blockchain-based agtech startup Agri10x has inked a partnership with the Indian government to help farmers sell their produce directly to buyers.According to a report published by local news outlet Business Standard, Agri10x will gain access to half a million government-affiliated common service centers that will help farmers in rural areas register on the Agri10x platform. Agri10x CEO Pankajj Ghode said in a statement that their platform will remove middlemen and engage farmers directly with buyers:“Our aim is to ‘Connect Local Farmers with Global Buyers’ that would not only increase their income levels but will also massively boost employment in the agriculture industry.” Agri10x COO Abhijith Naraparaju stated that Agri10x will be expanding its services from the state level to a national level. They are aiming to onboard more than 3 million farmers on their platform by the end of this year.

3. South Korea to Develop an Identity Platform on the Blockchain for Autonomous Vehicles

The government of South Korea’s planned city Sejong — which is the country’s testing ground for major smart city solutions — announced Friday that it will be establishing a blockchain-based platform for storing and verifying the digital identities of self-driving vehicles.An Asian news outlet, Aju Business Daily, reported that South Korea’s Ministry of Science and ICT along with the country’s internet technology watchdog, Korea Internet & Security Agency, will be leading the development of the identity management and verification platform.According to a Sejong city official, the blockchain-based technology platform will “greatly increase the credibility of data by strengthening the security of information shared by cars and their control tower.” The technology wing of LG Group, LG CNS, and a Korean autonomous shuttle maker, will be working in collaboration with Sejong city government to develop a blockchain-based encrypted identifier dubbed decentralized identifier, or DID. This could help prevent the illegal cloning of identities or hacking of self-driving vehicles.

3.2 International Policies

1. Vietnam Govt to Launch Crypto Research Group to Evaluate Policy

Vietnam’s Ministry of Finance has agreed to establish a research group charged with studying and making policy proposals regarding cryptocurrencies and virtual assets. The group, which was announced on Monday, will be comprised of nine members led by the vice chairman of the State Securities Commission, Pham Hong Son. The additional members include other representatives of the General Department of Taxation — the country’s securities regulator — the National Institute for Finance, the General Department of Vietnam Customs, and the Department of Banking and Financial Institutions of the State Bank of Vietnam.The research group will help the country stay abreast of new developments within the rapidly evolving blockchain sector, allowing Vietnam to respond to regulatory challenges with greater agility. Vietnam has not formally updated its regulation since introducing the directives two years ago, with no regulatory framework currently existing for crypto exchanges in the country.

2. DBS Bank Joins Global Blockchain Network to Digitize Trade Settlement

Singapore-based multinational banking firm DBS Bank has joined the blockchain trade-finance network Contour, which is built over R3’s Corda. DBS looks forward to digitizing its end-to-end letters of credit settlement process through the platform’s blockchain solutions. The bank aims to reduce settlement time, decrease the amount of paperwork, and simplify the trading process.Contour will also help DBS’s corporate customers conduct real-time digital pre-issuance negotiations between applicants and beneficiaries which will increase the accuracy of the issue letters of credit. Real-time tracking and audit trails of transactions will add transparency and help negate or resolve discrepancies more effectively.Speaking of the innovation Contour could bring to the trade-finance ecosystem, the group head of global transaction services at DBS Bank, John Laurens, said:It’s about transforming the way industries work by providing greater transparency, security and speed to build sustainable trade ecosystems that are able to weather the peaks and troughs of economic cycles and are resilient in times of crisis.

3. Token Sales Treated as Securities Offerings by Default in Gibraltar

In an exclusive interview with Cointelegraph, Gibraltar’s minister for digital and financial services, Albert Isola, has welcomed firms wishing to launch security tokens to the jurisdiction.The minister revealed that the British Overseas Territory assumes that all token offerings are securities issuances by default, placing the responsibility on the issuer to be able to demonstrate otherwise.Minister Isola also revealed that the government will soon mandate that the employees of all financial firms in the jurisdiction attend a university course on anti-money laundering, or AML, risks. Minister Isola stated that Gibraltar welcomes firms seeking to conduct issue security tokens, provided that they adhere to the territory’s strict compliance regimes. In its most recent guidance, Gibraltar announced it would assume that all tokensales comprise the issuance of securities, placing the onus on issuers to demonstrate that their tokens are not securities

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, Coinme got 10 million dollars in A round investment from Pantera Capital lead,Molecular, FUZAMEI technology got Tens of millions yuan in Pre-A investment.

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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