Huobi Research Weekly (Vol.99) 2020.1.27–2020.2.2)

Abstract

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 9.21%, with 85 projects increased in value to varying degrees. According to coinmarketcap, as of February 2nd, 2020, the total market cap of cryptocurrencies was 259.6 billion U.S. dollars, increased by 9.21%, and the total market cap of the top 100 cryptocurrencies was 256.9 billion U.S. dollars,increased by 9.09% from last week. 6 cryptocurrency projects entered the top 100 this week, namely KICK、BOTX、ZIL、BCN、XZC and BTS. As of February 2nd, 2020, Bitcoin was traded at 9344.37USD, 8.77% higher than its price last week. Ethereum was traded at 188.62USD, 12.32% higher than its price last week.

The hashrate of Bitcoin increased but Ethereum decreased by this week. This week, the difficulty of mining Bitcoin increased and 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 decreased and the average block size of Ethereum increased this week.The average transaction fees of Bitcoin and Ethereum both increased. RDN was the most active project on GitHub this week.

The average bitcoin Hashrate for the entire network reached 111.6EH/s, increased by 0.90% from the previous week.Average Hashrate for the entire Ethereum network was 142.15TH/s this week, decreased by 1.16%. Average difficulty for mining Bitcoin this week was 14.77T, increased by 3.87% from last week. The average difficulty of mining Ethereum this week was 2092.78TH, increased by 0.43% from that of previous week.

In network activity, the average size of each block was 993.2KB, increased 0.95% form last week; there were on average 2063 transactions recorded in each block, decreased by 0.39% from the previous week. Average difficulty for mining Bitcoin this week was 15.13T, increased by 2.44% from last week. The average difficulty of mining Ethereum this week was 2064.06TH, decreased by 1.37% from that of previous week. As of February 2nd, 2020, average transaction fees of Bitcoin this week was $0.541, increased by 66.74% from last week. Average transaction fees of Ethereum this week was $0.0917, incresead by 14.29%. the total number of Bitcoin addresses was 45491346 increased by 197116 (0.44%). RDN was the most active project on GitHub this week, with 67 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, Optimism got seed round investment from Paradigm,IDEO, Bit Trade got bought by Kraken.

1. Weekly Market Review

1.1 Market overview

This week, the overall market capitalization for the top 100 cryptocurrencies increased of 9.21%, with 85 projects increased in value to varying degrees. According to coinmarketcap, as of February 2nd, 2020, the total market cap of cryptocurrencies was 259.6 billion U.S. dollars, increased by 9.21%, and the total market cap of the top 100 cryptocurrencies was 256.9 billion U.S. dollars,increased by 9.09% from last week, among which, KICK had the largest increased of 144.51%, bringing its market cap ranking from №156 to №91, MOF had the largest decreased of -34.95%, bringing its market cap ranking from №47 to №69. In addition, there were 6 projects that entered TOP100, namely, BOTX (botXcoin, increased 12.90%, Now №97), BCN (Bytecoin, increased 14.13%, Now №98), ZIL (Zilliqa, increased 21.64%, Now №100), BTS (BitShares, increased 63.75%, Now №76), KICK (KickToken, increased 144.51%, Now №91), XZC (Zcoin, increased 51.75%, Now №87). As of February 2nd, 2020, Bitcoin was traded at 9344.37USD, 8.77% higher than its price last week. Ethereum was traded at 188.62USD, 12.32% higher than its price last week.

The overall 24h trading volume increased this week. Overall, the 24h trading volume increased by 37.97% compared with the same period of last week. In this week, 85 of the top 100 projects increased in 24h trading volume, led by BTS with a weekly increase of 3532.97%; there were 15 projects decreased in their 24h trading volume, there were 11 projects that saw over 20% decrease in their 24h trading volume, while 4 projects fell by more than 50%, led by XIN, with a decreased of 94.25%.

The top 10 cryptocurrencies’ market value increased, the market share distribution remained stable. On February 2nd, 2020, the overall market cap of the top 10 cryptocurrencies was 231.0 billion USD, increased by 9.15% from last week, accounting for 89.00% of the total market capitalization of cryptocurrencies, decreased by 0.05% from last week. The market value proportion of TOP10 project basically stable. BTC’s dominance was 65.49%, decreased by 0.26% 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 2nd, 2020, the total market cap of coin projects reached 196.7 billion USD, increased by 9.05%. The average market cap of coin projects reached 5.46 billion USD, increased by 6.02%. The total market cap of platform projects reached 32.8 billion USD, increased by 13.01%. The average market cap of platform projects reached 0.99 billion USD, increased by 13.01%. The total market cap of application class projects reached 22.51 billion USD, increased by 6.10%. The average market cap of application class projects reached 0.77 billion USD, increased by 9.76%. The total market cap of asset-backed token projects reached 4.78 billion USD, decreased by 0.06%. The average market cap of asset-backed token projects reached 2.39 billion USD, decreased by 0.06%.

The market segment distribution of the top 100 cryptocurrencies remained stable. As of February 2nd, 2020, among the top 100 projects, the number of coin class projects increased 1, application class projects decreased 1, platform class projects remain the same and asset-backed token class remain the same. The largest overall market cap by segment was still coin projects, accounting for 76.58% 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 increased but Ethereum decreased by this week. From January 27th, 2020 — February 2nd, 2020, the average bitcoin Hashrate for the entire network reached 111.6EH/s, increased by 0.90% from the previous week.

Average Hashrate for the entire Ethereum network was 142.15TH/s this week, decreased by 1.16%.

This week, the difficulty of mining Bitcoin increased but Ethereum decreased. As of February 2nd, 2020, average difficulty for mining Bitcoin this week was 15.13T, increased by 2.44% from last week. The average difficulty of mining Ethereum this week was 2064.06TH, decreased by 1.37% from that of previous week.

The number of blocks in Bitcoin decreased by 4.46%. 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 1028 blocks, decreased 4.46% from the previous week. Among the top five pools were F2Pool、 Poolin、BTC.com、AntPool、ViaBTC, these 5 pools mined 189、167、124、111 and 75 blocks respectively, accounting for 18.39% 、16.25%、12.06%、10.80% and 7.30% of all Bitcoins mined this week. The Hashrate was 20.52 EH/s、18.13EH/s、13.46EH/s、12.05EH/s and 8.14EH/s, respectively.

In the past week, Ethereu’s entire network mined 47891 blocks, decreased 3.25% from the previous week. The top five pools were SparkPool, Ethermine, F2pool, Nanopool and Zhizhu.top, each mined 16021、9815、5327、3745 and 1967 blocks respectively, accounting for 33.4530%、20.4945%、11.1232%、7.8198% and 4.1072% 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 decreased and the average block size of Ethereum increased this week. According to blockchain.info, from January 27th, 2020-February 2nd,2020, the average size of each block was 1.01MB, increased 1.69% form last week; there were on average 2101 transactions recorded in each block, increased by 1.84% from the previous week.

According to etherscan, the average number of transactions per block in Ethereum this week was 80.7, decreased by 2.06%. The average size of each block was 19000.85 bytes, increased by 1.66% compared to last week.

Number of unconfirmed transactions in Bitcoin increased by 66.74%. Number of unconfirmed transactions in Ethereum increased by 14.29% from the previous week. As of February 2nd, 2020, the number of 7-day average unconfirmed transactions in Bitcoin network was 6928, increased by 66.74% from last week. There were 66282.34 unconfirmed transactions in the Ethereum network, increased by 14.29% from last week, with the lowest amount of unconfirmed transactions in the week being 8354 and the highest amount being 69623.

Total transaction fees of Bitcoin and Ethereum both increased. As of February 2nd, 2020, average transaction fees of Bitcoin this week was $0.541, increased by 62.46% from last week. Average transaction fees of Ethereum this week was $0.0917, incresead by 14.29%.

The average number of distinct miners per day in Ethereum increased by 1.97% from last week. From January 27th, 2020-February 2nd, 2020,the average number of distinct miners per day in Ethereum this week was 51.8, increased by 1.97% from last week.

The number of nodes in Bitcoin increased ,The number of nodes in Ethereum decreased this week. As of February 2nd, 2020, there were 11045 Bitcoin nodes, increased by 1.05% compared to last week, of which 2354 nodes were in the U.S, 1970 nodes were in n/a, and 239 nodes were in China(№9), each accounting for 21.31%, 17.84% and 2.16% of the total number of Bitcoin nodes, respectively.

As of February 2nd, 2020, there were 7500 Ethereum nodes, decreased by 0.52% from the previous week. Specifically, there were 2033 nodes in the U.S, 976 nodes in China, and 736 nodes in Germany, each accounting for 27.11%, 13.01%,9.81% of total number of nodes, respectively.

This week, the growth rate for new addresses of Bitcoin increased. According to the data on etherchain, as of February 2nd, 2020, the total number of Bitcoin addresses was 45491346 increased by 197116 (0.44%).

RDN was the most active project on GitHub this week. From January 27th,2020-February 2nd, 2020, RDN was the active project repository on GitHub with a total of 67 commits.

2.3 Community Activity Statistics

The top three most popular cryptocurrencies on Facebook were Tron, Bitcoin and Ethereum in descending order, with 967k, 522k and 157k fans respectively. The top three most popular cryptocurrencies on Twitter were Bitcoin, Ripple(XRP) and TRON, with 1million , 944k, and 496k followers, respectively.

3. Weekly Blockchain News Review

3.1 Industrial Application

1. Mercedes Will Use Blockchain to Track Carbon Emissions in Cobalt Supply Chain

Major car manufacturer Mercedes Benz and blockchain startup Circulor are jointly rolling out a pilot aimed at the tracing carbon emissions in the cobalt supply chain.According to a Jan. 30 press release, the project by Mercedes and Circulor comes as part of the Startup Autobahn initiative, aimed at identifying next-generation automobiles. The companies will deploy blockchain to trace the emissions of climate-relevant gases and the amount of recycled materials along the complex supply chains of battery cell manufacturers. A blockchain-based pilot program will map the production flow of these materials and their associated carbon emissions, as well as record how much recycled material gets used in the supply chain.

2. Ditto Music to Launch App Offering Speedy Blockchain Solution

Ditto Music will launch Bluebox, a blockchain recording technology that could be a boon to musicians and distributors alike. Bluebox will allow artists to address legal concerns, such as copyright registration, publishing, and mechanical splits. The app records music around legally-binding smart contracts, which are written into code and instantly copyrights the content. Ditto Music CEO Lee Parsons said:” There’s billions of dollars of unclaimed royalties out there. The blockchain can help millions of artists claim what is rightfully theirs. Parsons argues that this creates more transparency and more detailed reporting, both of which should reap higher collection rates from digital services.

3. Blockchain + Smart Agriculture: a model of modern agricultural blockchain reform of Shandong Hesheng Agricultural Technology Co., Ltd

The goal of “blockchain +smart agriculture” is to build a safe and secure food material platform, so that the suppliers who produce good things can sell at a good price, and the consumers who are willing to pay for food safety can buy reliable food materials. From the production, circulation, storage and terminal of crops, blockchain can complete the “safe transmission” of this series of chains. Shandong hexiangsheng Agricultural Technology Co., Ltd. implemented the “blockchain + intelligent agriculture” application technology, and kept the unalterable records of agricultural products from the production end to the circulation end by using the blockchain. So that farmers have detailed growth data, processors have specific production data, distributors have accurate inventory data, regulators have rigorous safety data, retailers have detailed distribution data, and consumers have practical food chain code data. The blockchain enables Shandong Hesheng Agricultural Technology Co., Ltd. to provide a more comprehensive guarantee for food safety.

3.2 International Policies

1. The National Bank of Cambodia Will Launch a Digital Payments Network This Quarter

The National Bank of Cambodia’s new digital currency is called Bakong. It’s effectively a central bank digital currency (CBDC) that was launched on a trial basis throughout Cambodia in July. Chea Serey, director-general of the National Bank of Cambodia said: “Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform, making it easy for end-users to pay each other regardless of the institutions they bank with. Eventually, we hope to allow cross border payment through the Bakong system too.” Unlike most blockchain-driven cryptocurrencies, Bakong is a closed system that’s backed by banking authorities. A software wallet is linked to each user’s bank account for them to more easily interact with hard currency. The system supports real-time transactions while the National Bank of Cambodia stores centralized records about where the money goes.

2. Swiss Firm Poised to Launch Compliant IPO on Ethereum Blockchain

Swiss regulators have given the go-ahead for what is purportedly the country’s first fully compliant initial public offering (IPO) on a blockchain.Swiss blockchain firm Overture will launch a compliant IPO and offer ordinary class-A shares natively on the Ethereum blockchain, using smart contracts provided by Zug-based EURO DAXX (the European Digital Assets Exchange), a Jan. 29 press release reveals. Deploying blockchain technology in this manner can boost efficiency in capital markets, they claim, in terms of cost time and other efficiencies secured by disintermediating interactions between actors — i.e. short-circuiting involvement by banks, broker-dealers, central depository systems, notaries, and other financial intermediaries.

3. Draft of India’s National DLT Strategy Calls for State-Run Digital Rupee

A draft of India’s national strategy on blockchain and distributed ledger technology suggests a central bank digital currency (CBDC), the digital Indian rupee, and a national blockchain.The National Institute for Smart Governance (NISG), a non-profit public body incorporated by the government of India, has published a draft document on the country’s national blockchain strategy. In the document, the NISG has proposed the Central Bank Digital Rupee (CBDR), a digital currency issued on a national permissioned blockchain. The news comes a few days after the central bank of India said that virtual currencies are not banned in the country, elaborating that instead, regulated entities are banned from offering crypto assets in the country.

3.3 Technological Breakthrough

1. IBM-Backed Hyperledger Fabric Releases Version 2.0

Hyperledger Fabric released version 2.0 of its enterprise distributed ledger technology (DLT) platform, according to a Jan. 30 announcement. Several major features were added to the platform that improve how its different participants communicate with each other. Version 2.0 made some notable improvements to decentralization by adding a new management system for chaincodes, Fabric’s term for smart contracts. Multiple organizations can now agree on key parameters of a chaincode, which can then be used on the shared ledger. In addition, chaincodes can be tweaked by single organizations before being committed to the ledger, which ensures that everyone agrees on what data can be shared with each other.Data sharing has also been streamlined to work on a need-to-know basis. Organizations can now choose to share data privately with specific members of their immediate network, which removes the need to define complex channel combinations to do the same.Finally, several performance improvements were introduced, involving parallelization of tasks and more efficient program flows. Hyperledger claims that this allows the network to support thousands of transactions per second.

4.Weekly Investment Activities

2 investments activities took place in the blockchain industry this week, Optimism got seed round investment from Paradigm,IDEO, Bit Trade got bought by Kraken.

Huobi Research

About Us:

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.

Huobi Research Weekly aims to provide participators of the cryptocurrency market with the most up-to-date and comprehensive database to help them facilitate decision-making process.

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Disclaimer:

1. Huobi Research does not have any form of association with Blockchain projects or other third-parties mentioned in this report that could jeopardize the objectivity, independence and fairness of this report.

2. All outside information, data referenced in this report is from compliant and legitimate sources that we deem as reliable, and Huobi Research have conducted the due diligence concerning its authenticity, accuracy and completeness, but such due diligence does not provide any guarantee.

3. This report is only for reference purposes. Conclusions and viewpoints in the report do not constitute any form of investment advice on crypto assets. Huobi Research is not responsible for any losses resulting from the use of this report, unless stipulated by law. Under no circumstances should the readers give up their own investment analysis and judgements.

4. This report only reflects the opinions from Huobi Research on the day it was finalized. Future market condition changes may lead to updates of such judgements.

5. The report is copyrighted by Huobi Research, please cite the source when quote, and get approval from us when large amount of contents is referenced. Under no circumstances is reference, abridgment and modification contrary to original intention permitted.

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Blockchain industry top think tank, affiliated to Huobi Group.

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Blockchain industry top think tank, affiliated to Huobi Group.

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