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The State of Blockchain Q3 2017 (report review)

by Administrator, on Dec 20
CoinDesk has released The State of Blockchain Q3 2017 report. Innmind offers its readers an overall summary of the report.
State of blokcchain

CoinDesk, the leading digital media, events and information services company for the digital asset and blockchain technology community, has released The State of Blockchain Q3 2017 report - the ultimate, must-read analysis on the growth of blockchain technology.

Innmind offers its readers an overall summary of the report.

Overall summary of Q3 2017

  • Multiple executive regulators announced aggressive action, markets boom to all-time high above $170bn.
  • Often debated soft fork resulted in segregated witness, opened Bitcoin to cryptographic innovations; hard fork resulted in big block Bitcoin Cash.
  • ICOs raise $1.24bn, led by Filecoin, Tezos. Coinbase raises $100mn: puts valuation at $1.6bn, becoming the industry’s first unicorn.

  • Cryptocurrencies see development of buy side and sophisticated analysis for valuations.
  • Major law firms develop blockchain specialties.
  • Hedge against monetary policy was BTC’s best quality; 83% checked prices every day (50%) or compulsively, every hour (33%).
  • Hash rate, >1MB Bitcoin blocks; ethereum hit a record for blockchain transactions.

Trends in public blockchain

  • Bitcoin tested by regulators, forks, breaks all time high of $5000.
  • Bitcoin begins to reassert market dominance over ETH, XRP.
  • Global trading volumes accelerate and grow in diversity in terms of geography, exchanges, and currency pairs.
  • Major digital assets BTC, ETH, XRP, DASH, and XMR rally ~3000%, almost 5% daily return.

 

  • Transactions on major blockchains increased, except for Bitcoin. Ethereum sets transaction record for any blockchain.
  • Industry terms like Bitcoin, Cryptocurrency and Blockchain hit all-time high in Google search frequencies.

Trends in enterprise blockchain

  • 10 law firms that include Cooley, Debevoise & Plimpton, Hogan Lovells, Jones Day, Perkins Coie, Morrison Foerster join Enterprise Ethereum Alliance.
  • R3 launches Corda v1.0, works trade finance applications.
  • A group of telecom companies that includes Sprint and SoftBank launch Carrier Blockchain Study Group.
  • Microsoft and Hyperledger each work on interoperability between enterprise chains.

Trends Investment

  • YTD returns for digital reached 690%, with increased diversification of assets and investors.
  • Q3 sent ICO total funding ($2.38bn) above total VC funding for blockchain investment ($1.95bn).

  • Token diversification led to sophisticated buy side, 100+ crypto hedge funds launch and pioneer valuations.

Trends in Regulation & Government

  • Chinese crackdown on ICOs and cryptocurrency exchanges, all exchanges cease operations on final day of Q3.
  • SEC published ICO guidance, demonstrates new depth of expertise.
  • CFTC granted LedgerX registration as a derivative clearing organization and a swap execution facility.
  • Virtual Currency Tax Act tabled in the House, would see an exception to gains tax for small transactions.

Bitcoin

  • Bitcoin breaks $5,000: Most variation in history, second straight largest quarterly $ variation.
  • Important soft and hard forks occur: Segregated witness adopted after a soft fork, Bitcoin Cash created after a hard fork.
  • Average transaction fees rose 33% after nearly tripling in Q2.
  • Global trading volume continues growth: JPY, USD dominate, KRW jumps.

  • First > 1MB blocks mined: At block 48197, BitFury mined first ever >1MB block.
  • Hash rate up 50% to new all-time high: Network security grows, but hash rate slipped one day from the competition.

Ehtereum

  • The South Korean Won passed the USD as ether’s top trade pair.
  • Ethereum Byzantium testnet launches to prepare for Metropolis hard fork, verifies zk-snark proof
  • Hash rate tripled for second consecutive Quarter.
  • Ethereum transaction volumes skyrocket, sets all time record for any blockchain ever, signals scaling milestone
  • Ethereum’s USD exchange value grew 5.4% in Q3 while trade volume fell.
  • Partity wallet breach and ICO hack highlight losses.

The study has proved that an overall climate towards blockchain application in different sectors of economy is quite positive, and many countries are eager to adopt cryptocurrency and introduce blockchain services.

The general public’s attitude towards blockchain, ICO and cryptocurrencies can be best summarised in the following slides.

You can find previous coindesk reports here and Innmind’s summaries here


Read other reviews of the reports:

▶ ICO Analysis Report: Lordmancer II

▶ Review of ICO funding in 2017

▶ Global Cryptocurrency Benchmarking Study


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