STATE OF BLOCKCHAIN · Blockchain' reports, email [email protected] - We also welcome any general feedback you have on the report Data Source: CoinDesk. CoinDesk Events

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Q4 2017 State of Blockchain:Table of Contents


1. EXECUTIVE SUMMARY2. PUBLIC BLOCKCHAINS

3. ENTERPRISE BLOCKCHAINS

4. INVESTMENT

5. GOVERNMENT & REGULATION6. SENTIMENT SURVEY7. COINDESK

A. Research Framework

A. BITCOIN

B. ETHEREUM

C. BITCOIN CASH

D. LITECOIN

E. XRP

F. ZCASH

G. MONERO

1EXECUTIVE SUMMARY


Sentiment Survey:- 81% did not go into debt to buy crypto. Of those that did, 52% already paid it back. 94% check prices at least every day.

Demand for bitcoin tests market infrastructure:- Bitcoin fees increase dramatically. While Coinbasehits #1 app on iTunes, it and all exchanges struggle to cope with demand.

Q4 2017 Overall Summary

Data Source: CoinDesk


Bitcoin & cryptocurrencies make historic moves:- After uncertainty around fork ends, bitcoin’s price breaks free and topples multiple milestones. Meanwhile, BTC dominance shrinks to all-time lows.

Key metrics up across public blockchains:- Hashrate, >1MB Bitcoin blocks, ethereumblockchain transaction records, all time valuations

ICOs and VC hit new highs:- $3.23bn for ICOs and $200mn for VC. However, forks were the largest token generating event of the year with $44bn created.

Futures launch successfully:- CME & Cboe launch with high interest but low volume. Large traders shorted and small traders longed.

Q4 2017 Trends:Public Blockchains

Data Sources: CoinDesk, ImageNotes: Expanded upon in Section 2: Public Blockchains

- Total cryptocurrency market cap breaks $600bn, nearly as much as the GDP of Argentina.

- Fees moderately increase in general, but soar for BTC.

- Bitcoin dominance falls below 40% after a rebound above 50% early in the quarter..


- CryptoKitties’ popularity slowed down the ethereum network but showed promise for future developments.

- Many cryptocurrencies reached all time highs, notably BTC at almost $20k and ETH at almost $1k.

- Bitcoin Cash solidifies within the top 10 market cap with a hashratethat surpassed BTC’s for one day in November.

Q4 2017 Trends: Enterprise Blockchains

- R3 adds members, launches, Corda version 2.0. Corda becomes the first DLT to be accessible on Amazon Web Services (AWS).

- Enterprise Ethereum Alliance adds members & 3 new working groups.

- We.Trade, founded by 9 banks, aims to ease European domestic and cross-border trade with DLT made by IBM.


Data Sources: CoinDesk, ImageNotes: Expanded upon in Section 3: Enterprise Blockchains

- Hyperledger members CME Group, Deutsche Borse Group, R3, downgrade their membership to general. 15 other organizations cancel their membership.

Q4 2017 Trends:Trading & Investment

- Total raised by ICOs hits $3.23bn in Q4, with VC amounting to $200mn. Q3 to Q4 growth less spectacular when shown in ETH (+56%) vs. USD (+146%).

- Forks have raised 8x more than ICOs. Token generating events (TGE) are split between $44bn in forks vs. $5bn in ICOs cumulatively.

- Bitcoin futures see high interest but low volume, with small traders going long and large traders going short.


Data Sources: CoinDesk, ImageNotes: Expanded upon in Section 4: Investment

Q4 2017 Trends:Regulation & Government


Data Source: CoinDeskNotes: Expanded upon in Section 5: Regulation & Government

- The CFTC approved CME & Cboe’s launch of bitcoin futures contracts.

- South Korea sees higher levels of regulation on trading.

- Bitfinex & Tether become targets of US regulators after suspicious activity results in subpoena.

- Russia moves to define regulatory environment with submission of new bill.


2PUBLIC BLOCKCHAINS

Q4 2017 Public Blockchain Summary



Some fees rise, but BTC’s fees soar:- Fees generally increased but BTC saw record-breaking fees and congestion in Q4.

Ripple grew ~300x YTD:- All major cryptocurrencies are up approximately 1,000%.

Aggregate market cap breaks $600bn:- Public blockchain assets rallied 3x, over $75bn in value over the quarter.

Bitcoin dominance falls below 40%:- Bitcoin ceded it’s +50% Q2 to Q3 comeback.

Transactions hit new highs:- Transactions on major blockchains increased, ethereum broke all-time transaction records.

Sector sees all-time high interest:- Google searches for blockchain terms see new highs, especially in December.

4.2% 11.9% 18.5% 23.0%

1278.4%

707.3%

0%

200%

400%

600%

800%

1000%

1200%

1400%

GlobalRealEstate Gold U.S.Equities GlobalEquities Bitcoin AllDigitalAssets

2017YTDReturns

Digital Assets Outperformed Traditional AssetsNearly 13x Return YTD


Data Source: Yahoo! Finance, Coincap, Coin.DanceNotes: Daily data, RWO, GLD, SPY, CWI, & BTC prices, all cryptocurrency market cap, data through 12/31/2017

$0

$100

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$300

$400

$500

$600

$700

Oct-17 Nov-17 Dec-17

AggregateMarketC

ap($

,billions)

TotalCryptocurrencyMarketCap

Total Cryptocurrency Market Cap Increased Over 50%Reached All-Time High Above $600bn in Q4

State of Blockchain – Q4 2017 | 13Data Source: Coin.Dance, CoinMarketCap

Oct. 1:$149.1bn

Dec. 31:$597.9bn

301%$448.8bn

For some context, the market cap of:

Western Union ≈ $10 billionEther ≈ $70 billionBitcoin ≈ $250 billionAll Cryptocurrencies ≈ $600 billionVisa ≈ $250 billionGold ≈ $8 trillion

The Fall of Bitcoin Maximalism?BTC Dominance Fell below 40%

State of Blockchain – Q4 2017 | 14Data Source: CoinMarketCap

Jan ’17 Feb ’17 Mar ’17 Apr ’17 May ‘17 Jun ’17 Jul ‘17 Aug ‘17 Sep ’17 Oct ’17 Nov ‘17 Dec ‘17

Percentage of Total Cryptocurrency Market Cap Bitcoin: 38.70%Ethereum: 11.92%Bitcoin Cash: 6.97%Litecoin: 2.06%Ripple: 14.52%Dash: 1.33%NEM: 1.52%Monero: 0.88%IOTA: 1.61%NEO: 0.80%Others: 19.68%

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January February March April May June July August September October November December

Cum

ulat

ive

Ret

urn

(%, s

ince

Jan

uary

1, 2

017)

2017

2017 Price MovementCumulative Return (%)

BTC ETH XRP DASH XMR

Ripple Rallied ~35000% Year to DateExceeded 6% Average Daily Volatility


Data Source: Coincap, Coinmetrics, CoinMarketCapNotes: Average day over day price movement (absolute value)

Average Daily Price MovementAsset Symbol Q1 2017 Q2 2017 Q3 2017 Q4 2017 YTD 2017

Bitcoin BTC 2.6% 3.1% 3.9% 4.8% 3.6% Ethereum ETH 4.7% 5.5% 5.0% 3.6% 4.7%

Ripple XRP 2.9% 11.3% 4.9% 6.7% 6.4% Dash DASH 6.0% 5.2% 5.3% 5.3% 5.5%

Monero XMR 4.7% 5.2% 6.0% 5.5% 5.4%

0

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Q1 '09

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Aver

age

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)

Daily Cryptocurrency Transactions

BTC ETH BCH LTC DASH XMR ETC ZEC

Transactions on Major Blockchains Increased, Especially ETH


Average Daily Cryptocurrency Transactions Quarter BTC ETH BCH LTC DASH XMR ETC ZEC Total Q1 '16 201,633 20,242 4,453 1,582 580 20,242 248,733Q2 '16 220,659 40,895 5,519 1,184 434 40,895 309,586Q3 '16 218,831 45,109 3,432 1,549 1,038 21,324 291,283Q4 '16 260,987 42,908 3,455 1,238 1,600 14,658 3,186 328,032Q1 '17 286,052 58,291 3,345 3,118 2,720 19,890 2,561 375,975Q2 '17 290,845 154,176 11,707 4,893 2,796 27,524 4,033 495,974Q3 '17 242,180 315,631 12,391 21,808 5,910 3,835 34,614 5,399 641,768

Q4 '17 319,085 589,171 23,209 51,328 8,915 5,358 42,597 7,129 1,046,791

Data Source: Bitinfocharts, Coinmetrics

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Ave

rage

Tra

nsac

tion

Fees

($)

Cryptocurrency Transaction Fees

BTC ETH BCH LTC DASH XMR ETC ZEC

Average Transaction Fees Rose for All Major CryptocurrenciesBTC Fees More Than 4x Since Q3


Data Source: Bitinfocharts, Coinmetrics

Average Cryptocurrency Transaction Fees Quarter BTC ETH BCH LTC DASH XMR ETC ZEC Q1 '16 $0.08 $0.01 $0.05 $0.04 $0.07Q2 '16 $0.13 $0.01 $0.02 $0.08 $0.11Q3 '16 $0.18 $0.01 $0.02 $0.09 $0.33 $0.00Q4 '16 $0.24 $0.01 $0.02 $0.13 $0.13 $0.00 $0.00Q1 '17 $0.62 $0.01 $0.03 $0.12 $0.38 $0.00 $0.00Q2 '17 $2.40 $0.22 $0.11 $0.10 $1.09 $0.01 $0.00Q3 '17 $3.20 $0.33 $0.17 $0.15 $0.16 $1.84 $0.01 $0.00

Q4 '17 $13.20 $0.38 $0.19 $0.25 $0.36 $4.23 $0.01 $0.18

Many Blockchain Terms Hit an All-Time Google Search HighEthereum Searches Fell from a Peak in Q2 2017

State of Blockchain – Q4 2017 | 18Data Source: Google Trends

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Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17

Traf

fic R

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axim

um in

Per

iod

(%)

Global Google Search Trends

Bitcoin Ethereum Blockchain Cryptocurrency Ripple ICO Coinbase


Q4 - Global Google Search Trends

More Money, More MinersIncreased Market Cap à Increased Hashrate Across Coins

State of Blockchain – Q4 2017 | 19Data Source:

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AggregateMarketC

ap($

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TotalCryptocurrencyMarketCap


2ABITCOIN

Q4 2017 Bitcoin Summary


Fork postponed:- The 2 MB block size increase was called off due to lack of support.

Global trading volume continued growth:- JPY, USD solidify large shares.

Transaction fees soared:- Average transaction fees rose about 300% from Q3.

Transactions rebound:- The number of transactions rebounded about 30% from Q3 dip.


Bitcoin almost breaks $20,000:- This quarter saw multiple all time highs that ranged from $5k to $19k.

Hashrate up 60% to new all time high:- Network security continued to grow but BCH had more at one day in November.

Bitcoin Ended Ambitious Quarter Up 214%Set a New All-Time High Above $300bn


Data Source: Coincap, Coinmetrics

-

$50bn

$100bn

$150bn

$200bn

$250bn

$300bn

$350bn

Oct Nov Dec2017

BitcoinQ4 2017 Market Cap

Oct. 1:$71.6bn

Dec. 31:$224.9bn

214%$153.3bn-

$50bn

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4/28

/13

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BitcoinHistorical Market Cap

$-

$5,000

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$15,000

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$25,000

Oct Nov Dec

Bitcoin Price & Key Market Events

State of Blockchain – Q4 2017 | 23Data Sources: CoinDesk, bitcoin price page

Oct. 31:CME & CBOE announce futures

Nov. 28:Bitcoin hits ATH of $10k

Oct. 12:Bitcoin hits ATH of $5k

Oct. 24:Bitcoin Gold hard fork

Nov. 12:bitcoin’s hashrate falls below bitcoin cash’s for 1 day

Nov. 8:SegWit2x postponed

2017

Oct. 12:Jamie Dimoninsults Bitcoin

Nov. 15:Square Cash testing buying and selling of bitcoins

Dec. 10:CBOE futures open & crash website

Dec. 18:CME futures open

Dec. 17:Bitcoin nearly hits ATH of $20k

Dec. 28:South Korea crackdown on cryptocurrency trading

Dec. 20:Youbit exchange hacked

Dec. 22:Coinbase temporarily halts trading

Nov. 28:

Global Trading Volumes Take OffUSD & JPY Solidify Large Shares

Data Source: CryptoCompare


-

$2bn

$4bn

$6bn

$8bn

$10bn

$12bn

$14bn

$16bn

January April July October January April July October

Agg

rega

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olum

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, bill

ions

)

2016 2017

Global Daily Bitcoin Exchange Trading Volume

USD JPY CNY EUR KRW PLN HKD USDT

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October November December

% o

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2017



Q4 2017 - Global Daily Bitcoin Exchange Trading Volume



USDT

USD

JPY

USD

KRW

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f Agg

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February March April May June July August September October November December

% o

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radi

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2017



Global Trading Volume Dominated by USD and JPY



CNY

USD

JPY

USD

CNY

JPY

KRW

Exchange Trading Volume IncreasedBitfinex, With Margin Trading, is the Largest USD Exchange



Top BTC <> USD Exchanges in Q4:

- Bitfinex- Coinbase- Bitstamp- Gemini- Kraken

Q3 2017:Bitfinex: 44.92%Bitstamp: 17.18%Coinbase: 16.81%Gemini: 12.97%

- $2bn

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$16bn

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2017



Bitfinex45.94%

Coinbase24.74%

Bitsamp

15.72%

Gemini

9.53%

Kraken4.08%

0%

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$-

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$14,000

$16,000

Q4 10

Q1 11

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Q3 11

Q4 11

Q1 12

Q2 12

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Q4 12

Q1 13

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Q3 13

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Q2 17

Q3 17

Q4 17

Quarterly Price Range

∆ ($) ∆ (%)

Bitcoin Price Varied From $2,000 to $5,000Second Straight Largest Quarterly $ Variation


Data Source: CoinDesk bitcoin price page

Q2 ’11:

4,253%Q4 ’13:

1,049%

Q3 ’17:

$3,012Q4 ’13:

$1,047

Q1 ’13:

683%

Quarter High Low ∆ ($) ∆ (%)Q4 10 $0.39 $0.06 $0.33 538.3%Q1 11 $1.09 $0.30 $0.80 269.5%Q2 11 $29.60 $0.68 $28.92 4252.9%Q3 11 $15.44 $4.77 $10.67 223.7%Q4 11 $5.27 $2.05 $3.22 157.0%Q1 12 $7.11 $4.22 $2.89 68.5%Q2 12 $6.69 $4.69 $2.00 42.7%Q3 12 $13.50 $6.45 $7.05 109.3%Q4 12 $13.70 $10.17 $3.53 34.7%Q1 13 $104.00 $13.28 $90.72 683.1%Q2 13 $230.00 $68.36 $161.64 236.5%Q3 13 $129.46 $66.34 $63.12 95.1%Q4 13 $1,147.25 $99.81 $1,047.43 1049.4%Q1 14 $951.39 $458.50 $492.89 107.5%Q2 14 $665.73 $360.84 $304.89 84.5%Q3 14 $647.34 $374.73 $272.61 72.7%Q4 14 $427.24 $309.87 $117.37 37.9%Q1 15 $314.59 $177.28 $137.31 77.5%Q2 15 $262.48 $218.27 $44.21 20.3%Q3 15 $309.98 $209.13 $100.85 48.2%Q4 15 $465.50 $237.40 $228.10 96.1%Q1 16 $458.28 $358.77 $99.51 27.7%Q2 16 $768.24 $417.01 $351.23 84.2%Q3 16 $703.69 $552.82 $150.87 27.3%Q4 16 $997.69 $609.38 $388.31 63.7%Q1 17 $1,290.79 $775.98 $514.80 66.3%Q2 17 $3,018.55 $1,089.51 $1,929.03 177.1%Q3 17 $4,950.72 $1,938.94 $3,011.78 155.3%Q4 17 $19,343.04 $4,225.92 $15,117.12 357.7%

Q4 ’17:

$15,117

Q4 ’17:

358%

-

200bn

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1600bn

-

2m

4m

6m

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Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

Diff

icul

ty

Has

hrat

e(T

H/s

)

Bitcoin Network SecurityAverage Hashrate (TH/s) Average Difficulty

Hashrate and Mining Difficulty Up 50%to Another All-Time High

Data Source: BlockchainNotes: Daily data. 'TH/s' is the estimated number of tera hashes (trillions of hashes) per second, 'difficulity' is a relative measure of how difficult it is to find a new block, which is adjusted periodically as a function of how much hashing power has been deployed.


Hashrate

QuarterAverage Hashrate

(TH/s)QoQ

GrowthAverage Difficulty

QoQ Growth

Q1 2016 1.06m 94% 139.82bn 98%Q2 2016 1.39m 31% 188.36bn 35%Q3 2016 1.59m 14% 216.75bn 15%Q4 2016 2.03m 28% 273.07bn 26%Q1 2017 3.15m 55% 412.67bn 51%Q2 2017 4.40m 39% 584.49bn 42%Q3 2017 6.76m 54% 885.87bn 52%Q4 2017 10.89m 61% 1421.24bn 60%

The Transaction Fee Surge SlowedFees Rose 33% After Nearly Tripling in Q2


Data Source: Blockchain

FeesAverage Daily

Quarter Bitcoin Transaction Fees QoQ ChangeQ4 2013 $0.19 125.8%Q1 2014 $0.15 -19.6%Q2 2014 $0.10 -35.3%Q3 2014 $0.09 -4.9%Q4 2014 $0.06 -40.8%Q1 2015 $0.04 -32.8%Q2 2015 $0.04 2.9%Q3 2015 $0.06 42.8%Q4 2015 $0.06 12.4%Q1 2016 $0.08 36.4%Q2 2016 $0.13 51.9%Q3 2016 $0.18 36.5%Q4 2016 $0.24 37.9%Q1 2017 $0.62 156.4%Q2 2017 $2.41 288.5%

Q3 2017 $3.21 32.9%

Q4 2017 $13.20 311.7%

$13.20

$0.00

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$4.00

$6.00

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$12.00

$14.00

Q4 2013

Q1 2014

Q2 2014

Q3 2014

Q4 2014

Q1 2015

Q2 2015

Q3 2015

Q4 2015

Q1 2016

Q2 2016

Q3 2016

Q4 2016

Q1 2017

Q2 2017

Q3 2017

Q4 2017

Bitcoin Transaction Fee Growth(Average $ per transaction)

Transaction Volumes Rebound, Up 32%


Transactions


Average Daily

Quarter Bitcoin Transactions QoQ ChangeQ4 2013 60,280 22.9%Q1 2014 63,991 6.2%Q2 2014 62,639 -2.1%Q3 2014 67,260 7.4%Q4 2014 82,724 23.0%Q1 2015 95,344 15.3%Q2 2015 108,910 14.2%Q3 2015 130,834 20.1%Q4 2015 164,488 25.7%Q1 2016 201,595 22.6%Q2 2016 221,018 9.6%Q3 2016 219,624 -0.6%Q4 2016 261,710 19.2%Q1 2017 287,098 9.7%Q2 2017 291,091 1.4%

Q3 2017 242,334 -16.7%

Q4 2017 319,085 31.7%

319,085

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Q3 2013

Q4 2013

Q1 2014

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Q4 2017

Ave

rage

# p

er d

ay

Bitcoin Transactions

Average Block Size Above 1 MB


Blocks


Average Daily BitcoinQuarter Block Sizes (MB) QoQ ChangeQ4 2013 0.16 32.9%Q1 2014 0.21 25.3%Q2 2014 0.22 7.8%Q3 2014 0.25 12.5%Q4 2014 0.33 31.6%Q1 2015 0.38 14.4%Q2 2015 0.42 11.5%Q3 2015 0.54 28.4%Q4 2015 0.58 7.7%Q1 2016 0.71 21.6%Q2 2016 0.78 10.8%Q3 2016 0.78 -0.9%Q4 2016 0.86 10.6%Q1 2017 0.93 7.8%Q2 2017 0.97 4.6%Q3 2017 0.88 -8.7%Q4 2017 1.02 15.4%

1.02

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Q4 2013

Q1 2014

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Q3 2014

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Q2 2017

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Q4 2017

Ave

rage

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ck S

ize

(MB

)

Bitcoin Block Size


2BETHEREUM

Q4 2017 Ethereum Summary

Exchange Volumes Nearly Double:- Ethereum’s USD exchange volume grew by almost 2x on average for Q4, but suffered some drop-off at the end of the year.

CryptoKitties win hearts and minds:- CryptoKitties application launched on ethereum saw huge interest but resulted in a platform wide slowdown.

Hit all time high of almost $1k:- Ethereum skyrocketed, along with other cryptos, especially in December.

Network Hashrate continues rise:- Hashrate grew by about 40% continuing the growth trend.

Transaction Volume bursts in Q4:- Ethereum transaction volumes continue to outpace BTC by almost 200%.



Successful Byzantium hard fork: - Ethereum successfully completed the Byzantium hard fork, verified zk-snark proof among other developments.

- $10bn

$20bn

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$60bn

$70bn

$80bn

$90bn

Oct Nov Dec2017

EthereumQ4 2017 Market Cap

Ethereum Increased 141% Over Q4Reached All-Time High of $68.9bn in Market Cap



Oct. 1:$28.6bn

Dec. 31:$68.9bn

141%$40.2bn

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Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17

EthereumHistorical Market Cap

$-

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Oct Nov Dec

Ethereum Price & Key Market Events

Data Sources: CoinDesk, CoinDesk ether price page


Oct. 16:Byzantium Hard Fork

Dec. 4:CryptoKittiesslow down transactions

Dec. 15:ETH on Bloomberg Terminal

Oct. 11:CoinShares announces European exchange-traded note for ether

Oct. 18:Sberbankjoins EEA

Nov. 7:Parity wallets freeze $150m

Dec. 12:Reaches ATH of $500

Dec. 11:UBS launches ethereumproject

Nov. 28:CryptoKittieslaunches

Ether Exchange Trading Volume Nearly Doubled


Data Sources: Cryptocompare, CoinDesk ether price pageNotes: $ value at the time across all listed currencies and exchanges

-

$1.0bn

$2.0bn

$3.0bn

$4.0bn

$5.0bn

Sep-

16

Oct

-16

Nov

-16

Dec

-16

Jan-

17

Feb-

17

Mar

-17

Apr

-17

May

-17

Jun-

17

Jul-1

7

Aug

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17

Oct

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Nov

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Dec

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Tota

l Dai

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Global Daily Ether Exchange Trading Volume

$1.6b

-

$200m

$400m

$600m

$800m

$1000m

$1200m

$1400m

$1600m

$1800m

Sep-

16

Oct

-16

Nov

-16

Dec

-16

Jan-

17

Feb-

17

Mar

-17

Apr

-17

May

-17

Jun-

17

Jul-1

7

Aug

-17

Sep-

17

Oct

-17

Nov

-17

Dec

-17

Ave

rage

Dai

ly V

olum

e ($

, mill

ions

)

Average Daily Ether Exchange Trading Volume

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

January February March April May June July August September October November December

Rel

ativ

e Sh

are

of T

otal

Tra

ding

Vol

ume

Trading Volume Dominance

Ether Exchange Trading $ Volume Fell to Earlier Levels After Surpassing Bitcoin

State of Blockchain – Q4 2017 | 38Data Source: Coincap, Coinmetrics

2017

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

100%


% o

f Agg

rega

te T

radi

ng V

olum

e


KRW USD BTC CNY EUR USDT JPY

ETH Most Heavily Traded with BTCBTC Gained Market Share to USD and KRW



BTC

USD

KRW

Q2 2017:BTC: 31.6%USD: 25.5%KRW: 29.5%

Q3 2017:BTC: 19.6%USD: 28.9%KRW: 36.9%

2017

KRW16.3%

USD33.3%

BTC41.4%

CNY0.3%

EUR4.3%

USDT3.9%

JPY0.5%

Q4 2017 Ether Exchange Trading VolumeShare of Volume Across Currencies

KRW USD BTC CNY EUR USDT JPY

Poloniex Led Volume in BTC MarketsBitfinex Displaced Coinbase in USD

State of Blockchain – Q4 2017 | 40Data Source: CryptoCompare

0%

20%

40%

60%

80%

100%


Shar

e of

Tot

al V

olum

e (%

)

Ether Exchange Trading Volume (USD)Share of Total Volume Across Exchanges

Coinbase Bitfinex Gemini Kraken Bitstamp

Coinbase34.83%

Bitfinex41.94%

Gemini11.24%

Kraken5.42%

Bitstamp6.57%

Ether Exchange Trading Volume (USD)Share of Total Across Exchanges

Binance29.15%

Bitfinex20.07%

OKEX

6.95%

Poloniex30.53% HitBTC

13.30%

Ether Exchange Trading Volume (BTC)Share of Total Across Exchanges

0%

20%

40%

60%

80%

100%


Shar

e of

Tot

al V

olum

e (%

)

Ether Exchange Trading Volume (BTC)Share of Total Volume Across Exchanges

Binance Bitfinex OKEX Poloniex HitBTC

ETH Transaction Numbers Rise AgainSurpassed BTC in Quarterly Average


Transactions

Data Source: Etherscan

Q4 2017:BTC: 319,085

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17

Ethereum Transaction Growth(Average # per day)

589,171

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

Ethereum Transaction Growth(Average # per day)

Transaction Fees Continued to IncreaseRose from 16₵ in Q3 to 21₵ in Q4 2017

State of Blockchain – Q4 2017 | 42Data Sources: Etherscan, CoinDesk ether price

Fees

Upward demand on price as well as ICO demand caused a few spikes in transaction fees

$0.21

$-

$0.05

$0.10

$0.15

$0.20

$0.25

Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17

Ethereum Transaction Fee Growth(Average $ per transaction)

$-

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

Ethereum Transaction Fee Growth(Average $ per transaction)

CryptoKittiestrafficjam

Hashrate Securing the Network Grew


Data Source: EtherscanNotes: 'GH/s' is the estimated number of gigahashes (billions of hashes) per second

Hashrate

Hashing power on the ethereum networkgrew 47.3% from Q3 to Q4 2017

122,516

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

Hashrate Growth(Average GH/s per day)

Block Size Increased to New All-Time HighsAs Transactions Increased


Blocks

Data Source: Etherscan

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

9/30/15 12/31/15 3/31/16 6/30/16 9/30/16 12/31/16 3/31/17 6/30/17 9/30/17 12/31/17

Ethereum Block Size Growth(Average bytes per block)

Over 8 Million Ethereum BlockchainAddresses, Doubled Quarter-Over-Quarter


Addresses

Data Source: EtherscanNotes: Distinct addresses do not directly correlate to unique users, individuals frequently control the private keys to multiple addresses and exchanges frequently control the private keys to addresses that store multiple users’ funds

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

16,000,000

18,000,000

20,000,000

9/30/15 12/31/15 3/31/16 6/30/16 9/30/16 12/31/16 3/31/17 6/30/17 9/30/17 12/31/17

Total Distinct Ethereum Addresses


2CBitcoin Cash

Bitcoin Cash Forked Off of Bitcoin on August 1st

Bitcoin Cash Difficulty Adjustment Led to Hash Power > Bitcoin for 2 Days


Data Sources: Bitinfocharts, Blockchain, Fundstrat

While the BCH hashrate started off near BTC, it generally stayed below except in November during Postponement of Segwit2x.

0

0.1

0.2

0.3

0.4

0.5

$-$500

$1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500

10/1

/17

10/8

/17

10/1

5/17

10/2

2/17

10/2

9/17

11/5

/17

11/1

2/17

11/1

9/17

11/2

6/17

12/3

/17

12/1

0/17

12/1

7/17

12/2

4/17

12/3

1/17

BC

H P

rice

in B

TC

BC

H P

rice

in U

SD

Bitcoin Cash Price

USD BTC

Herfindahl-Hirschmanindex(HHI)Bitcoin: 2080Bitcoin Cash: 2640

-

$10bn

$20bn

$30bn

$40bn

$50bn

$60bn

$70bn

Oct Nov Dec

BitcoinCashQ42017MarketCap

Bitcoin Cash Increased 457% Over Q4Reached All-Time High of $65.9bn in Market Cap



Oct. 1:$7.2bn

Dec. 31:$40.1bn

457%$32.9bn-

$10bn

$20bn

$30bn

$40bn

$50bn

$60bn

$70bn

Jul-1

7

Aug-17

Aug-17

Aug-17

Aug-17

Sep-17

Sep-17

Sep-17

Sep-17

Oct-17

Oct-17

Oct-17

Oct-17

Oct-17

Nov-17

Nov-17

Nov-17

Nov-17

Dec-17

Dec-17

Dec-17

Dec-17

BitcoinCashHistoricalMarketCap

Bitcoin Cash Exchange Trading VolumeIncreased Over Final Two Months of 2017


Data Sources: Cryptocompare, Coinmetrics Notes: $ value at the time across all listed currencies and exchanges

$1.3b

-

$200m

$400m

$600m

$800m

$1000m

$1200m

$1400m

Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17

Ave

rage

Dai

ly V

olum

e ($

, mill

ions

)

Average Daily Bitcoin Cash Exchange Trading Volume

-

$.5bn

$1.0bn

$1.5bn

$2.0bn

$2.5bn

$3.0bn

$3.5bn

$4.0bn

$4.5bn


Tota

l Dai

ly T

radi

ng V

olum

e ($

, bill

ions

)

Global Daily Bitcoin Cash Exchange Trading Volume

BCH Most Heavily Traded with BTCBCH Gained Market Share from KRW



Q3 2017:KRW 44.3%BTC 36.4%USD 15.6%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

100%


% o

f Agg

rega

te T

radi

ng V

olum

e


USD BTC USDT KRW EUR ETH JPY

2017

USD 19.8% BTC

42.6%

USDT2.0%

KRW31.8% EUR

1.3%

ETH1.7%

JPY0.9%

Q4 2017 Bitcoin Cash Exchange Trading VolumeShare of Volume Across Currencies

USD BTC USDT KRW EUR ETH JPY

HitBTC Led Volume in BTC MarketsBitfinex Dominates in USD


0%

20%

40%

60%

80%

100%


Shar

e of

Tot

al V

olum

e (%

)

Bitcoin Cash Exchange Trading Volume (USD)Share of Total Volume Across Exchanges

Bitfinex Coinbase Bitstamp Kraken HitBTC

Bitfinex73.39%

Coinbase11.62%

Bitstamp0.68%

Kraken6.14%

HitBTC

8.17%

Bitcoin Cash Exchange Trading Volume (USD)Share of Total Across Exchanges

0%

20%

40%

60%

80%

100%


Shar

e of

Tot

al V

olum

e (%

)

Bitcoin Cash Exchange Trading Volume (BTC)Share of Total Volume Across Exchanges

HitBTC OKEX Bitfinex Bittrex Binance

HitBTC

40.99% OKEX

5.88%

Bitfinex16.26%

Bittrex23.07% Binance

13.81%

Bitcoin Cash Exchange Trading Volume (BTC)Share of Total Across Exchanges

BCH Transaction Numbers Rise Again


Transactions

Data Source: Coinmetrics

Q4 2017:BTC: 319,085

17,002

23,209

0

5,000

10,000

15,000

20,000

25,000

Q317 Q417

BitcoinCashTransactionGrowth(Average#perday)

0

50,000

100,000

150,000

200,000

250,000


BitcoinCashTransactionGrowth(Average#perday)

Transaction Fees Increase BarelyRose from 1₵ in Q3 to 19₵ in Q4 2017

State of Blockchain – Q4 2017 | 53Data Sources: Coinmetrics

Fees

$0.18

$0.19

$0.17

$0.18

$0.19

Q317 Q417

BitcoinCashTransactionFeeGrowth(Average$pertransaction)

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80


BitcoinCashTransactionFeeGrowth(Average$pertransaction)

State of Blockchain – Q4 2017 | 54Data Sources: Bitinfocharts

Blocks Despite Large BlocksMost Blocks Remained Unfilled


Hashrate Hashrate Securing Network Grows SteadilyBlips Related to Bitcoin Fork Uncertainty


2DLTC

-

$4bn

$8bn

$12bn

$16bn

$20bn

Oct Nov Dec

LitecoinQ42017MarketCap

Litecoin Increased 304% Over Q4Reached All-Time High of $8.9bn in Market Cap



Oct. 1:$2.9bn

Dec. 31:$11.8bn

304%$8.9bn-

$4bn

$8bn

$12bn

$16bn

$20bn

Apr-13

Jul-1

3

Oct-13

Jan-14

Apr-14

Jul-1

4

Oct-14

Jan-15

Apr-15

Jul-1

5

Oct-15

Jan-16

Apr-16

Jul-1

6

Oct-16

Jan-17

Apr-17

Jul-1

7

Oct-17

LitecoinHistoricalMarketCap

Litecoin Exchange Trading Volume Rose and Crashed


Data Sources: Cryptocompare, CoinDesk, CoinmetricsNotes: $ value at the time across all listed currencies and exchanges

-

$100m

$200m

$300m

$400m

$500m

$600m

$700m

Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17

Tota

l Dai

ly T

radi

ng V

olum

e ($

, bill

ions

)

Global Daily Litecoin Exchange Trading Volume

$223,576,813

-

$50m

$100m

$150m

$200m

$250m

Ave

rage

Dai

ly V

olum

e ($

, mill

ions

)

Average Daily Litecoin Exchange Trading Volume

LTC Most Heavily Traded with USDKRW Lost Market Share to BTC & USDT



Q3 2017:USD 39%KRW 34%BTC 23%

2017

USD 42.2%

BTC35.6%

USDT3.0%

KRW15.0%

EUR3.5%

ETH0.5%

Q4 2017 Litecoin Exchange Trading VolumeShare of Volume Across Currencies

USD BTC USDT KRW EUR ETH

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

100%


% o

f Agg

rega

te T

radi

ng V

olum

e

Global Daily Litecoin Exchange Trading Volume

USD BTC USDT KRW EUR ETH

Bitfinex, Coinbase, and Poloniex Split BTC Markets Coinbase Dominates in USD


0%

20%

40%

60%

80%

100%


Shar

e of

Tot

al V

olum

e (%

)

Litecoin Exchange Trading Volume (USD)Share of Total Volume Across Exchanges

Coinbase Bitfinex Bitstamp Kraken HitBTC

Coinbase58.56%

Bitfinex29.91%

Bitstamp5.98%

Kraken2.05% HitBTC

3.50%

Litecoin Exchange Trading Volume (USD)Share of Total Across Exchanges

0%

20%

40%

60%

80%

100%


Shar

e of

Tot

al V

olum

e (%

)

Litecoin Exchange Trading Volume (BTC)Share of Total Volume Across Exchanges

OKEX Binance Poloniex Bitfinex Coinbase

OKEX

5.33%

Binance14.97%

Poloniex27.89%

Bitfinex

30.95% Coinbase20.87%

Litecoin Exchange Trading Volume (BTC)Share of Total Across Exchanges

LTC Transaction Numbers Rise Drastically


Transactions


Q4 2017:BTC: 319,085

51,328

0

10,000

20,000

30,000

40,000

50,000

60,000

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416

Q117

Q217

Q317

Q417

Litecoin TransactionGrowth(Average#perday)

0

40,000

80,000

120,000

160,000

200,000

Apr-13

Jun-13

Au

g-13

Oct-13

Dec-13

Feb-14

Ap

r-14

Jun-14

Au

g-14

Oct-14

Dec-14

Feb-15

Ap

r-15

Jun-15

Au

g-15

Oct-15

Dec-15

Feb-16

Ap

r-16

Jun-16

Au

g-16

Oct-16

Dec-16

Feb-17

Ap

r-17

Jun-17

Au

g-17

Oct-17

Dec-17

Litecoin TransactionGrowth(Average#perday)

Transaction Fees Return to Past LevelsRose from 16₵ in Q3 to 19₵ in Q4 2017


Fees

$0.19

$0.00

$0.04

$0.08

$0.12

$0.16

$0.20

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416

Q117

Q217

Q317

Q417

Litecoin TransactionFeeGrowth(Average$pertransaction)

$0.00

$0.20

$0.40

$0.60

$0.80

Apr-13

Jun-13

Au

g-13

Oct-13

Dec-13

Feb-14

Ap

r-14

Jun-14

Au

g-14

Oct-14

Dec-14

Feb-15

Ap

r-15

Jun-15

Au

g-15

Oct-15

Dec-15

Feb-16

Ap

r-16

Jun-16

Au

g-16

Oct-16

Dec-16

Feb-17

Ap

r-17

Jun-17

Au

g-17

Oct-17

Dec-17

LitecoinTransactionFeeGrowth(Average$pertransaction)


Blocks Small Block Size Hit All Time High of 200k


Hashrate Hashrate Spiked with Value


2EXRP

-

$20bn

$40bn

$60bn

$80bn

$100bn

Oct Nov Dec

XRPQ42017MarketCap

XRP Increased 971% Over Q4Reached All-Time High of $85.2bn in Market Cap



Oct. 1:$7.6bn

Dec. 31:$82.3bn

971%$73.6bn-

$10bn

$20bn

$30bn

$40bn

$50bn

$60bn

Aug-13

Oct-13

Dec-13

Feb-14

Ap

r-14

Jun-14

Au

g-14

Oct-14

Dec-14

Feb-15

Ap

r-15

Jun-15

Au

g-15

Oct-15

Dec-15

Feb-16

Ap

r-16

Jun-16

Au

g-16

Oct-16

Dec-16

Feb-17

Ap

r-17

Jun-17

Au

g-17

Oct-17

Dec-17

XRPHistoricalMarketCap

XRP Exchange Trading Volume Increased


Data Sources: Cryptocompare, CoinmetricsNotes: $ value at the time across all listed currencies and exchanges

$1.1b

-

$200m

$400m

$600m

$800m

$1000m

$1200m


Ave

rage

Dai

ly V

olum

e ($

, mill

ions

)

Average Daily XRP Exchange Trading Volume

-

$1.0bn

$2.0bn

$3.0bn

$4.0bn

$5.0bn


Tota

l Dai

ly T

radi

ng V

olum

e ($

, bill

ions

)

Global Daily XRP Exchange Trading Volume

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

100%


% o

f Agg

rega

te T

radi

ng V

olum

e

Global Daily XRP Exchange Trading Volume

USD KRW BTC EUR USDT ETH AUD

XRP Most Heavily Traded with BTCUSD & BTC Gained Market Share from KRW



Q3 2017:BTC: 41.7%KRW 36.8%USD 15.9%

2017

USD 24.9% KRW25.4%

BTC42.6%

EUR4.1%

USDT0.0%

ETH2.2%

AUD0.7%

Q4 2017 XRP Exchange Trading VolumeShare of Volume Across Currencies

USD KRW BTC EUR USDT ETH AUD

Poloniex Led Volume in BTC MarketsBitfinex Led in USD


0%

20%

40%

60%

80%

100%

October November DecemberShar

e of

Tot

al V

olum

e (%

)

XRP Exchange Trading Volume (USD)Share of Total Volume Across Exchanges

Bitfinex Bitstamp Kraken Poloniex Bittrex

Bitfinex

51.99%

Bitstamp20.06%

Kraken5.94%

Poloniex13.54%

Bittrex8.47%

XRP Exchange Trading Volume (USD)Share of Total Across Exchanges

0%

20%

40%

60%

80%

100%


e of

Tot

al V

olum

e (%

)

XRP Exchange Trading Volume (BTC)Share of Total Volume Across Exchanges

HitBTC Binance Poloniex Bittrex Bitfinex

HitBTC

4.73%

Binance23.71%

Poloniex36.79%

Bittrex25.08%

Bitfinex9.69%

XRP Exchange Trading Volume (BTC)Share of Total Across Exchanges

XRP Transaction Numbers Rise Again


Transactions

Data Source: Ripple

Q4 2017:BTC: 319,085

Transaction Fees Barely IncreaseRose from 1₵ in Q3 to 19₵ in Q4 2017

State of Blockchain – Q4 2017 | 71Data Sources: Ripple, Bitinfocharts

Fees

XRP Ledgers Increase


Ledgers

Data Source: Ripple


2FZEC

-

$1bn

$1bn

$2bn

$2bn

$3bn

Oct Nov Dec

ZCashQ42017MarketCap

ZCash Increased 123% Over Q4Reached All-Time High of $1.9bn in Market Cap



Oct. 1:$.6bn

Dec. 31:$1.4bn

123%$.8bn-

$1bn

$1bn

$2bn

$2bn

$3bn

Oct-16

Nov-16

Dec-16

Jan-17

Feb-17

Mar-17

Apr-17

May-17

Jun-17

Jul-1

7

Aug-17

Sep-17

Oct-17

Nov-17

Dec-17

ZCashHistoricalMarketCap

ZCash Exchange Trading Volume Increased



-

$50m

$100m

$150m

$200m

$250m

$300m

$350m

$400m

$450m


Tota

l Dai

ly T

radi

ng V

olum

e ($

, bill

ions

)

Global Daily ZCash Exchange Trading Volume

$155m

-

$40m

$80m

$120m

$160m

$200m

Ave

rage

Dai

ly V

olum

e ($

, mill

ions

)

Average Daily ZCash Exchange Trading Volume

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

100%


% o

f Agg

rega

te T

radi

ng V

olum

e

Global Daily ZCash Exchange Trading Volume

USD BTC KRW ETH RUB

ZEC Most Heavily Traded with BTCKRW Started Its Markets in Late October



Q3 2017:BTC 55.7%USD 40.8%ETH 3.3%

2017

USD 26.4%

BTC50.4%

KRW21.6% ETH

1.4%

RUB0.1%

Q4 2017 ZCash Exchange Trading VolumeShare of Volume Across Currencies

USD BTC KRW ETH RUB

HitBTC Lost Share In BTC MarketsBitfinex with Most Volume In USD


0%

20%

40%

60%

80%

100%


e of

Tot

al V

olum

e (%

)

ZCash Exchange Trading Volume (USD)Share of Total Volume Across Exchanges

Bitfinex HitBTC Poloniex Kraken Bittrex

Bitfinex56.27%HitBTC

13.06%

Poloniex16.41%

Kraken4.62%

Bittrex9.63%

ZCash Exchange Trading Volume (USD)Share of Total Across Exchanges

0%

20%

40%

60%

80%

100%


e of

Tot

al V

olum

e (%

)

ZCash Exchange Trading Volume (BTC)Share of Total Volume Across Exchanges

HitBTC Binance Bittrex Bitfinex

HitBTC

50.49%

Binance11.01%

Bittrex22.04%

Bitfinex

16.46%

ZCash Exchange Trading Volume (BTC)Share of Total Across Exchanges

ZEC Transaction Numbers Rise Again


Transactions


Q4 2017:BTC: 319,085

7,129

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Q416 Q117 Q217 Q317 Q417

ZCashTransactionGrowth(Average#perday)

0

4,000

8,000

12,000

16,000

20,000


ZCashTransactionGrowth(Average#perday)

ZCash Transaction Fees Remain InexpensiveDespite Price Increase


Fees

$0.18

$0.00

$0.04

$0.08

$0.12

$0.16

$0.20

Q416 Q117 Q217 Q317 Q417

ZCashTransactionFeeGrowth(Average$pertransaction)

$0.00

$0.20

$0.40

$0.60

$0.80


ZCashTransactionFeeGrowth(Average$pertransaction)


Hashrate Hashrate Continues to Grow


2GXMR

-

$1bn

$2bn

$3bn

$4bn

$5bn

$6bn

$7bn

$8bn

Oct Nov Dec

MoneroQ42017MarketCap

Monero Increased 253% Over Q4Reached All-Time High of $7.3bn in Market Cap



Oct. 1:$1.4bn

Dec. 31:$5.1bn

253%$3.7bn-

$1bn

$2bn

$3bn

$4bn

$5bn

$6bn

$7bn

$8bn

May-14

Jul-1

4

Sep-14

Nov-14

Jan-15

Mar-15

May-15

Jul-1

5

Sep-15

Nov-15

Jan-16

Mar-16

May-16

Jul-1

6

Sep-16

Nov-16

Jan-17

Mar-17

May-17

Jul-1

7

Sep-17

Nov-17

MoneroHistoricalMarketCap

Monero Exchange Trading Volume Increased



-

$100m

$200m

$300m

$400m

$500m

$600m


Tota

l Dai

ly T

radi

ng V

olum

e ($

, bill

ions

)

Global Daily Monero Exchange Trading Volume

$201m

-

$40m

$80m

$120m

$160m

$200m

$240m

Ave

rage

Dai

ly V

olum

e ($

, mill

ions

)

Average Daily Monero Exchange Trading Volume

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

100%


% o

f Agg

rega

te T

radi

ng V

olum

e

Global Daily Monero Exchange Trading Volume

USD BTC KRW EUR ETH

XMR Most Heavily Traded with BTCTrading Remained Stable



Q3 2017:BTC 49.1%KRW 25.7%USD 21.8%

2017

USD 22.7%

BTC52.2%

KRW21.4% EUR

2.1%

ETH1.5%

USDT0.0%

Q4 2017 Monero Exchange Trading VolumeShare of Volume Across Currencies

USD BTC KRW EUR ETH USDT

HitBTC Led in BTC MarketsBitfinex Gained Big in USD


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Monero Exchange Trading Volume (USD)Share of Total Volume Across Exchanges

Bitfinex Kraken HitBTC Bittrex Poloniex

Bitfinex56.68%

Kraken5.77%

HitBTC18.62%

Bittrex7.58%

Poloniex11.35%

Monero Exchange Trading Volume (USD)Share of Total Across Exchanges

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Monero Exchange Trading Volume (BTC)Share of Total Volume Across Exchanges

HitBTC Poloniex Binance Kraken Bitfinex

HitBTC

39.76%

Poloniex31.96%

Binance8.89% Kraken

3.72%Bitfinex15.68%

Monero Exchange Trading Volume (BTC)Share of Total Across Exchanges

XMR Transaction Numbers Rise


Transactions


Q4 2017:BTC: 319,085

5,358

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Transaction Fees More Than DoubleRose from $1.82 in Q3 to $4.23 in Q4 2017


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Hashrate Transaction Fees More Than DoubleRose from $1.82 in Q3 to $4.23 in Q4 2017


3ENTERPRISE BLOCKCHAINS

Q4 2017 Enterprise Blockchain Summary

Microsoft’s enterprise blockchain solutions:- Microsoft launches of blockchain for Azure Government.

Hyperledger loses members:- Hyperledger members CME Group, Deutsche BorseGroup, R3, downgrade their membership to general. 15 other organizations cancel their membership.

R3 takes its next step:- R3 adds members, launches Corda version 2.0. Corda becomes the first DLT to be accessible on Amazon Web Services (AWS).

Enterprise Ethereum Alliance sees more interest:- Enterprise Ethereum Alliance adds members and 3 new organizational structures.

We.Trade joins the ecosystem:- 9 banks set up joint venture aiming to ease European domestic and cross-border trade with DLT built by IBM.

State of Blockchain – Q4 2017 | 90Data Source: CoinDesk

Blockchain for Enterprise Market Expected to Grow:- Annual revenue for the enterprise blockchain will increase from approximately $2.5bn worldwide in 2016 to $19.9bn by 2025, with a CAGR of 26.2%.

Blockchain for Enterprise Market Growth


Data Sources: Tractica

Annual revenue for enterprise applications of blockchain will increase from approximately $2.5 billion worldwide in 2016 to $19.9 billion by 2025, representing a compound annual growth rate (CAGR) of 26.2%.

Permissioned Blockchains:Enterprise Ethereum Alliance Update


Data Sources: Enterprise Ethereum Alliance, CoinDesk

Membership New Organizational Structures

Now 250+ members, recent additions include:

Digital Identity Working Group:

ThegoaloftheDigitalIdentityWorkingGroupistoestablishageneralunderstandingabouttheroleofethereum inthedigitalidentityspaceandtodevelopataxonomythatis

widelyacceptedandpracticedinthetechnologyindustry.

Energy Working Group:

TheEnergyWorkingGroupisdefiningstandardsaroundethereum blockchainimplementationsforoilandgas,mining,refining,trading,utilities,gridsandotherverticalswithintheenergyindustry.Thegroupwillworktowardbuildingtheindustryinfrastructure

neededforwidespreadadoptionwithintheseenergy-relatedareas.

Multiplatform Working Group:

TheMultiPlatform WorkingGroupwillworktomaketheethereum platformavailableonmultipleoperatingsystemsandphysicalhardware.Thecurrentversionworkswellon

certainoperatingsystems,butthegroupwillworktowardadvanceswhichwillmaketheplatformuniversallyadoptable.

Member Fees: $25k

Permissioned Blockchains:Hyperledger Update


Data Sources: Hyperledger, CoinDesk

Membership Gains Membership Losses Projects


• The National Settlement Depository (NSD), the central depository for Russia's largest securities exchange group, has announced it is testing a new commercial bond trading platform built on top of the Hyperledger blockchainconsortium's Fabric software.

• Oracle Corporation opened its annual conference announcing building their Blockchain cloud service on top of the Hyperledger Fabric project.

• Quilt, Interledger protocol, joins Hyperledger

About 15 members left, will leave, or downgrade their membership. They include:

Member Fees: Premier: $250k ayear.Generalmemberships: $5,000 to $50,000

Permissioned Blockchains:R3 Update


Data Sources: R3, CoinDesk

Membership Corda v2.0 Projects


• Corda v2.0 released• Corda 2.0 delivers the addition

of Observer Node functionality. This feature allows transactions to be forwarded to third parties such as relevant regulators for addition to their vaults

• Corda is a platform for smart contracts focused on privacy and security

• Codebase developed with 50 financial services and tech firms

• Open-source release of platform occurred in 2016

• Finastra , R3, and 7 leading banks are creating an online marketplace to drive transparency and efficiency in the syndicated loan market

• R3 and 22 of its member banks have developed a solution that leverages distributed ledger technology (DLT) to enable fast, efficient and cost-effective cross-border payments

• Emali launches training course for R3’s Corda DLT Platform in Hong Kong and Southern China

• R3’s Corda has become one of the first DLT solutions available to users of Amazon Web Services (AWS)

R3 Loses Ripple Lawsuit

Major Cellular Carriers Around the World Launch Study Group, CBSG


Data Sources: CoinDesk

Members Projects

• SoftBankGroup,inpartnershipwithblockchain startupSivira,hascreatedablockchain-basedsystemformanagingpersonalfinancialinformation

• Thecompanyaimstolaunchthesysteminthemarketin2019

Coco, Blockchain Interoperability Play


Data Sources: Microsoft, CoinDesk

Projects

• Microsoft’s Coco platform aims to speed up transactions and simplify governance decisions for enterprise DLT

• It will work with popular open-source blockchains and distributed ledgers, including ethereum, R3, Corda, Hyperledger Sawtooth, and JP Morgan’s Quorum

• Aims for compatibility with Intel’s SGX chip, other hardware that protects private cryptographic keys.

• Intel SGX is CPU-related thus Microsoft’s Coco Framework will not depend on GPU accelerators from Nvidia (NVDA) or AMD

• Launch of blockchain for Azure Government

Interoperability

Permissioned Blockchains:IBM Update


Data Sources: IBM, CoinDesk

Accelerator Partnership Education Projects

• MState (formerly HyperFab) is a growth lab for enterprise blockchain focused on Hyperledger Fabric

• In partnership with IBM, Comcast Ventures, Galvanize and Boldstart Ventures

• IBM will provide training and support to participants

• The IBM Academic Initiative provides open resources to over 1,000 universities worldwide

• Recently added blockchainresources to the initiative, including access to the IBM Blockchain Platform, six months of access to IBM Cloud, and use of the IBM Blockchain cloud sandbox

• In addition, there are resources and guides for educators

• ZF Friedrichshafen and UBS on mobile payments system: Car eWallet

• PSA International working on a blockchain trial for supply chain document flow

• Food safety consortium based on initial Walmart pilot now includes Dole, Unilever, Kroger, Nestle, and others

• BM is using the blockchain to speed up and simplify cross-border payments

• IBM to track pot supplies as they move up the supply chain from farm to distributor to retailer to consumers in conjunction with British Columbia government

Permissioned Blockchains:We.Trade Update


Data Sources: We.Trade, CoinDesk

Projects

• Aiming to ease European domestic and cross-border trade we.trade is building a distributed ledger framework that connects a buyer, sellers, banks and intermediaries to simplify transaction management and tracking

• The consortium will create a new business entity in the Republic of Ireland, jointly owned by the eight founding banks, that will manage and distribute the offering

• Banco Santander, Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and UniCredit are the 8 founding members banks

• The commercialization of the platform is expected in Q2 2018. From February 2018, test clients of the founding banks will be able to use the platform. Onboarding team has been formed to welcome new banks to the platform

• IBM provides the cloud-based system powered by Hyperledger Fabric 1.0

• Nordea becomes the ninth banking member in December

Members

Now 10+ members, including:

Joint venture rather than consortium. Founding members get equity.


4TRADING & INVESTMENT

Q4 2017 Trading & Investment Summary


ICO deal breaks records:- Sirin Labs raised its way into 3rd all-time highest ICO ($158mn).

Token sales raise 16x over VC:- Total raised by ICOs hits $3.23bn in Q4, with VC amounting to $200mn.

Two important VC deals :- BitGo raised $43mn and Bitpay raised $30mn.

ICOs less spectacular in ETH:- Less spectacular when denominating in ETH with +56% vs. +146% for USD (Q3 to Q4).

Futures show promise:- CME & Cboe futures launched with regulatory approval and market interest.

Forks have raised 8x more than ICOs:- Token generating events (TGE) are split between $44bn in forks vs. $5bn in ICOs cumulatively.


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Q4 2017 Blockchain FundingCumulative ICO Cumulative VC

ICO Funding Raised $3.2bn in Q4ICOs Exceeded VC by Over 16x


Top ICO Deals:Sirin Labs - $157.9mnPolkadot - $144.6mnQash - $107.3mnCOMSA - $95.4mn

Data Sources: CoinDesk venture capital database, CoinDesk ICO TrackerNotes: Deals under $100,000 excluded, $ amount at time raised, including only fundraisers ending in 'Q4 2017’ (10/1/17 – 12/31/17)

VC$200mn

ICO$3,231mn

Top VC Deals:BitGo - $42.5mnBitPay - $30mnOKCoin - $27.2mnAbra - $16mn

Q2

ICO$797mn

VC$235mn

Q3

ICO$1,316mn

VC$156mn

ICO

VC

December Saw the Most ICO Funding Ever


Data Sources: CoinDesk venture capital database, CoinDesk ICO TrackerNotes: Deals under $100,000 excluded, $ amount at time raised, $ amount at time raised, including only fundraisers ending in 'Q4 2017’ (10/1/17 – 12/31/17)

$0

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Monthly New ICO Funding(in $ mn)

4.960m 4.830m

7.522m

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8m

Q2 2017 Q3 2017 Q4 2017

ICO Funding(in ETH)

When Priced in ETH, ICO Funding Less SpectacularRise in Price of ETH Led to Rise in ICO Raises


Data Sources: CoinDesk venture capital database, CoinDesk ICO TrackerNotes: including only fundraisers ending in 'Q4 2017’ (10/1/17 – 12/31/17)

-3% ETH +65% USD

+56% ETH +146% USD

ICO Deal Count Exploded in Q4 Dwarfs VC Investments in Blockchain


Data Sources: CoinDesk venture capital database, CoinDesk ICO TrackerNotes: Deals under $5m excluded, $ amount at time raised, including only fundraisers ending in 'Q4 2017’ (10/1/17 – 12/31/17)

Q4 2017 ICOsDate Project ICO Round ($m)

9/25/17 Centra (CTR) 30.009/26/17 KinKik 97.049/28/17 Cindicator (CND) 15.009/29/17 GameCoin 8.86

9/29/17 KICKICO (KCX) 24.979/30/17 Monetha (MTH) 29.959/30/17 Musiconomi (MCI) 6.779/30/17 REAL (REAL) 10.799/30/17 uooMAG (UMC) 20.00

10/1/17 Oxycoin (OXY) 6.2510/2/17 HelloGold (HGT) 5.1410/4/17 Viberate (VIB) 12.0010/4/17 Wanchain 35.9910/6/17 FinShiCapital (FINS) 21.4110/6/17 PowerLedger (POWR) 23.2310/8/17 PayPie 26.0010/10/17 Aion Pre-sale 8.08

10/10/17 Airtoken (AIR) 15.0010/10/17 Maecenas (ART) 15.4010/10/17 Wolk PreSale 11.7710/11/17 Airswap(AIG) 24.5510/11/17 DomRaider 49.0910/11/17 LAToken (LAT) 19.3610/12/17 doc.ai (NRN) 13.7510/12/17 Ties.Network (TIE) 8.2910/13/17 Streamr 27.0010/16/17 ChangeBank (CAG) 15.8310/16/17 CreditProtocol 15.3010/16/17 Eidoo 27.2210/16/17 HEROcoin 8.1710/16/17 Paragon 94.5810/17/17 Dovu 9.0910/17/17 RequestNetwork (REQ) 33.1710/18/17 Ambrosus (AMB) 32.5110/22/17 COBINHOOD (COB) 13.3810/23/17 UnikoinGold (UKG) 31.5910/25/17 BLOCKv (VEE) 21.0710/27/17 Polkadot (DOT) 144.5910/28/17 Etherparty (FUEL) 31.8710/28/17 SwarmFund 5.3710/30/17 Aeron 5.3510/30/17 Cryptopay (CPAY) 18.0310/31/17 ATLANT (ATL) 6.63

… … …


12/28/17 Bankex (BKX) 70.3012/28/17 BitDegree 22.1312/29/17 BitClave (CAT) 25.55

12/29/17 Gladius 14.6812/29/17 STKToken 17.0012/31/17 ChainTrade (CTC) 30.0012/31/17 Covesting 18.7512/31/17 Finom 41.29

12/31/17 LinkerCoin 10.1312/31/17 Loci 7.3812/31/17 Telcoin 25.00

Total … $3,231m

ICOQ4 2017 ICOs

Date Project ICO Round ($m)10/31/17 CarTaxi (CTX) 8.7110/31/17 Electroneum (ETN) 40.9510/31/17 REALT (RLT) 11.1510/31/17 RedPulse (RPX) 13.32

10/31/17 Seratio Project (SER) 8.1611/1/17 Enjin 22.9311/1/17 RaidenNetwork (RDN) 33.1311/3/17 Dragonchain 13.1911/4/17 Ignis (IGNIS) 18.30

11/6/17 COMSA 95.3711/7/17 Tokenbox (TBX) 8.3211/7/17 UQUIDEcoSystem (UQC) 17.8011/8/17 Qash (QASH) 107.2911/10/17 RipioCreditNetwork (RCN) 37.4311/10/17 Uptoken (UP) 18.9311/11/17 Grid+ (GRID) 38.9511/15/17 Crederoom (CDRT) 5.13

11/15/17 Soma 6.0511/17/17 B2BX 8.8111/17/17 OraclesNetwork (POA) 13.3711/18/17 MicroMoney 10.5411/19/17 Qbao (QTUM) 9.8011/19/17 Quantstamp 53.6411/20/17 UTRUST 21.0011/21/17 ScienceBlockchain (SCI) 12.2711/21/17 TimeNewBank 14.3811/24/17 Flixxo (FLIXX) 5.1011/24/17 MercuryProtocol (GMT) 7.6211/24/17 Starbase (STAR) 8.9211/25/17 CyberMiles (CMT) 34.3711/26/17 trade.ioPre-sale 11.2911/29/17 Datum (DAT) 7.4211/29/17 WAX (WAX) 45.3611/30/17 Crypto20 (C20) 34.9311/30/17 Esports 5.8411/30/17 EthLend (LEND) 16.7411/30/17 GenaroNetwork(GNX) 11.6111/30/17 Paycent 15.5311/30/17 Presearch 20.5011/30/17 WaBi 11.5012/1/17 Betmaster (BETM) 5.2412/1/17 Blockstack (STX) 50.0012/1/17 DMarket (DMT) 16.18

… … …


12/1/17 Playkey (PKT) 10.4512/1/17 Sense 15.0012/1/17 SimpleToken (ST) 21.4012/4/17 SmartMesh 15.69

12/5/17 Cashaa (CAS) 11.1512/5/17 Leverj (LEV) 13.8412/6/17 Tokens.net (DTR) 15.0012/8/17 SportyFi (SPF) 5.0912/8/17 Storm 30.72

12/8/17 Universa (UTN) 28.6812/10/17 aelf 24.7512/10/17 Spectre (SPEC) 15.3912/11/17 CrowdWiz(WIZ)Pre-Sale 5.3912/13/17 GUTSTickets 7.5212/14/17 GIFTO 10.0012/15/17 DeepBrain Chain 11.7612/15/17 DreamTeam 5.52

12/15/17 Gatcoin(presale) (GAT) 9.0012/15/17 MediBloc (MED) 25.6412/15/17 Naga(NGC) 62.6612/15/17 Protos (PRTS) 5.7212/16/17 Coinlancer 11.8612/16/17 Nebulas (NAS) 60.0012/17/17 Neufund (NEU) 14.9012/17/17 SophiaTX 23.4712/19/17 Bread 20.0212/19/17 CommerceBlock 8.8212/19/17 MiniApps 5.3012/20/17 Aditus 7.1012/20/17 AppCoins 17.1012/20/17 indaHash 42.7212/20/17 SelfkeyPre-sale 15.8412/22/17 PROPS 25.0012/22/17 Qlink 32.1712/22/17 SingularityNET 32.8512/23/17 Hdac 20.0012/24/17 ZenProtocol 46.3712/25/17 INSEcosystem 45.7612/25/17 Uttoken 30.8512/26/17 SirinLabs 157.8912/26/17 TokenPay 28.6812/27/17 CanYa 8.3412/27/17 Jibrel Network 30.00

… … …

Q4 2017 VCDate Project VC Round ($m)

10/19/17 The Sun Exchange $1.6010/23/17 Abra $16.0010/26/17 Orchid Labs $4.7011/16/17 PayStand $6.0011/27/17 LibraTax $7.8011/29/17 Digix Global $1.2512/4/17 Coinsquare $10.5012/6/17 BitPay $30.0012/11/17 Origin $3.0012/11/17 Brontech $0.9312/11/17 BitGo $42.5012/12/17 Bitwise $4.0012/13/17 Colu $14.5012/14/17 Coldlar $10.0012/15/17 OKCoin $27.2012/15/17 MakerDAO $12.0012/19/17 Radar Relay $3.0012/19/17 dYdX $1.0012/22/17 Coinify ApS $4.80

Total $200.78

VC

-

$1.0bn

$2.0bn

$3.0bn

$4.0bn

$5.0bn

$6.0bn

Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17

All-Time Blockchain FundingCumulative VC Cumulative ICO

Q4 2017 ICO Total Funding Sky Rockets FurtherAbove Total Venture Capital Blockchain Investment


Top ICO Deals:Filecoin - $262mTezos - $232mSirin Labs - $157.9mBancor - $153m

Data Sources: CoinDesk venture capital database, CoinDesk ICO TrackerNotes: Deals under $100,000 excluded, $ amount at time raised*Amount contested and frequently reported between $75m - $116m

VC$2.15bn

ICO$5.68bn

Top VC Deals:21 - $116m*R3 - $107mCoinbase - $100mDigital Asset - $60m

VC ICO

$44.32

$5.68

$0.00

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$40.00

$50.00

Forks ICOs

TokenGenerationEventsfor2017(in$bn)

TGE ComparedToken Generating Events Dominated by Forks


Data sources: CoinmarketCap, CoinDesk venture capital database, CoinDesk ICO Tracker

Market Cap (12/31/2017):Bitcoin Cash: $40.13bnBitcoin Gold: $4.19bn

The Future of BitcoinCME & Cboe Launch Futures Successfully


Data sources: CoinDesk, Autonomous NEXT, WSJ

Summary:

• LowVolume

• Institutionalshorts

• Retaillongs

• Firstcontractssettlewithoutproblems


5GOVERNMENT & REGULATION

Q4 2017 Government & Regulation Summary

Bitfinex & Tether became targets of US regulators:- US regulators subpoena crypto exchange Bitfinex and Tether.

CFTC approved bitcoin futures:- The US Commodities & Futures Trade Commission gave approval for CME & Cboe to launch bitcoin futures contracts.

Russia moved to define regulatory environment:- Russian bill submitted which will determine the procedure for issuing, taxing, buying and circulation of cryptocurrency.

South Korea saw higher levels of regulation:- Q4 was filled with consternation that eventually ended in an increase in regulatory measures on trading.



Americas: CFTC Allows FuturesVenezuela Backs Blockchain

State of Blockchain – Q4 2017 | 110Data Sources: CoinDesk, Image

Dec. 1 – CFTC gave green light to CME and Cboe to list bitcoin futures.

Nov. 28 – New York Department of Financial Services awards 4th ever BitLicense to bitFlyer.

Dec. 4 – Rumors that Venezuela will issue oil-backed cryptocurrency.

Dec. 6 – CFTC subpoenas crypto exchange Bitfinex and Tether.

Dec. 12 – SEC warns 'extreme caution' over cryptocurrency investments.

Europe: West Recoils BackEast Leans Forward


Dec. 4 – EU treasury requires more due diligence on cryptocurrency customers and reporting of suspicious transactions.

Dec. 22 – Belarus legalizes cryptocurrencies and ICOs – tax-free for five years.

Dec. 28 – Russian bill submitted which will determine the procedure for issuing, taxing, buying and circulation of cryptocurrency.

Data Sources: CoinDesk, Image

Dec. 4 – UK treasury plans to regulate cryptocurrency exchanges.

Dec. 19 – Estonian tech official promotes national cryptocurrency, called ‘estcoin’, in bid to become global ICO hub. The government remains hesitant and the EU central bank warns on national prohibition of currency creation.

Asia: More Regulation Very LikelyJapan Allows More Exchanges


Dec. 5 – South Korea launches cryptocurrency task force to spearhead regulations.

Dec. 3 – Japan approves another four new cryptocurrency exchanges.

Nov. 15 – Supreme Court of India issues notice to Reserve Bank seeking regulation of bitcoin.

Nov. 24 – Malaysian central bank to issue cryptocurrency regulation in early 2018.


Dec. 7 – Bank Indonesia declares bitcoin payment illegal.

Dec. 28 – South Korea is imposing new restrictions on cryptocurrency trading to limit speculation.

Middle East and Australia: Regulations on Horizon Although Ineffective


Nov. 1 – New Zealand regulator: “cryptocurrencies are securities”.

Oct. 30 – Australian central bank regulating blockchain protocols 'unlikely to be effective’.


Dec. 9 – Australian exchanges now required to register with AML regulatory body.

Dec. 13 – Saudi, UAE central banks team up to test cryptocurrency.

Dec. 25 – Israel regulator seeks to ban bitcoin firms from stock exchange.


6Blockchain Sentiment Survey

SPOTLIGHT STUDY

Q4 2017 Blockchain Sentiment Survey:Demographics – ~3000 Respondents

Data Source: CoinDesk’s Q4 2017 Blockchain Sentiment Survey


Asia7%

Europe36%

U.S. & Canada46%

Africa2%

Central & South America3%

18 – 259%

26 – 3539%

46 - 5515%

56 – 656%

66+2%

< 181%

Male97%

Female3%

16% Developers, 16% Executives, 8% Investors4% Full-Time Blockchain, 16% Part-Time

2% work at Blockchain Technology Companies, 5% at Investment Services

11% Accredited, 89% Unaccredited investors

92% bought cryptocurrency in 2017,68% in Q4, 51% in Q3, 34% in Q2, 24% in Q1

86% owned over 3 unique digital assets,2% never owned

27% own $10k - $50k worth of cryptocurrency, 16% own $1k - $5k, 12% own $100k - $500k

94% check prices at least daily, 56% every day, 37% every hour, 5% a couple times a week

36 – 4529%

Q4 2017 Blockchain Sentiment Survey:Key Takeaways

69% 75%

82% 70%

94% 60%

didn’t go into debt to purchase cryptocurrency, and of those that did 52% have already paid it back

feel positive about the current state of bitcoin, down 18% from last quarter

just started following cryptocurrencies in 2017, with less than 2% getting involved in 2010.

believe cryptocurrencies have moved away from cypherpunk roots. About 40% accept that something digitally native can be private property.

checked prices everyday (56%) or compulsively, every hour (37%)

agreed with the postponement of SegWit2x, with 33% citing BCH as an existing market alternative.



0%

20%

40%

60%

80%

100%

No,Ibecameactivein2010 No,Ibecameactive in2011 No,Ibecameactive in2012 No,Ibecameactive in2013 No,Ibecameactive in2014 No,Ibecameactive in2015 No,Ibecameactive in2016 Yes

Was2017thefirstyearyouactivelyfollowedcryptocurrencies?

60% Started to Follow Crypto in 2017Increase Tracks Price



$20,000

$15,000

$10,000

$5,000

Most Respondents Own Bitcoin and EtherSlightly More Own ETH Than BTC



Yes69%

No,IusedtobutIsoldallofit

21%

Ihaveneverownedbitcoin10%

Doyouownbitcoin?

Yes No,IusedtobutIsoldallofit Ihaveneverownedbitcoin

Yes71%


17%

Ihaveneverowned ether

12%

Doyouownether?

Yes No,IusedtobutIsoldallofit Ihaveneverowned ether

63% of Respondents Owned XRP38% Refer to it as Ripple or XRP Interchangeably



Yes43%

No,IusedtobutIsoldallofit…

Ihaveneverowned XRP

37%

DoyouownXRP?

Yes No,IusedtobutIsoldallofit Ihaveneverowned XRP

Ripple47%

XRP15%

Iusebothinterchangea

bly38%

WhenreferringtoRipple'scryptocurrency,doyoucallit:

Ripple XRP Iusebothinterchangeably

55.4% 43.6% 39.6%

25.4%

0% 10% 20% 30% 40% 50% 60%

Itisastrongtechnologycapableofintegratingwithbanks

Inoticedthegreatrunitwashavingandwantedtogetinforspeculative

reasons

Itmightbecomeatypeofglobalreservecurrencybecauseitcandisintermediatecorrespondent

bankingandSWIFT

Itisaninexpensivecoin

IfyouboughtXRPthisyear,whatwereyourreasons?

27% of Respondents Have $10k - $50k in Cryptocurrency Holdings86% of Respondents Owned a Cryptocurrency Other than ETH, BTC, or XRP



Top 5 other currencies: Litecoin, Stellar, NEO, Bitcoin Cash, Cardano

86%

6% 6%

2%

Doyouownanyothercryptocurrency?

Yes

Ihaveneverowned acryptocurrencybesidesbitcoin,etherorXRP


Ihaveneverownedanycryptocurrency

10%

16% 14%

27%

12% 12%

3% 4% 1% 1%

0%

5%

10%

15%

20%

25%

30%

Howmuchmoneydoyouholdincryptocurrencies(approximate$valuetoday)?

The Next Best CoinsLitecoin & Stellar take #4 & #5 Slot



*percentages are based on these 7 coins, not all coins submitted

0%

5%

10%

15%

20%

25%

30%

35%

Litecoin Stellar Neo BitcoinCash Cardano IOTA Monero

Whichothercoin(s)doyouownbesidesBTC,ETH,andXRP?

92% of Respondents Purchased & 60% Sold Cryptocurrency in 201794% Checked Prices At Least Daily



56.5%

37.3%

5.2% 0.7% 0.3%

0%

10%

20%

30%

40%

50%

60%

Everyday Everyhour-- I'mcompulsive

Acoupletimesaweek

Acoupletimesamonth

Hardlyever

Approximatelyhowfrequentlydoyou checkcryptocurrencyprices?

52.8%

29.8%

16.4% 11.2%

40.2%

0% 10% 20% 30% 40% 50% 60%

Yes,inQ42017 Yes,inQ32017 Yes,inQ22017 Yes,inQ12017 No

Didyousellanycryptocurrencyin2017?

68.3%

51.1%

34.4% 23.6%

8.3%

0%

20%

40%

60%

80%

Yes,inQ42017 Yes,inQ32017 Yes,inQ22017 Yes,inQ12017 No

Didyoubuyanycryptocurrencyin2017?

Knowledge of Enterprise Projects Increased for EEA & RippleHyperledger & R3’s Corda Least Well Known



36.6%

8.8%

65.6%

84.3%

54.0%

60.9%

29.8%

13.8% 9.4%

30.3%

4.7% 1.9%

0%

20%

40%

60%

80%

100%

EnterpriseEthereumAlliance Ripple Hyperledger R3'sCorda

Howmuchdoyouknowaboutthefollowing?

Almostnothing Abit Alot

10.9% More Respondents Thought Cryptocurrencies Are in a Bubble in Q4Most Common Response Was ‘Slight Yes’



Q3:38.7%49.7%

yesno

7%

20%

23%

11%

13%

17%

10%

0%

5%

10%

15%

20%

25%

Extremeyes Moderateyes Slightyes Neutral Slightno Moderateno Extremeno

Doyoubelievethevaluesofcryptocurrencies,includingbitcoinandether, areina'bubble'?

Q4:49.6%39.4%

yesno

Community Was More Bullish on ETH Than BTC in Q4Alts Shown Positivity with +23.8% Saying They Will “Go Up A lot”



Q3 “Go Up A lot” 44.5% 41.5% 14.6% 21.2% N/A 33.8%

3.2% 2.2% 10.9%

4.9% 10.9%

2.3% 4.1% 1.7%

9.4% 7.7%

12.7%

2.0% 5.3%

2.5%

14.5% 15.6%

18.2%

2.4%

42.2%

24.5%

31.1% 41.6%

36.8%

35.6%

45.1%

69.2%

34.1% 30.2% 21.3%

57.6%

0%

20%

40%

60%

80%

100%

Bitcoin Ethereum Ripple Litecoin BitcoinCash Allcryptocurrenciescombined

Howdoyouthinkthepriceofthefollowingwilldoin 2018?

Godownalot Godownabit Stayaboutthesame Goupabit Goupalot

Most Respondents Believe the CME & Cboe Futures Are Positive Signs



Yes27%

No

73%

TheCMEandCboe derivativescontractswereannouncedandwentliveinQ4.Wereyousurprised

bythisdevelopment?

ThisisgoodforBitcoin

74%

ThisisbadforBitcoin

26%

InstitutionalcapitalbegantoflowintoBitcoinin2017,andmoreimportantlywiththederivativescontractsfromCMEandCboe inQ4.Doyoubelievethisisagoodthingor

abadthingforBitcoin?

Yes86%

No

14%

DoyouthinktheregulatedderivativestradingofBTContheCMEandCboe pavedthewayfor firstdigitalasset-based ETFin2018?

Community Was Most Confident in Decentralized Exchanges



28.1%

22.6%

20.6%

9.9% 8.9%

5.3% 4.6%

0%

5%

10%

15%

20%

25%

30%

Decentralizedexchanges Privacyfocusedtransactions

Assetmanagementtools Computation Identity Storage Predictionmarkets

Whatsectorofblockchainapplicationsareyoumostbullishon?

Positive Sentiment Dropped -18.2% For Bitcoin in Q4Ethereum Saw Uptick in Positive Sentiment



Q3 2017 State of Blockchain response:69.0%21.2%

positivenegative 87.2%

7.6%positivenegative

Overall state of ethereum response:

82.1%7.1%

positivenegative

1.9% 1.8% 3.1% 11.8% 6.8% 2.1%

8.0%

20.8% 12.5%

3.7%

15.6%

12.2%

9.8%

5.2%

16.0%

6.0% 20.6%

12.3%

15.6% 11.6%

31.3%

35.8%

25.4% 22.5%

17.1%

39.2%

16.2% 15.0%

0%

20%

40%

60%

80%

100%

Q4 Q3 Q2 Q1

Howdoyoufeelaboutthecurrentoverallstateofbitcoin?

Extremelynegative Moderatelynegative Slightlynegative Neutralorok Slightlypositive Moderatelypositive Extremelypositive

Most Positive Aspect of Bitcoin Was Hedging Against Central Bank PolicyMost Negative Aspect Was ‘Transaction Fees’



3.2 3.2 3.0 2.8 2.7

0

1

2

3

4

It'sahedgeagainstcentralbankmonetarypolicy It'suncensorableandimmutable It'sdigitalgoldwithcounterfeitprotection It'sasolutiontoprivacyconcernsandidentitytheft

It'sgreatforpaymentsandasamediumofexchange

Howwouldyourankthefollowingpositiveaspectsofbitcoin today?

44.5%

29.8%

13.8% 12.0%

0%

10%

20%

30%

40%

50%

Transactionfees Scaling Notractionasaconsumertool Complicated touse

Whichofthefollowingdoyouconsidertobethemostnegative aspectofbitcointoday?

More Than Half Followed The Scaling Debate75% Follow Scaling Progress of Blockchains in General



Yes,74.5%

No,21.5%

Iamuncertainwhythisisimportant,

4.0%

Doyoufollowtheengineeringprogressofscalingblockchains?

Yes59%

No

33%

Uncertain8%

Didyoufollowtheleaduptothe2Xfork?

34% Thought Bitcoin Cash Made 2X IrrelevantOnly 26% Were Disappointed



33.6%

28.5% 26.4%

11.5%

0%

10%

20%

30%

40%

Ithoughtthe2XforkwasunnecessaryafterthecreationofBitcoinCash(bigblockswere

alreadydeployedinthemarket)

Iagreedwiththe postponement Iwasdisappointedtheforkwaspostponed Iwashappyandcelebratedthe postponement

Howdidyoureacttothe postponementofthe2XforkinNovember?

After the BTG Hard Fork, 33% ‘Hodled Until Now’29% Were Unaware of BTG



33.2%

28.9%

16.9%

11.9%

5.5% 3.7%

0%

5%

10%

15%

20%

25%

30%

35%

Hodleduntilnow Wait,what? Exchanged forBTC Exchangedforanothercoinoracombinationof

coins

ExchangedforETH Exchangedforfiat

Ifyouwereabitcoin(BTC)holderwhenBitcoinGold(BTG)wascreated,whatdidyoudowithyourBTG?

The Overall Sentiment Towards Ethereum Improved in Q4 Relative to Q3Ethereum Sentiment Much Higher than Bitcoin



Q3 2017 State of Blockchain response:82.1%7.7%

positivenegative 76.7%

8.6%positivenegative

Overall state of bitcoin response:

69.0%21.2%

positivenegative

1.5% 2.7% 3.3% 1.8% 2.6% 3.5% 7.7% 1.3% 3.7% 2.4%

11.7%

1.1% 10.1% 14.8%

12.5%

2.0%

13.4% 13.1%

15.3%

3.1%

38.3% 30.3%

25.7%

21.9%

30.4% 33.2% 23.8%

68.9%

0%

20%

40%

60%

80%

100%

Q4 Q3 Q2 Q1

Howdoyoufeelaboutthecurrentoverallstateofethereum?

Extremelynegative Moderatelynegative Slightlynegative Neutralorok Slightlypositive Moderatelypositive Extremelypositive

Most Positive Aspect of Ethereum Was the Protocol40.7% Say Problematic Smart Contracts Are the Most Negative



40.0% 35.8%

13.4% 10.9%

0%

10%

20%

30%

40%

50%

Theethereumprotocol Theethereumdappecosystem ICOs TheEnterpriseEthereumAlliance

Whichofthefollowingdoyouconsidertobethemostpositive aspectofethereumtoday?

40.7% 33.9%

18.9%

6.5%

0%

10%

20%

30%

40%

50%

Potentiallybuggysmartcontracts Scaling ICOs Transactionfees

Whichofthefollowingdoyouconsidertobethemostnegative aspectofethereumtoday?

71% Didn’t Follow the Byzantium Hard Fork29.2% Cite “Mining Difficulty Adjustments” as Most Important



Yes28.56%

No

71.44%

DidyoufollowtheethereumByzantiumhardforkinOctober?

29.2% 26.4% 25.7%

18.7%

0%

5%

10%

15%

20%

25%

30%

35%

Miningdifficultyadjustmentstohelp

managetransactiontimesduringperiodsofhigh

volume

Privacyenhancementsthatwillallowzk-snarksandringsignaturestobe

mobilized

Faultysmartcontractcodemanagement

Re-entrancyprotection;(maliciouscodethatworkstoalterandmanipulateexistingsmartcontract

code)

Whatfeatureofethereum's Byzantiumhardforkdoyouthinkismostimportant?

48% Think The CryptoKitties Phenomena Was Positive For Scaling 61% Followed The Discussion & 54% Foresee More Developments



47.6%

34.9%

17.6%

0%

10%

20%

30%

40%

50%

Thiswaspositive,asscalingsolutionscouldbetheresultofunexpecteddevelopments

Ihavenoopiniononthisnews Thiswasnegative,asitexposedthelimitationsofblockchaintechnology

Whatdidyouthinkabouttheconversationaroundscalingblockchainsafterethereumsetthese recordhightransactionsamidtheCryptoKitties

craze?

Yes,61.5%

No,38.5%

Didyoufollowthediscussionsurroundingthetransactionvolumelimitsofethereumandblockchaintechnologyprovokedbythe

popularityofCryptoKitties?

30% Participated in an ICO, Down -14% in Q4More Than Half Who Haven’t Participated Tried or Wanted To



Q3: 43.8% had participated

Yes,29.5%

No,butIhavetriedorwanted

to,33.6%

No,andIhavenevertriedor

wantedtoeither,36.9%

HaveyoueverparticipatedinanICO?

51% Took Part in an ICOMost Who Participated Still Hold Their ICO Tokens



48.9%

39.1%

10.5% 10.0% 6.5% 4.3%

0%

10%

20%

30%

40%

50%

60%

IhavenottakenpartinanICO

IamstillholdingallmyICOtokens

Soldthemintobitcoin Soldthemintoether Soldthemintoothertokens

Soldthem intofiat

IfyouhavetakenpartinanICO, whathaveyoudonewithyourtokenssince?

ICO Participants Considered Use Case Their Primary Driver of AnalysisSocial Signals Remain the Lowest Ranked Factor



5.04.8

4.13.8

3.53.3

3.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Usecase Team Technologicalroadmap Crypto-economicviability Whitepaperquality Tokenvaluationandstructure(price,

allocationtoteam,futuretokens,lockup,etc.)

Socialsignals(buzz,advisors,partnerships,

endorsements)

Howwouldyouranktheimportanceofthefollowingfactorsbehind buying anICO?

80% of Respondents Bought or Want to Buy “Small Cap” CoinsLong-Term Holding Cited as Main Factor



Yes,65.7%No,butIhavetriedorwantedto,14.1%

No,andIhavenevertriedor

wantedtoeither,20.2%

Didyoubuyany'smallcap'(<$1bnmarketcap)coinsthisyear?

59.7% 41.7% 38.9%

14.1%

0% 20% 40% 60% 80%

Investment(long-termholding)

Speculation(short-term trade)

Interest(learningmoreaboutandusingthe

technologyandproduct)

Idonotbuysmallcapcoins

Whenlookingtobuysmallcap(<$1bnmarketcap)coins,whatwastheprimaryreasonforyourpurchase?

57.6%

32.5% 25.0% 20.8%

0% 20% 40% 60% 80%

Uncertaintyaroundprojectsandfearoflosing

investment

Ionlybuycoinsfromexchangesthatare

selectiveonwhattheylist

Lackofattractiveprojects Iamunfamiliarwithwheretobuythesesmall

capcoins

Ifyouhavenot boughtasmallcapcoin,whathasbeen theprimaryreasonforyourlackofparticipation?

Most Agree That ICO & VC Investment Are Complements



46.4%17.6%

agreedisagree

50.5%15.7%

agreedisagree

17.2%

29.2%

36.0%

9.1% 8.5%

0% 5%

10% 15% 20% 25% 30% 35% 40%

Stronglyagree Somewhatagree

Neitheragreeordisagree

Somewhatdisagree

Stronglydisagree

Ibelievenewblockchainprojectsshouldconsidermixingtraditionalinvestmentfunding

(likeventurecapitalandangels)andICOs.

18.4%

32.2% 33.7%

8.7% 7.0%

0% 5%

10% 15% 20% 25% 30% 35% 40%

Stronglyagree Somewhatagree

Neitheragreeordisagree

Somewhatdisagree

Stronglydisagree

IbelieveVCorangelinvestmentisapositivesocialsignalandwouldmakememoreinclined

toparticipateinanICO.

Respondents Think More ICO Funds Should be Held in FiatAbout 13% for More Fiat in Q4 Than Q3



44.5%

26.1% 24.4%

5.0%

0%

10%

20%

30%

40%

50%

Both(morecryptocurrencythanfiat) Keepallfundsincryptocurrencies Both(morefiatthancryptocurrency) Convertallraisedandliquidtokensintofiat

HowdoyouthinkICOissuersshouldholdthefundsraisedinatokensale?

Blockchain Media Sites and White Papers Were Most Commonly Used to Learn More About Tokens or ICO Projects



82.2%

62.5% 62.0%

39.2%

29.2%

20.3% 15.1%

9.9%

0%

20%

40%

60%

80%

100%

BlockchainmediasiteslikeCoinDesk

Studywhitepapers Reddit Twitter GitHub Watchforsignalsfromprofessionalbuy-sideofcrypto-hedgefunds

Slackchannels LinkedIn

WhatresourcesdoyouusetolearnmoreabouttokensorICOprojects?

63% Think Positively of Cryptocurrency Diversification56% Prefer Market Approach Rather Than Government Regulation



62.9%

37.1%

Thenumberofcryptocurrenciesexplodedin2017.Doyouthinktokendiversificationis

positiveornegativefortheindustry?

Positive

Negative56.1%

43.9%

WhichwillhaveagreatereffectonthequalityoftokensorICOprojects,asophisticatedbuy-sideofprofessionalcrypto-hedge-funds,orthe

regulatoryapproach?

Amarketapproachwithasophisticatedbuy-sidewillbemoreimportantfortokenandICOprojectquality.

AregulatoryapproachwillbemoreimportantfortokenandICOprojectquality.

Respondents Believed More Regulation in FutureBut Will Prove to Be Irrelevant or Temporary (More Than in Q3)



63.6% 62.4%

47.7%

35.4%

0%

20%

40%

60%

80%

Exchangeswillbecomemoreandmore

regulated

Decentralizedexchangeswillgaintractionastheyare

muchmoredifficulttoregulate

Somejurisdictionswillbeentrepreneurialandaimtolureexchangesandbusinesseswithattractiveregulatory

regimes

Regulatorycomplianceisdifficult,andsignalstoregulateexchangesdonotalwaysachievedesiredresults

Withseveraljurisdictionstacklingexchangeswithnewregulations,howdoyouthinkthemarketwillrespond?

51.2% 47.1% 47.0%

26.7%

5.1%

0%

20%

40%

60%

beatestonChineseregulatorsthemselves:the

compliancethey'vesignalledwillbe

difficulttoachieve.

betemporary. beagifttootherpartsoftheworldasChinalosesits

position.

causeotherjurisdictionsto

followChina'slead.

Other(pleasespecify)

Chinatookthestrongestregulatorytoneoncryptocurrenciesin2017.Thisactionwill...

Most Respondents Felt Positive About the Overall State of DLTThe Largest Group Felt ‘Neutral’ or ‘OK’ About DLT



Often called ‘DLT’, ‘permissioned’ or ‘enterprise’ blockchains

55.3%11.7%

positivenegative

52.7%18.6%

positivenegative

2.0% 4.0%

5.7%

33.0%

14.9%

24.3%

16.1%

0%

5%

10%

15%

20%

25%

30%

35%

Extremely negative Moderately negative Slightly negative Neutral or ok Slightly positive Moderately positive Extremely positive

How do you feel about the current overall state of Distributed Ledger Technology (sometimes called 'permissioned' or 'enterprise' blockchains)?

Q3 2017 State of Blockchain response:

Most Respondents Believed DLT Will Gain Traction in 2018Most Thought Lack of Attention Was Positive



84.6%

15.5%

DoyouthinkDLTwillgaintractionin2018withprojectsgoinglive?

Yes

No

61.1%

21.3% 12.6%

5.0%

0%

20%

40%

60%

80%

DLTstillneedstime,socryptocurrencyattentionwasagoodthinginthatittookawaypressureandallowedproofsofconcepttobetestedproperly

Hadnoeffect,theyareunrelated

Sloweddownpublicenthusiasm,butnotcorporate

enthusiasm

Sloweddownpublicenthusiasm

Withalloftheattentioncryptocurrenciesgotbecauseofvalueincreases,howdoyouthinkitaffectedthemomentumbehindDLT?

Industry Moved Away From Cypherpunk RootsMost Think Central Banks Will Hold Bitcoin Eventually



68.5%

31.5%

Withtheriseinpopularityofcryptocurrenciesin2017,doyouthinktheindustrymovedawayfromitscypherpunkroots?

Yes

No

41.1%

59.0%

Withallthedevelopmentsintheindustrythisyear,doyouthinkthatmainstreampublicperceptionhasfinallymadeitoverpsychologicalhumpofacceptingthat

somethingnativelydigitalcanbeprivateproperty?

Yes

No

31%

21%

48%

DoyoubelieveacentralbankwillholdBitcoinontheirbalancesheet

in2018?

Yes

No

Notin2018,butoneday

81% Did NOT Go Into Debt to Buy CryptoOf Those That Did, 52.4% Already Paid Back



19.0%

81.0%

Didyouusecreditorbuycryptoonmarginin2017?

Yes

No 52.4%

47.6%

Ifyouboughtoncredit,didyoupaybackyourdebtalready?

Yes

No

6.2% of Respondents Became Crypto-Millionaires in 2017But 39% Think They Will in 2018



6.2%

93.9%

Didyoubecomea'crypto-millionaire'in2017?

Yes

No

38.8%

61.2%

Doyouthinkyoucanbecomea'crypto-millionaire'in2018?

Yes

No

Market Cap is the Most Valued Data PointWhen Buying Crypto



5.73 5.63 5.65.18 5.13

4.84.57 4.38

3.93

0

1

2

3

4

5

6

7

Marketcap Exchangevolume Numberofexchangeslisting

thecoin

On-chaintransactionvolume

Totalfuturesupplyofcoins

Transactionfees Totalcurrentsupplyofcoins

Hashpower Googletrends

Howwouldyouranktheimportanceofthefollowingdatapointswhenbuyinganycryptocurrency?

Almost 13% Measure Portfolio in BTC



60.1%

24.1%

12.4%

2.2% 0.8% 0.5% 0%

10%

20%

30%

40%

50%

60%

70%

InUSdollars Inanotherfiatcurrency InBitcoin Inether Inanothercoin InXRP

Howdoyoumeasurethetotalvalueofyourdigitalassetportfolio?

47% Follow the Bitcoin Dominance Percentage16% Use as Investment Criteria



46.8%

19.0% 18.4% 15.8%

0%

10%

20%

30%

40%

50%

Yes No,Ifollowcryptocurrencymarketcap,butnotBitcoin'sshareofthemarketcap

No,Ifollowcryptocurrencyvaluationsbutnotindustrymarketcap

Yes,IfollowBitcoinDominanceandmakeinvestmentsintoalt-coinsorbitcoinbasedon

thisdatapoint

DoyoufollowtheBitcoinDominancepercentageoftotalcryptocurrencymarketcap?

83% See Promise in Square Cash’s Bitcoin Integration



83%

17%

WiththeSquareCashintegrationofa'BuyBitcoin'function,doyoubelieve newentrantsintoBitcoininfrastructurewillputpressureontheexistingexchangestoofferfasterandmore

reliableservices?

Yes

No

84% Re-Invested Gains into Crypto



84.1%

31.2%

12.6% 9.9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Keptinvestingincryptocurrencies Diversifiedintootherassets Paiddebt Gavemyselfagift/boughtaLamboorTesla

Ifyourealizedimportantgainsincryptocurrencythisyear,whatdidyoudowiththegains:

63% Don’t Store Crypto on Hardware Wallets



37.2%

5.1%

57.7%

Didyoubuyahardwarestoragedeviceforyourcryptocurrenciesin2017?

Yes

No,Ialreadyownedone

No


6COINDESK

CoinDesk – News, Events, Research and Datafor Blockchain Technology


Headquarters: Midtown Manhattan, New York City

News: 10m monthly unique visitors

Events: 4,000+ attended our 2017 Consensus and Investconferences in New York City and San Francisco

Data: Industry reference points including Bitcoin and Etherprices and Venture Capital and ICO databases


About the 'State of Blockchain'

For four years, CoinDesk has analyzed the 'State of Blockchain' in our quarterly industry overview reports

We cover:

- Technical trends within the top open-source developer communities

- Major product updates from well-funded startups

- Digital currency market data, utilization rates, public sentiment and network performance metrics

- Enterprise adoption rates and new proofs-of-concept

- Venture capital, corporate, and public investment trends

- Public policy updates from around the globe



About CoinDesk.com


- Find out more at www.coindesk.com

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- If you have data you think should be included in future 'State of Blockchain' reports, email [email protected]

- We also welcome any general feedback you have on the report


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6ARESEARCH FRAMEWORK

Defining The Blockchain Technology Market

A public blockchain is an internet protocol that manages the distribution of provably unique data that:

- Acts as a unit of account for transactions on that ledger

- Incentivizes early adopters and developers to use, support and verify the ledger without the need for a trusted intermediary

An enterprise blockchain is a distributed ledger that provides:

- Consensus via trusted intermediaries, making digital currencies unnecessary

- Solutions to clients who wish to use cryptographic databases managed and shared by trusted parties

Many companies employ hybrid models where they:

- Build on public blockchain infrastructure

- Provide technology for permissioned networks


The Internet-Intranet Comparison

We believe both public and enterprise blockchains have useful applications,much like the Internet and corporate intranets

ENTERPRISE BLOCKCHAINSPUBLIC BLOCKCHAINS

public (inter-)The internet

private (intra-)Intranets & IT


The State of Blockchain Focuses Primarily on Public Blockchains;Enterprise Data is More Opaque

The majority of development work to date has been done using open-source tools and public blockchains like bitcoin and ethereum

ENTERPRISE BLOCKCHAINSPUBLIC BLOCKCHAINS

public (inter-)The Internet

private (intra-)Intranets & IT


‘Public’ (Open) vs ‘Enterprise’ (Permissioned) Blockchains: Generalized Features Comparison

Data Sources: Chain, Chris Skinner’s blog

ACCESS Open read and write Permissioned write and/or readSPEED Slower FasterSECURITY Open network Approved participantsIDENTITY Anonymous or pseudonymous Known identitiesASSET Native assets Any asset

PUBLIC ENTERPRISE


Strengths and Weaknesses of Public Blockchains

Data Sources: Ethereum, MultiChainNotes: Ledgers and protocol rules may be changed via forks, although these changes can introduce risks

We believe public blockchains will have the greatest impact on developing economies (reduced need for trust) and the connected device, IoT economy (immutability, auditability)

STRENGTHS WEAKNESSES

Irreversible transactionsSlow transaction clearing(e.g., 3 – 7 transactions / second)More vulnerable to attacks(e.g., 51%, spam, DDoS)Reduced privacyEnergy consumption

Immutable ledgerRelatively fast settlement time(e.g., 10 minutes or less)Reduced security risks associated with centralization-trusted third partyEasy to auditReduced need for trust


Blockchain Ecosystem Breakdown

When producing market maps and following investment trends,we look for business shifts between these models:

Notes: Numerous protocols are also maintained by open source communities, non-profits like the Ethereum Foundation and consortiums like R3 and Hyperledger

The company layer crosses protocols and is heavily comprised of bitcoin related businesses,while the application layer is dominated by ethereum applications

PROTOCOL

APPLICATION

COMPANY

PUBLIC ENTERPRISE


Blockchain Project Funding Models

ICOs rather than VC has driven the development of most public blockchain applications, as well as numerous protocols and companies, a line which is becoming increasingly blurred


Entrepreneurs have begun considering blockchain token sales ('ICOs') as fundraising alternatives to traditional venture capital and angel investment

PROTOCOL

APPLICATION

COMPANY

HYBRID VCICO

Notes: Numerous protocols are also maintained by companies like the Zerocoin Electric Coin Company, open source communities, non-profits like the Ethereum Foundation and consortiums like Hyperledger

Disclaimer


CoinDesk makes every effort to ensure the information used these slides is accurate and up to date. We cannot, however, accept responsibility for any loss or inconvenience caused by reliance on the material contained here.

This presentation does not constitute financial advice or an investment recommendation in any way whatsoever. It is recommended you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

CoinDesk is owned by Digital Currency Group, one of the most active investors in the bitcoin and blockchain technology industry. Many DCG investments are referenced in this report, and a full list can be reviewed at www.dcg.co. CoinDesk is run as an independent entity, and its editorial team does not give preferential treatment to DCG investments when they are referenced in research reports or news posts. Numerous DCG portfolio companies are referenced in this report.

Documents

STATE OF BLOCKCHAIN · Blockchain' reports, email [email protected] - We also welcome any general feedback you have on the report Data Source: CoinDesk. CoinDesk Events