Grin, the new privacy-oriented cryptocurrency launched on Tuesday, January 14, has been what most cypherpunks have been wanting. The coin has been developed using the technology known as mimblewimble.
Many groups of investors and miners were closely watching the coin from the day of its launch. Eric Meltzer of Primitive Ventures mentioned about the Grin’s launch in his Proof-of-Work newsletter in the previous week. He had written:
“There is (by our conservative estimates) 100 million dollars of mostly VC money invested into special-purpose investment vehicles to mine Grin. This does a lot of weird things: it turns a bunch of people who would have been buyers of grin into sellers of it, it changes the composition of the early holder roster, and it means the chain will launch with an extremely high degree of security via high PoW hashrate.”
However, within a few days of its launch, the coin has now fallen massively. At the time of press, the coin was valued at $10.94, with a market cap of $1.11 million. The coin registered a 24-hour trade volume of $149,000, with a steep fall of 95.8% in the past 24 hours.
The coin reported a 24-hour high at $261.65%, while a 24-hour low of the coin was marked to be $4.60. The coin fell by 97% of its original value within a day, which is staggering as it was branded as “the thing that comes closest to bitcoin” by a partner at a crypto investment firm on the basis on anonymity to CoinDesk. The source also added:
“In a lot of investors’ minds it kind of pattern-matches to ‘bitcoin 2.0.’”
However, as per sources, there were many large funds shopping for hash power before Grin’s launch. As per Wan, there will be some disappointment. Even though the massive interest in protocols is compelling, she doesn’t think that early mining is a good idea. She wrote:
“Grin won’t be profitable, especially early on.”
According to the Block, the token’s hashrate is 285.6k graphs/s. An equivalent of 146,500 GTX 1060 6GB or the equivalent of 88,200 GTX 1070 Ti 8GB are currently mining Grin.
Twitter users were not behind in following the news of Grin’s performance within a day. As The Block announced the hashrate of the token a twitter user, @HabichtJonathan commented on the coin’s performance:
“And lost like 99% of its value a day after launching.”
At the moment, 1BTC is equivalent to 470.26 Grin, which was used a shield by another Twitter user @csakzozo, who compared Zcash to BTC and said:
“1 ZEC=25 BTC :P”
Grin was the ideal coin that many cypherpunks were looking forward to but the current performance of the coin is saying otherwise. Many followers of the crypto world acknowledged the impressive technology used for the coin but dismissed it almost immediately. Twitter user @stephanlivera said:
“Grin may have interesting tech, but monetarily it’s still a shitcoin. To displace Bitcoin, new coins can’t just be better on one aspect (eg privacy), they have to be better on the whole.”
While @hodlonaut had an interesting insight for people who thought that the coin will appreciate against Bitcoin as he said:
“Buying Grin probably means you think it will appreciate against BTC.
Grin will print 27million coins every year. It’s inflation rate will go from 400% in 3 months, to 100% in a year. Bitcoin inflation will go from around 3.8% now, to 1.8% in 2020. Good luck out-SoV’ing Bitcoin.”
The performance of the coin stands true on Wan’s prediction of Grin not doing well early on.
The collective market downturn has persisted with the global market cap failing to rise above the $120 billion mark, leading to major coins remaining in red. Bitcoin Cash [BCH], despite maintaining its fourth spot on the coin ladder, has seen the gap with EOS [EOS] decrease to under $50 million.
Bitcoin Cash has seen its market cap drop to $2.24 billion on the back of a downtrend beginning on January 15, 2018. The current price of the coin is pegged at $127.1, a slight increase from Monday’s low of $125.1.
Coinsuper, the Hong Kong-based cryptocurrency exchange accounts for the highest BCH trade volume of $12.22 million or 6.91 percent in the BCHABC/BTC trading pair. Behind Coinsuper is P2PB2B, a new trading platform boasting a BCH trading volume of $9.95 million or 5.63 percent in the BCH/ETH trading pair.
Source: Trading View
The one-hour chart points to two significant downtrends varying only in severity, with one ensconcing the other. The bigger downtrend extended from $161.58 to $126.89 and the relatively smaller one extended from $158.71 to $131.89. Within the former downtrend, a brief but noticeable uptrend was witnessed from $123.69 to $127.38.
Bitcoin Cash’s immediate resistance level is placed at $129.36, with a previous resistance level of $137.3. The immediate support level of the coin is $125.33 and an earlier support level was recorded at $121.36.
The Bollinger Bands indicates that the coin’s volatility is on a decline with the prices dropping and the Moving Average line shows a mildly bearish trend.
The Fisher Transform indicates that the coin was trading with bearish momentum at the start of 17 January 2019 but now the Fisher and the Trigger line are crossing over, signaling a change.
The Awesome Oscillator shows that the market was bearish as the AO line dipped below the zero-line but the momentum of the same has decreased.
Source: Trading View
The one-day trend line is dominated by one significant downtrend immediately post the Bitcoin Cash hardfork on November 15, 2018, which extended from $608.83 to $163.6. Prior to the hardfork, the coin enjoyed an uptrend extending from $448.95 to $607.48.
Bitcoin Cash’s two prominent resistance levels in this particular chart have a 70 percent difference in their price, with a major resistance level from September to just before the hardfork at $654.61 and the recent resistance level of $196.32. During the former period, the support level was $409.5 and the immediate support level is $74.86.
The MACD line shows that the coin was trying to break out of the bearish market and came close during the beginning of the year, currently, it still remains with the bears.
The coin’s Relative Strength Index shows that the demand for the coin has been on a decline since mid-December. At present, the RSI is pegged at 39.56, nearing the oversold level.
The Parabolic SAR indicates that Bitcoin Cash is still stuck in a bearish phase as the dotted lines are aligned above the BCH trend line.
The coin has failed to get any respite since the hardfork and has been embroiled in a bearish spree for the past two months. The indicators in the one-hour chart are pointing to a breakout from the bearish market, provided the market recovers. However, the overwhelming trend, as seen in the one-day chart, continues to be bearish.
Bitcoin has been stuck in the $3,600 range for over a week now, even as there were huge price drops and rises in the smaller time frames. The current price of Bitcoin, at the time of writing, was at $3,628 and the market cap was at $63.44 billion.
The 24-hour price change was negligible, but the 24-hour trading volume was $5.23 billion, and most of the trading volume was contributed by BitMEX exchange via the BTC/USD pair.
The uptrend for Bitcoin in the one-hour time frame extends from $3,498 to $3,571, while the downtrend extends from $4,025 to $3,599. The support at $3,578 was being tested at the time of writing. The resistance range at $3,919 to $3,944 for Bitcoin. Even in the one-hour time frame, the prices were far from being tested any time soon.
The Parabolic SAR markers have formed above the Bitcoin’s price candles, indicating a bearish pressure.
The MACD indicator shows that the lines are convoluted and shows no clear indication for the Bitcoin market.
The Awesome Oscillator shows a bearish crossover playing out as the bars are hanging below the zero-line.
The one-day chart shows an uptrend that extends from $3,184 to $3,514, while the downtrend extends from $9,800 to $4,004. The support at $3,183 has been tested on December 14, 2018. The resistance lines at $7,359 and $9,075 are holding steady as prices have yet to rise.
The Aroon indicator for the one-day chart shows a decrease of the downtrend, as well as the uptrend gradually. Observing closely, it can be noticed that the uptrend is declining faster than the downtrend.
The Stochastic indicator shows a bullish crossover as well.
The Chaikin Money Flow indicates that the money that is flowing out of the Bitcoin market is far more than the money that is being poured into the market.
The one-hour chart shows bearish signals for Bitcoin in the one-hour time frame as indicated by SAR, MACD and AO indicators. The Aroon, Stochastic and the CMF indicate that the longer time frame for Bitcoin is also bearish.
The whole cryptocurrency market has been lingering in the bear’s realm recently, with most of the coins pictured suffocating in its hostile environment. Notably, even the top currencies are struggling to keep up their pace in the current situation.
According to CoinMarketCap, at press time, Ethereum was trading at $122.40, with a market cap of $12.78 billion. The trading volume for the cryptocurrency is registered to be around $2.67 billion, and the coin has plunged by over 14% in the past seven days.
Ethereum one-hour chart | Source: Trading View
In the one-hour chart, the coin registers a sharp downtrend from $149.95 to $129.38. It records another downtrend, from $129.38 to $124.91 and further down to $121.99. The uptrend for the coin is outlined from $114.35 to $117.95 and $117.95 to $119.81. The immediate resistance for the cryptocurrency is at $124.92 and the strong resistance is at $129.40. The coin has found its immediate support ground at $117.93 and the strong support is at $114.29.
Parabolic SAR is showing that the coin in the bear’s grip as the dots have aligned above the candlesticks.
Chaikin Money Flow has the coin suffocating because of the bear as the money has started to flow outside the market.
Bollinger Bands are forecasting a less volatile market for the coin as the bands are pictured close to each other.
Ethereum one-day chart | Source: Trading View
The one-day chart demonstrates a steep downtrend from $499.01 to $155.91. The uptrend for the coin is laid out from $83.74 to $115.61. The immediate resistance for the coin is at $128.46 and the strong resistance is at $219.33. The immediate support is placed at $114.43 for the coin and the strong support is at $82.79.
Klinger Oscillator is forecasting a longer bearish market as the reading line is placed below the signal line after a crossover.
MACD is also forecasting a bearish wave as the moving average line has found shelter below the signal line, soon after a crossover.
RSI is showing that the buying pressure and the selling pressure for the coin are currently evened out in the market.
The coin is engulfed in the bear’s realm with barely any escape points. Additionally, the bear is seen ruling the market with Klinger Oscillator, and MACD from the one-day chart and Parabolic SAR, and Chaikin Money Flow as its advisors.
The cryptocurrency market has been the same with regards to the price with no massive movements in either direction. A few research reports from various sources sum up the cryptocurrency market of 2018. Watch the video to find out more.
Crypto news summary [Jan 17th] - R3 Launches Corda Network, 2018 Dapp Market Report and More. - YouTube
The entire Ethereum community has been awaiting the Constantinople hard fork for over a year now. The initial decision of the hard fork was made in the year of 2017 and the upgrade was scheduled to occur in late 2018. It was later postponed to January 2019 because of issues found in the Ropsten Testnet.
However, much to the expectations of the community, the hard fork was yet again delayed due to another security issue. This issue was bought to light on the eve of the hard fork, resulting in the key stakeholders taking the decision to prolong the upgrade. Additionally, the Parity and Geth team released a new version, which would revert Constantinople hard fork on the Ethereum network.
Importantly, the issue was found in one of the Ethereum Improvement Protocols [EIP], the net gas metering for SSTORE without dirty maps, and was brought to light by an audit platform for smart contracts, ChainSecurity. The platform pointed that the Constantinople upgrade would open doors for a Reentrancy attack. Based on the report by the team, smart contracts that are not currently vulnerable would become vulnerable to the attack after the upgrade.
According to the latest video by Ivan on Tech, the Youtuber explained the attack as “a smart contract [name it A] makes payment to another smart contract [name it B], smart contract B will have a chance to call another function in smart contract A, thereby gaining control over what happens next and can execute any code”.
The vulnerability exists even now, but cannot be carried out because of high gas limit, which is required to change the storage of another smart contract. The Youtuber, explained:
“Because when smart contract B can change storage of smart contract A, then this is when they can start messing with internal working of smart contract A and basically mess up the execution and steal funds.”
This is now a problem because the Ethereum Improvement Protocol proposes to make the storage cost cheaper, aimed at benefiting the developers. This, thereby, reintroduces the attack that was earlier prevented because of the higher gas costs.
During the ConstantiNOPEle watch party, one of the members of the Foundation, Hudson Jameson, stated that there is an Ethereum Improvement Protocol introduced to fix the issues found in EIP 1283. He further stated that the two developers are currently working with the Parity team and with Nick Johnson to have the EIP implemented. He said:
“That doesn’t mean the EIP is going in, it might be left out completely in the future fork […] There are stuff in the EIP that would make the stuff more friendly. “
Andreas M Antonopolous, a well-known Bitcoin influencer and the author of Mastering Bitcoin, spoke about the government-sanctioned Bitcoin addresses and censorship resistance, in the latest Q&A session on Youtube. This topic was discussed in the wake of the U.S Treasury’s Office of Foreign Assets Control [OFAC]’s announcement pertaining to the blacklisting of two Bitcoin addresses.
Towards the end of 2018, OFAC released a statement regarding two Bitcoin addresses that belonged to Iranian nationals, Ali Khorashadizaden and Mohammad Ghorbaniyan [149w62rY42aZBox8fGcmqNsXUzSStKeq8C and 1AjZPMsnmpdK2Rv9KQNfMurTXinscVro9V]. Along with this, the statement revealed that these addresses were related to the SamSam ransomware scheme, which has affected over 200 individuals network.
These addresses reportedly have more than 7000 transactions and have received around 6000 BTC. Additionally, these addresses, so far, have interacted with more than 40 exchanges including U.S based cryptocurrency exchange platforms. Due to this, the OFAC has prohibited U.S entities from dealing with the two addresses.
On this topic, the Bitcoin proponent was asked whether the miners need to drop transactions to these addresses from blocks and if this is a censorship attack vector against Bitcoin. Antonopolous started by stating that:
“They blacklisted not one, but two bitcoin addresses, out of a total bitcoin address space of… 2^160, which means they have blocked two out of 1.461501637 x 10^48 possible addresses. That is 10 with 48 zeroes after it. Considering that your […] computer can probably generate a million address per second, that means 15 million addresses [could have been generated] just since I started that sentence.”
He went on to say that a person can generate new addresses to have new places to receive funds, adding that the entire concept is “ludicrous”. Antonopolous added that this action represents a fundamental misunderstanding, stating that the U.S Treasury is trying to apply its authority on “this novel medium”.
“They will start small, but this will clearly escalate. This game of whack-a-mole cannot be won by technical means, so they will try political means, by applying pressure to any regulated entities that dare to not enforce the blacklist.”
The author further stated that a situation wherein there are a number of centralized entities around a decentralized currency creates a “significant conundrum”. Here, by centralized entities, the author refers to entities such as regulated exchanges. He added that these entities will be required to comply with the government’s regulatory schemes such as blacklisting addresses.
“Now there is two; soon, there may be two-hundred thousand or a million. Maybe [the list of blacklisted] addresses will be updated every ten seconds [through a live feed]… and they [must maintain real-time] compliance. It is a ridiculous scheme because it completely fails to achieve any of the [presumed] goals”
Antonopolous went on to say that, on the contrary, this step by the regulatory body would not be to prevent terrorist financing or stop money laundering but to expand the power and authority of various national governments over its citizens. He further added that this could be to create a surveillance mechanism that would take control of the financial industry, which eventually destroys democratic institutions.
“But it serves the role of extending authoritarian control over citizens. It will be completely ineffective, practically speaking, in Bitcoin. It will mostly affect the “legitimate” regulated entities which operate on the fringes of Bitcoin: [centralized] exchanges, merchant services, etc.”
The author stated that the U.S sanctions do affect miners, who are people who remain anonymous, and that this demonstrates the importance “of maintaining decentralization and anonymity in the system“.
The cryptocurrency market has been on a roller coaster ride for the past few days and has not seen a long-lasting trend. The second largest cryptocurrency, XRP has been facing the bears too. Recently, it took back its second position from Ethereum [ETH] and has been trying hard to maintain it.
At the time of press, the cryptocurrency was valued at $0.3278 with a market cap of $3.4 billion. The coin registered a 24-hour trade volume of $437 million with a fall of 0.88% over the past 24 hours. The coin has been falling for a long time and has registered a fall of 7.82% over the past week.
Source: Trading view
The one hour chart of the coin reported a downtrend from $0.3494 to $0.3379, after which it reported an uptrend from $0.3228 to $0.3426. Later, the coin fell from $0.3429 to $0.3376. The coin had a marked resistance at $0.3374 and support was noted at $0.3272.
Bollinger Bands appear to be at a converging point and the moving average line is seen above the candlesticks pointing towards a bearish market.
Awesome Oscillator also indicates a bearish market losing momentum.
Chaikin Money Flow is seen right above the zero, marking a bullish trend.
Source: Trading view
According to the one day chart of the coin, an uptrend is observed from $0.3680 to $0.5736, but the coin plunged after the rise. The coin fell from $0.5551 to $0.5736 marking resistance at $0.3680. The coin was offered immediate support at $0.3216, where another support was observed at $0.2906.
Parabolic SAR indicates a bearish market as the markers have aligned themselves above the candlesticks.
MACD line is under the signal line, pointing towards a bearish market.
Relative Strength Index indicates that the buying and the selling pressures are evening each other out.
As per the indicators Bollinger Bands, Awesome Oscillator, Parabolic SAR, and MACD, the market prediction is a bearish.
Dapp.com’s “2018 Dapp Market Report” provides insight into four mainstream blockchains; Ethereum [ETH], EOS, Tron [TRX] and Steem [STEEM].
The report dwells deep into the contribution of each of the aforementioned blockchains in DEX and Dapps ecosystems and also gives an overview of the individual markets.
In 2018, Dapps flourished and reached their peak and the report calls it “Dapp Movement” even though the bear market had struck every cryptocurrency down. Over the year, a total of $6.7 billion in revenue was generated through these Dapps.
DEX [Decentralized Exchanges] also became a core contributor to the Dapp market, as the report mentions that 40% of the total transaction volume for Dapps came from DEX.
The report mentions that a total of 1,423 Dapps were developed at the end of 2018, of which, 1,045 belonged to Ethereum’s blockchain, 235 came from EOS’ blockchain, 97 from Tron, and 46 from Steem.
The total volume of transactions of all these Dapps in conjunction came up to $6.73 billion and DEX contributed a total of $2.61 billion.
Annual Dapp Summary
Ethereum EOS Tron Steem
Dapps: 1045 Dapps: 235 Dapps: 97 Dapps: 46
Total Active Users: 797,153 Total Active Users: 171,170 Users: 71,832 Users: 386,772
Volume: 4,998,320 ETH Volume: 939,209,910 EOS Volume: 36,394,015,674 TRX Volume: 7,471,405
Ethereum blockchain generated a total of $2.66 billion from 1045 Dapps in the year 2018 and 78% of the volume came from DEX.
EOS, on the other hand, generated a total of $3.45 billion from a total of 235 Dapps and 75% of its volume came from betting apps.
Tron generated $605 million from 97 apps and 98% of the total volume came from betting as well.
Steem, however, generated $6.42 million from 46 Dapps.
From the above, one can conclude that while the Ethereum blockchain ecosystem saw the most number of Dapps, it certainly wasn’t the one to generate the most volume. EOS blockchain had significantly lesser Dapps but generated the most volume from these Dapps.
EOS was the one to generate the most volume from these Dapps, which was followed by Ethereum, Tron, and Seem.
Q4 Dapp Summary
A total of 258 Dapps were developed in Q4 of 2018 and these Dapps, put together contributed to a cumulative transaction volume of $2.96 billion. The 258 Dapps had a total of 211,358 users and EOS ranked the first in terms of the number of users, as it had a 69% contribution.
EOS was followed by TRX as it contributed 17% of the total number of users, ETH had 13%, while Steem had a mere 1%.
In terms of total transactions, EOS and TRX contributed 50% of the transactions each, while ETH did not make it to the list.
EOS topped again in terms of volume as it contributed a total of 79% of the $2.96 billion, while TRX contributed 20% and ETH had a 1% contribution.
Although Ethereum blockchain seems to have the most number of Dapps it should be noted that Ethereum had the first-mover advantage and Ethereum main net was launched on July 30, 2015.
EOS main net was launched on June 9, 2018, Tron’s on June 25, 2018, and Steem’s main net was launched on March 24, 2016.
The most awaited news about the enterprise blockchain software firm r3 confirms that the Corda Network [CN] is up and running. The Corda Network will be governed by an independent ‘not-for-profit’ organization called the “Corda Network Foundation”.
The news about r3’s Corda settler going live was something that the XRP community and fans were waiting with bated breath and it has finally arrived. r3 announced the news in a press release on January 16, 2019, and the new foundation will take over the governance and work encouraging the adoption of the CN.
The press release stated:
“The Foundation’s board will be comprised of directors drawn from participants on the Network and elected by members of Cor’da Network. It will operate independently of R3 and its decision making will be transparent and available to all network members.
The CEO of r3, David E. Rutter stated:
“Participants will be able to build their systems to suit their exact needs and ensure the security of their data, while still benefiting from the advantages of a universal network…
Applications on Corda are seeing wide adoption throughout industries. Corda Network is the next step in bringing these networks together to make these applications even more efficient and effective.”
Corda Network allows settlement of funds and transfer of data between communities of nodes which could be a collection of business networks and/or private networks which can be done via the CorDapps.
The transactions or data transfer can be set up within one’s own organization or with trusted commercial partners while remaining interoperable with the wider Corda community.
Corda has seen massive adoption as their partnerships include private and government based companies and organizations. As per their official website, Corda has now partnered with almost 250+ organizations worldwide, and some of these partnerships include companies like Amazon Web Services [AWS], Citibank, HSBC, Huawei, Infosys, Capgemini, Intel etc.
“R3 created 2 products:
1)Corda Enterprise “CE”: permissioned blockchain for private enterprise use cases.
2)Corda: Open Source DLT that can be used by devs to build decentralized Apps (CorDapps).
Corda Settler (CorDapp) can settle payment obligations arising on Corda with XRP.”
He also cleared users’ doubts with another comment, which stated:
“It means that, as of today, all the obligations arising on the Corda ecosystem could be settled with XRP if the participants choose to do so, as XRP is already integrated in the Corda Settler.
It doesn’t necessarily mean that XRP is already being used.”