STATE OF BLOCKCHAIN Q3 2016
State of Blockchain Q3 2016 | 1 CoinDesk – Leader in Blockchain News
• Headquarters in Times Square, New York, 15 FTEs. • News: 20 million readers have visited CoinDesk since 2013. • Data: Bitcoin Price Index serves as an industry reference point. • Events: 2,000+ have attended our Consensus summits. • Research: 750k views of our reports, subscriptions available in 2017.
State of Blockchain Q3 2016 | 2 About the “State of Blockchain”
For three years, CoinDesk has benchmarked the “State of Blockchain” in our quarterly industry reports.
We cover:
• Technical trends within the top open-source developer communities and major product updates from the top funded startups. • Digital currency markets and exchange data, consumer utilization rates, public sentiment and network performance metrics.
• Enterprise adoption rates and new proofs-of-concept. • Venture capital and corporate investment trends. • Public policy updates from around the globe.
State of Blockchain Q3 2016 | 3 Report Overview
1. RESEARCH FRAMEWORK 2. EXECUTIVE SUMMARY 3. PUBLIC BLOCKCHAINS A. Bitcoin B. Ethereum • Ethereum Sentiment Study
4. ENTERPRISE BLOCKCHAINS • Solutions Providers
5. INVESTMENT 6. REGULATION & GOVERNMENT
State of Blockchain Q3 2016 | 4 1
RESEARCH FRAMEWORK
State of Blockchain Q3 2016 | 5 Defining The Blockchain Technology Market
A public blockchain is a dis- An enterprise blockchain Many companies tributed ledger which uses a is a distributed ledger that employ hybrid native digital currency that: provides: models where they:
• Acts as a unit of account for • Solutions to clients who wish • Build on public transactions on that ledger. to use shared cryptograph- blockchain infra- ic databases managed by structure. • Uses a predictably scarce trusted intermediaries. token that incentivizes ear- • Provide technology ly adopters, developers and • Since consensus is achieved for permissioned transaction processors (min- via trusted intermediaries, networks. ers) to use, support and verify digital currencies are unnec- that ledger without the need essary. for a trusted intermediary.
State of Blockchain Q3 2016 | 6 The Internet-Intranet Comparison
We believe both public and enterprise blockchains have useful applications, much like the Internet and corporate intranets.
PUBLIC BLOCKCHAINS ENTERPRISE BLOCKCHAINS
public (inter-) private (intra-) The Internet Intranets & IT
Graphic Source: Coinbase State of Blockchain Q3 2016 | 7 ‘Public’ (Open) vs ‘Enterprise’ (Permissioned) Blockchains: Generalized Features Comparison
PUBLIC ENTERPRISE
ACCESS Open read/write Permissioned read and/or write
SPEED Slower Faster
SECURITY Open computer network Approved participants
IDENTITY Anonymous / Pseudonymous Known identities
ASSET Native assets Any asset
Note: Some features can vary from platform to platform.
Data Source: Chain, Chris Skinner’s blog State of Blockchain Q3 2016 | 8 Startup Categories: Infrastructure Layer
When producing market maps and tracking investment trends, we look for business shifts between these models:
PUBLIC ENTERPRISE HYBRID
Data Source: Coindesk State of Blockchain Q3 2016 | 9 Startup Categories: Application Layer
Most applications are built on public blockchains (bitcoin, ethereum dominate), but enterprise apps are coming.
BITCOIN ETHEREUM ENTERPRISE
Uses the bitcoin blockchain Uses the ethereum IBM launches internal to facilitate cross-border blockchain to fight “shadowchain” to stream- SMB commerce. product counterfeiting. line dispute resolution.
?????
Uses the bitcoin Uses the ethereum block- Many enterprise projects blockchain for chain to fight fraud in the remain in early prototype data verification. diamond industry. or incubation stages.
Data Source: Coindesk State of Blockchain Q3 2016 | 10 Spotlight Study: Ethereum Sentiment
Since our last report, interest and de- velopment of ethereum has exploded… but not without controversy.
• We are now dedicating a section of our Our goals: SOB coverage to ethereum and its market, blockchain and community metrics. • Determine if market events • We conducted a “spotlight study” survey caused direct change in sentiment with 240+ startup execs and enterprise or use of ethereum’s technology. blockchain leads to assess the impact of • Identify effects of ethereum’s chal- the DAO hack and subsequent hard fork lenges on the extended block- on ethereum sentiment. chain marketplace.
Data Source: CoinDesk Ethereum Survey State of Blockchain Q3 2016 | 11 2
EXECUTIVE SUMMARY
State of Blockchain Q3 2016 | 12 Q3 2016 Summary
Investment on the decline: Blockchain consortiums thrive: VC investment reaches $114m for Q3, but R3 hits 70 members, Hyperledger adds over total down 18% year over year. 50 new members.
Digital currencies show stability: Public blockchain startups adapt: Bitcoin and ether volatility decline; Exchanges and miners shift to ‘multi-block- ethereum hits at all-time lows. chain’ model.
Bitcoin remains media darling: Central banks are moving: Mainstream media attention remains focused Across the globe, central banks are attempt- on bitcoin, but blockchain is catching up. ing to get up to speed on blockchain tech.
State of Blockchain Q3 2016 | 13 Trends: Public Blockchains
• As a percentage of total public blockchain market cap, bitcoin’s share continues to decline amid competition.
• After 1,000% gains, ether’s price was tested by technical issues, competing project (ethereum classic).
• Top four public blockchains (bitcoin, ether, ripple, litecoin) begin to show price stability.
• ICOs see investor interest, $198m invested year to date; vast majority dedicated to failed DAO project.
• China’s exchanges drive exchange volume with 95% of bitcoin market share, but lag with ether volumes (~0.1%).
Data Source: CoinDesk Ethereum Survey State of Blockchain Q3 2016 | 14 Bitcoin Infrastructure Landscape
Global bitcoin infrastruc- Wallets* Exchanges ture has been built. Application layer emerging (cross-border dominates).
Security & Support Universals*
Mining
Payment Consumer Processing* Onramps*
Data Source: CoinDesk Sectors marked with the (*) symbol are included in our definition of ‘Universal’. State of Blockchain Q3 2016 | 15 Ethereum Infrastructure Landscape
Early ethereum infrastruc- Wallets* Exchanges ture emerging. Crowd-funded “dapps” more common than ven- ture-funded platforms. Security & Support Universals*
Mining
Decentralized Consumer Apps* Onramps*
Data Source: CoinDesk; Sectors marked with the (*) symbol are included in our definition of ‘Universal’. State of Blockchain Q3 2016 | 16 Public Blockchains Display Notable Overlap in Exchange and Mining Sectors
Most ethereum exchanges also support bitcoin trading. The ‘Top 10’ exchanges by Q3 volume all support bitcoin.
Some miners are devoting Exchange computing power to both networks. 30% of ethereum Mining hashing power provided by Consumer bitcoin miners. Onramps
Few consumer onramps are available to consumers. Coin- base remains one of few dig- ital currency brokerages to offer ether.
Data Source: CoinDesk State of Blockchain Q3 2016 | 17 Ethereum Sentiment Spotlight Study: Findings
63% 48% 37% 33%
Reported no change Responded the Thought ethereum Opposed the ethere- in their use of hack did not neg- has better govern- um hard fork (23% ethereum due to the atively impact their ance than bitcoin weren’t sure if it was hack or hard fork. sentiment towards (while 34% feel both the correct decision). ethereum; those communities face whose sentiment governance chal- was negatively lenges). impacted were al- ready unlikely to use ethereum.
Data Source: CoinDesk’s 240+ person executive survey; full results start on slide 56 State of Blockchain Q3 2016 | 18 Trends: Enterprise Blockchains
• Hyperledger experiences 35% QoQ member growth, reaches 81 partner organizations as Fabric begins to see use in prototypes and proofs-of-concept.
• R3 maintains steady membership growth now reaching over 70 international partners, continues proofs-of-concept on Cor- da blockchain while expanding partnership with Microsoft.
• DAH’s smart contract modeling language, R3’s Corda, Chain begin to open-source previously proprietary code.
• Major banks and stock exchanges continue blockchain proofs-of-concept.
State of Blockchain Q3 2016 | 19 Trends: VC Investment Ticks Up in Q3, But Still Far Below Q1 Pace
180m 12m
160m 10m 140m 160m
120m 8m
100m 114m 6m 80m 101m
60m 4m Investment 40m AVERAGE DEAL SIZE ($ m ) AVERAGE TOTAL INVESTMENT ($ m) INVESTMENT TOTAL 2m 20m 26m Average 0m 0m Deal Size
Q4 2015 Q1 2016 Q2 2016 Q3 2016 QoQ Growth: +515% -37% +13%
• No clear trends emerging – hybrid, public and enterprise blockchain startups see inconsistent investment; overall investment up slightly sequentially, but down YoY. • VC interest in ethereum has yet to translate into investment dollars. • Ripple sees quarter’s largest investment ($55m Series B ~ 50% of total funding).
Data Source: CoinDesk State of Blockchain Q3 2016 | 20 Trends: Regulation
• US: Federal Reserve continues to investigate blockchain regulation as US regulators seek guidance, Florida con- sidering bitcoin regulation.
• Europe: EU parliament actively exploring digital currency regulation, Russia’s ‘bitcoin ban’ bill withdrawn as author- ities consider dropping penalty for use.
• Asia: Central banks for Japan, India and Philippines be- gin to explore blockchain.
• Middle East: No regulatory action, but Dubai continues to emerge as hotbed for industry with local consortium, the Global Blockchain Council (GBC).
State of Blockchain Q3 2016 | 21 3
PUBLIC BLOCKCHAINS
State of Blockchain Q3 2016 | 22 Strengths and Weaknesses of Public Blockchains
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
Immutable ledger* Irreversible transactions
Comparatively fast settlement Slow transaction clearing (eg 10 minutes or less) (eg 3-7 transactions/second)
Reduce security risks associated with More vulnerable to attacks ie 51%, centralization-trusted third party spam, DDoS
Easy to audit Reduced privacy
Reduced need for trust Energy consumption
*Ledgers and protocol rules may be changed via hard forks, although as ethereum’s hard fork has shown, these changes introduce risks.
Data Source: Ethereum, MultiChain State of Blockchain Q3 2016 | 23 The SOB 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 bitcoin and ethereum.
PUBLIC BLOCKCHAINS ENTERPRISE BLOCKCHAINS
public (inter-) private (intra-) The Internet Intranets & IT
Data Source: Coinbase State of Blockchain Q3 2016 | 24 US Media Coverage Still Dominated By Bitcoin, Ethereum and Blockchain Trail Considerably
Bitcoin 136 Q2 = 405 mentions Blockchain FT 58 Q3 = 328 mentions Ethereum 22
Bitcoin 43 Blockchain 14 NYT Ethereum 7
Bitcoin 167 Blockchain 137 WSJ Ethereum 27
Bitcoin 30 Blockchain 78 Sina Ethereum 15
Data Source: Financial Times, New York Times, Wall Street Journal and Sina by searching ‘blockchain’, ‘bitcoin’ and ‘ethereum’ on respective publishers’ websites State of Blockchain Q3 2016 | 25 Price Remains Focus of Public Blockchain Searches
Related Searches: Top Related Searches: Rising
BTC Q2 & Q3 2016
ETH Q2 & Q3 2016
Data Source: Google Trends search ‘bitcoin’ and ‘ethereum’. Numbers represent search interest relative to the highest ranking term for a given time period. A value of 100 is assigned to the most popular search term in the Trends analysis. While a value of 50 means the term is half as popular as the leading search term. State of Blockchain Q3 2016 | 26 Top 5 Digital Currencies Show Strength, Consistency
Bitcoin, Ethereum, Ethereum Classic, Dash and Monero have added the most market capitalization year to date.
Q3 RANK NAME MARKET CAP Q1 RANK PRICE YTD
1 Bitcoin $9,578,049,977 Same 41% 2 Ethereum $1,093,626,017 Same 904% 3 Ripple $262,064,965 Same 2.4% 4 Litecoin $181,141,735 Same -22% 5 Monero $136,223,748 +3 11% 6 Ethereum Classic* $104,907,607 - 74% 7 Steem* $95,227,547 - -48% 8 Dash $78,026,273 -3 148% 9 NEM $46,377,074 +3 17% 10 MaidSafeCoin $39,431,776 -4 308%
Note: *Ethereum Classic and Steem Price YTD starts are relative to the mining of their genesis blocks, July 24, 2016 and April 18, 2016, respectively.
Data Source: CoinMarketCap State of Blockchain Q3 2016 | 27 China Continues to Drive Bitcoin Price, While Largely Ignoring Ether & Other Digital Currencies
Meanwhile BTC has established itself as a “reserve currency” for trading alternative currencies like ETH.
EURO OTHERS OTHERS CNY 0.6% 0.5% 0.4% 0.1% USD EUR 3.5% 9.7% USD 16.0%
CNY BTC 95.4% 73.8%
BTC Transaction Volume by Currency ETH Transaction Volume by Currency
Note: Labels for currency pairs with less than 1% market share are omitted. Data Source: Bitcoinity State of Blockchain Q3 2016 | 28 Bitcoin’s Market Share Declines Amid Rising Interest in Alternative Protocols*
676 25% 21% 674 675 19% 20% 672 17% 670 15% 668 669 666 10% 666 664 664 662
Number of Altcoins 5%
6% % Penetration Market 660
658 0%
Dec-15 Mar-16 Jun-16 Sep-16
Total Number of Altcoins Altcoin Market Share
Note: Altcoin market cap share is calculated by dividing the sum of all non-bitcoin digital currency market caps by the combined mar- ket caps of all digital currencies (including bitcoin). For example, a market cap share of 7% for altcoins indicates that bitcoin by itself represents 93% of the market cap of all digital currencies combined.
Data Source: CoinMarketCap State of Blockchain Q3 2016 | 29 Bitcoin and Ethereum Networks Dominate, While Ripple, Zcash Also Draw Notable Developer Interest
More developers have set up ethereum’s network nodes, but bitcoin still boasts the largest developer community Zcash has attracted significant early interest.
Network Size Developer Communities
8000 COMMITS RELEASES CONTRIBUTORS 68686868 7000 Bitcoin 11781 161 400
6000 Ethereum 7484 98 78 5135 Ripple 11166 60 54 5000 Litecoin 7871 194 279 4000 Ethereum Classic 97 0 8 3000 Monero 2808 10 68
2000 Zcash 9619 14 322 676 1000 450450 Augur 3604 5 12 121 Number of Network Nodes 0 Steem 1069 34 14 Bitcoin Ethereum Litecoin Monero Ripple MaidSafeCoin 1791 13 22
Data Source: CoinMarketCap State of Blockchain Q3 2016 | 30 A. BITCOIN
State of Blockchain Q3 2016 | 31 Q3 2016 Summary
Bitcoin scaling advances – Cross-border commerce on rise – Segregated Witness could see Q4 activa- Select startups show bitcoin gaining traction tion. in remittance market.
China dominates trading – Price volatility hits 2016 lows – More than 90% of exchange volume for Despite major hack, bitcoin proves largely BTC/CNY trading pairs. stable as store of value.
Bitcoin competitive against fiat – Price rises 30%, outperforming many devel- oped market currencies.
State of Blockchain Q3 2016 | 32 Bitcoin Network Metrics
Q3 2016 Q2 2016 Q3/Q2 Δ Q3 2015 QoQ Δ
BITCOIN PRICE • Market Capitalization ($m) (EoQ) $9,676 $10,570 -8.5% $3,761.8 2.6x • Price ($/BTC) (EoQ) $608.44 $672.48 -9.5% $236.25 2.6x • Bitcoin Supply (m) (EoQ) 15.9 15.7 1.3% 14.3 1.1x VC INVESTMENT ACTIVITY • Deal ($m) $114 $101 12% $85 1.3x • Deal # 12 11 9.1% 15 .8x TRANSACTION METRICS • Average Daily BTC Transactions 219,624 221,018 -1% 135,885 1.6x • Exchange Traded Volume ($m) $74,479 $98,867 -25% $17,553 4.2x • Average Fee per Block ($) $359.13 $272.86 31.6% N/A N/A • Total Transaction Fees ($) $3,509,279 $3,054,166 15% $1,559,374 2.3x • Average Transactions Per Block (EoQ) 1,767 1,546 14% 794 2.2x NETWORK GROWTH METRICS • Blockchain Size (GB) 85 74 15% 46 1.8x • Nodes 5,135 5,515 -7% 6,050 .8x • Unique Address Count (EoQ) 391,458 375,377 4% 247,211 1.6x • New Wallet Growth (EoQ) 1,146,402 1,133,688 1% 1,188,890 1.0x MINING METRICS • Network Hash Rate (TH/sec) (EoQ) 1,882,661 1,634,680 15% 465,548 4.0x • Block Difficulty (GH) (EoQ) 241 209 15% 59 4.1x • Average Mempool Transaction Count 4,335 4,081 6% N/A N/A • Average Mempool Size Growth (bytes/sec) 1,217 1,232 -1% N/A N/A • Unknown Mining Pools (%) 17% 5% 230% 5% 3.2x
State of Blockchain Q3 2016 | 33 Bitcoin: Key Market Events
Bitcoin Price Performance $750 July 20th Ethereum Executes Blockchain Hard Fork $700 676.52 to Return DAO Funds. Sept 2nd Sept 19th Aug 2nd Bitfinex Reim- Bitcoin Price 656.67 Bitcoin Drops burses First Still Bruised $650 663.54 Nearly 20% as Bitcoin Exchange After Bitfinex July 8th Exchange Hack Hack Victims. 622.21 Hack Amplifies Price 605.06 Bitcoin Prices $600 Decline. Volatile in $600s 578.16 595.8 As Traders Await Halving. 565.26 Sept 9th $550 Bullish market sentiment and low liquidity driving up bitcoin prices. $500 Jul-01 Jul-16 Jul-31 Aug-15 Aug-30 Sep-14 Sep-29
Data Source: CoinMarketCap State of Blockchain Q3 2016 | 34 The Bitcoin “Halvening”: Muted Impact on Mining
80% 250B 73% 241 59% 70% 200B 209 60%
50% 150B 165 40%
100B 30% 20% 99 26% 20%
Hashrate (billions) 50B 59 15% 10%
0B 0%
Q3-2015 Q4-2015 Q1-2016 Q2-2016 Q3-2016
Mining Difficulty (EoQ) Percentage Increase in Mining Difficulty
Although the bitcoin block reward fell from 25 bitcoins to 12.5 bitcoins in Q2, both the price and network hashrate has remained unaffected, quelling network security concerns. Network difficulty increased 15% since Q2 2016.
Data Source: Blockchain.info. Notes: Difficulty represents the number of necessary hash calculations to mine a new block. State of Blockchain Q3 2016 | 35 Bitcoin Has Outperformed Most Major Currencies and Commodities YTD (+29% vs. US Dollar)
Notes: Chart depicts YTD performance against USD. Data Source: XE Currency. State of Blockchain Q3 2016 | 36 Exchange Volume Declined After $65M Bitfinex Hack…
200 120 111 180
100 160
140 80 120
60 100 60 57 80
40 46 BTC in millions BTC USD in billions 45 60 42 33 35 40 20 27 20
0 0 1/1/16 2/1/16 3/1/16 4/1/16 5/1/16 6/1/16 7/1/16 8/1/16 9/1/16
Monthly Bitcoin Trading Volume USD Monthly Bitcoin Trading Volume BTC
Data Source: CoinDesk, Bitcoinity State of Blockchain Q3 2016 | 37 Yet Bitcoin Volatility Dipped to All-time Lows
DATE QUARTERLY PRICE QUARTERLY PRICE PEAK-TO- HIGH LOW TROUGH %
Q3 2015 $309.98 (12th July) $209.13 (24th August) 33%
Q4 2015 $465.5 (15th December) $237.4 (2nd October) 96%
Q1 2016 $458.28 (7th January) $358.77 (15th January) 28%
Q2 2016 $768.24 (16th June) $417.01 (1st April) 84%
Q3 2016 $703.69 (2nd July) $552.82 (2nd August) 27%
Data Source: CoinDesk State of Blockchain Q3 2016 | 38 Average Daily Transaction Volume Nearly Doubles Vs. 2015
Number of Transactions per Day
221,018
111,826
Q3 YTD average daily transactions increased 98% YoY
Note: 100 most popular addresses. Data Source: Blockchain State of Blockchain Q3 2016 | 39 But Blocks are Getting Full
Q3 2015 Q3 2016
1 1
0.8 0.8
0.6 0.6
0.4 0.4
0.2 0.2
0 0
Jul-01 Jul-16 Jul-31 Aug-15 Aug-30 Sep-14 Sep-29 Jul-01 Jul-16 Jul-31 Aug-15 Aug-30 Sep-14 Sep-29
Bitcoin blocks in Q3 were more regularly approaching capacity (1MB) when compared to figures from the same period last year.
Data Source: Blockchain State of Blockchain Q3 2016 | 40 And Block Size Limits May Constrict Momentum
As transaction volumes approach the current block size cap, it may be creating a choke point that slows adoption.
Higher Bitcoin Larger Price Greater Transaction Infrastructure Block Size Limits Volumes Investment CURRENT BITCOIN ADOPTION Higher Fees CHOKEPOINT FLYWHEEL EFFECT Transaction Delays Greater Payments Greater Utility Liquidity More Hedging Tools
State of Blockchain Q3 2016 | 41 Bitcoin Scalability Advances: SegWit, Lightning, Schnorr
Segregated Witness – alters how signature data is handled on the network without raising block size limit. • Projected to be live on network by end of Q4. • Requires that 95% of miners to upgrade and run software for roughly two weeks worth of blocks.
Lightning Network – a top layer for the bitcoin network that would enable millions of transactions with less frequent settlement. • Requires Segregated Witness to be activated. • Faces concerns regarding privacy and scalability.
Schnorr Signatures – would enable multi-party (multisig) transac- tions to be written to ledger with single signature. • Remains in early stages but prominent bitcoin developers (Peter Wiulle, Greg Maxwell) continue to explore. • Would replace current ECDSA signature scheme.
Data Source: CoinDesk, Pieter Wuille (2015) Segregated witness and deploying it for Bitcoin Presentation State of Blockchain Q3 2016 | 42 Bitcoin Interest is Expanding Globally, Supporting the Thesis That Its Utility Is Highest in Emerging Markets
Bitcoin Q2 & Q3 2016
Ghana 100
South Africa 82
Nigeria 72
Malaysia 63
Venezuela 51
United Kingdom 31
Germany 29
Canada 27
United States 27
Data Source: Google Trends search ‘bitcoin’ and ‘ethereum’. Numbers represent search interest relative to the highest ranking term for a given region and time. A value of 100 is assigned to the region where the relative popularity of the search term is highest. While a value of 50 means the term is half as popular as the leading search term. State of Blockchain Q3 2016 | 43 And Cross-Border Payments Volumes Have Spiked
Rising volumes and improv- ing liquidity on regional ex- changes are driving growth in cross-border payments.
• Recent analysis of four bitcoin payments companies showed a spike above $70m in Q3 cross-border volumes. Cumulative Volume • 2015 volumes were negligible. Monthly Volume • Growth accelerated as busi- nesses shifted focus from B2C to B2B.
Data Source: Digital Currency Group State of Blockchain Q3 2016 | 44 Cross-Border Payments
B. ETHEREUM
Source: Digital Currency Group State of Blockchain Q3 2016 | 45 Q3 2016 Summary
Enterprise interest grows – Block difficulty increases – Microsoft, Santander and others demo Second-highest QoQ increase in ethereum’s ethereum tech projects. history.
Ether price stabilizes – Ether volume declines in Q3 – But this coincides with waning exchange Figures down 10x since Q2 highs. transaction volumes.
Dual ether markets co-exist – Increase in ethereum active nodes – Alternative ethereum blockchain (ethereum Ethereum has the most active nodes of any classic) continues to hold minority market share. public blockchain network.
State of Blockchain Q3 2016 | 46 Ethereum Network Metrics
Q3 2016 Q2 2016 Q3/Q2 Δ Q3 2015 QoQ Δ
ETHER PRICE • Market Capitalization ($m) (EoQ) $1,118 $1,019 10% $48 23.3x • Price ($/ETH) (EoQ) $10.78 $10.50 3% $0.73 14.8x • Ether Supply (m) 85 82 4% 74 1.2x VC/ICO ACTIVITY • Deal ($m) $29.8 $171.9 -83% N/A N/A • Deal # 11 7 57% N/A N/A TRANSACTION METRICS • Average Daily ETH Transactions 35,836 63,952 -44% 5,870 6.1x • Average Gas Price (Gwei) (EoQ) 30 22 36% 52 .6x • Average Gas Limit Per Day 1.5 4.7 -68% 3.1 .5x NETWORK GROWTH METRICS • Blockchain Size (GB) 53 27 96% N/A N/A • Nodes 6,868 N/A N/A N/A N/A • Total Unique Addresses (EoQ) 647,482 423,227 53% 13,636 47.5x • Number of Contract Addresses (EoQ) 199,234 N/A N/A N/A N/A MINING METRICS • Network Hash Rate (GH/s) (EoQ) 5,880 3,985 48% 315 18.7x • Block Difficulty Growth (TH) (EoQ) 83 55 51% 6 13.8x • Average Block Time (sec) (EoQ) 14 14 3% 18 .8x • Average Block Size (bytes ) (EoQ) 1,437 2,367 -39% 742 1.9x • Daily Block Reward (EoQ) 31,623 31,986 -1% 25,094 1.3x
State of Blockchain Q3 2016 | 47 Ethereum: Key Market Events
$16 Ethereum Price Performance 0.025 BTC $15 July 20th Aug 22nd $14 0.023 BTC Ethereum Executes One Month After 0.0230 Blockchain Hard Ethereum Fork, $13 Fork to Return DAO Millions in DAO 0.021 BTC Funds. Funds Unclaimed. 0.0208 0.0213 $12 0.0202 0.0199 July 25th 0.0196 Sept 21st 0.019$11 BTC Alternative0.0188 Ethereum 0.0188 0.0188 Thomson Reuters Demos New Ethereum $10 Blockchain Blockchain Use Cases. 0.017 BTC Gains Support as Price $9 Declines. 0.0158
0.015$8 BTC Jul-01Jun-30 Jul-16 Jul-21 Jul-31 Aug-11Aug-15 Aug-30 Sep-01 Sep-14 Sep-22Sep-29
Data Source: CoinDesk Bitcoin Price Index, daily data collected at 00:00 UTC State of Blockchain Q3 2016 | 48 Poloniex, Kraken Emerge as Market Leaders for Ethereum Trading, But Volume on Decline
Ethereum Exchange 24-Hour Volume (EoQ) Ethereum Exchange 24-Hour Volume (EoQ) 7.1m
5.6m
12.8 2.5m 2.0m 9.5 1.6m
0.7m 0.7m 0.4m 0.4m 0.4m 0.5m 0.3m
Q2 2016 Q3 2016
Ethereum 24-hour exchange volume decreased 24% to $9.5m in Q3 from $12.8m in Q2.
Data Source: CoinMarketCap State of Blockchain Q3 2016 | 49 Enterprises Continue to Show Interest in Ethereum
Thompson Reuters releases ethereum identity tool Block- OneID.
BHP Billiton, the world’s largest mining firm, reveals it will use ethereum to record, maintain mining samples.
Santander demos CashETH, a prototype that envisions how the Spanish banking giant could ”open-source” its cash.
Microsoft launches ethereum smart contract working group, codenamed ‘Kinakuta’.
Data Source: DailyFintech State of Blockchain Q3 2016 | 50 But Its Public Blockchain Has Split, Creating Two Distinct Token Markets
Two ethereum blockchains emerge: Ethereum Classic now has a sep- arate market: • 18th June – The DAO, the largest ethereum smart contract, is compro- mised, with unknown attackers stealing $60m in user funds. • The price of its token (ETC) con- tinues to hover around $1. • 20th July – Ethereum’s community decides to edit its blockchain history to return the stolen funds to The DAO’s investors, creating a new block- • ETC has traded for as much as chain in the process. $3.30. • 24th July – Angered by the decision to edit the original blockchain, a • ETC was the 5th largest currency small minority restarts the blockchain ethereum’s community abandoned. by market cap at the end of Q3.
Data Source: Vitalik Buterin, Github State of Blockchain Q3 2016 | 51 ETHEREUM SENTIMENT STUDY
State of Blockchain Q3 2016 | 52 Ethereum Sentiment Study: Demographics
Our 243-person survey included technical leaders from startups and enterprises who attended our annual Consensus summit.
Of these respondents:
• 86% believe blockchain technology (broadly speaking) would have an impact on financial services, while14% said it was “too early to tell”.
• 70%+ believe blockchain tech would also have an impact on governments and businesses outside of financial services.
• 52% of bulls believe it would be 5-10+ years before block- chain tech was widely adopted.
Data Source: CoinDesk State of Blockchain Q3 2016 | 53 Ethereum Sentiment Study: Demographics
When it came to ethereum in particular:
• 63% reported they were “very familiar” with the ethereum protocol; 70% said they were “very familiar” with the DAO hack and hard fork.
• 58% reported using the ethereum protocol – 37% used the public blockchain, 19% used a permissioned version of ethereum, and 6% used a public fork of ethereum such as ethereum classic, krypton, or shift.
• 67% planned to consider using the ethereum protocol in the future – 49% planned to use the public blockchain, with 26% planning to use a permissioned version and 12% planning to use a public fork.
Data Source: CoinDesk State of Blockchain Q3 2016 | 54 One in Three Were Negatively Impacted By the Ethereum Fork or DAO Hack
Were you or your organ- ization directly impacted in any way by the June 2016 DAO hack (i.e. lost tokens, proof-of-concept delayed or reconsidered due to the hack)?
• 75% of those affected lost money in the DAO. • 11% said it made them lose “The hard fork hardened my opinion re: confidence in ethereum. ethereum’s governance problems.” • 20% said it set back a pro- “We delayed anchoring into ethereum ject or proof-of-concept. because of the fork.”
Data Source: CoinDesk Ethereum Survey State of Blockchain Q3 2016 | 55 One in Three Disagree with the Decision to Hard Fork
How do you feel about the decision to hard fork the ethereum (ETH) block- chain?
• Majority of those who disa- greed with the decision were already skeptical of ethereum and “not considering” using the technology in the future. • The decision to hard fork may “I was worried the hard fork might undermine get more popular over time; for the authority of the core dev team (or rather, those who changed their minds make it seem like they have too much power), at some point, “agrees” out- but those concerns seem to be overblown, numbered “disagrees” 7:1. and all seems to be going well for now.”
Data Source: CoinDesk Ethereum Survey State of Blockchain Q3 2016 | 56 In Terms of Perception, the Drama Has Taken Its Toll: Bad for Ethereum, Good for Bitcoin
How has the DAO hack and the ethere- um hard fork affected your sentiment towards using:
• Sentiment skewed negative for both ETH and ETC. • 49% negative vs. 26% positive for ETH. • 50% negative vs. 15% positive for ETC. • “bad precedent”, “broke immutability”, “lack of quality control & testing”, but “pragmatic”. • Many believed this cast bitcoin in a more positive relative light. • 39% positive vs. 17% negative. • “only production ready blockchain”, “stability and predictability are key”. • Muted impact on sentiment towards other public blockchains.
Data Source: CoinDesk Ethereum Survey State of Blockchain Q3 2016 | 57 For the Majority Whose Sentiment Was Negatively Impacted, Governance Was the Primary Concern
If the the DAO hack and/or Ethereum hard fork negative- ly impacted your sentiment on using Ethereum, what are your specific concerns?
• 47% concerned with how the ethereum blockchain and pub- lic protocol was governed. • 38% concerned with the block- chain’s compromised immuta- bility. • 33% fear regulatory risks due to the coordinated response.
Data Source: CoinDesk Ethereum Survey State of Blockchain Q3 2016 | 58 Despite Setback, Ethereum Perceived to Have Better Governance Than Bitcoin (Though Both Have Flaws)
Please select the choice you believe best re- flects your opinion of current Ethereum and Bitcoin governance:
“ETH vs BTC vs ETC rivalries need to stop; these technolo- gies are too new to take sides. Instead of coming together, there are obvious lines being drawn.”
“I’d be more optimistic if univer- sities embraced and increased resources not only for bitcoin but ethereum, and other DLTs.”
Data Source: CoinDesk Ethereum Survey State of Blockchain Q3 2016 | 59 Public/Enterprise Ethereum Users See Different Strengths in the Technology
Respondents Use Public (ETH) Version Respondents Using Private/ Permissioned of Ethereum for These Reasons. Version of Ethereum for These Reasons
• Both groups emphasized the quality of the ethereum community. • Ethereum users placed more emphasis on Turing Completeness. • Enterprise users emphasized developers, flexibility and maturity.
Data Source: CoinDesk Ethereum Survey State of Blockchain Q3 2016 | 60 Ethereum’s Developers Continue Upgrades
“Casper” – Two prominent ethereum developers (Vitalik Buterin, Vlad Zamfir) continue work on new blockchain consensus algorithm. • Would see ethereum migrate from bitcoin-like proof-of-work to more decentralized proof-of-stake alternative. • Zamfir, Buterin remain split on best paths forward.
Formal verification – soundness of smart contracts continues to be both practical and enterprise concern. • Startups are working to provide specialized software to mathe- matically check for issues.
EMV upgrade – ethereum language compiler continues to face performance issues, problems with IoT compatibility. • Compiler works in 256-bit ’chunks’, too slow for appliances with smaller bit registers. • Plan is to migrate to new EVM (EWASM) unveiled at Devcon2 con- ference in Shanghai.
Data Source: CoinDesk State of Blockchain Q3 2016 | 61 Our Respondents Predict Ethereum’s ‘Proof-of-Stake’ Switch Will Occur in 2017
How likely do you think it is that the following will be deployed by the Ethereum commu- nity by the end of 2017?
• 82% believe that ethereum’s most challenging hard fork – a switch to a new consensus algorithm called “Casper” – has a 50% or greater chance of being implemented in 2017. • Our respondents believe the Mist browser is the most likely 2017 release, with 62% saying they be- lieve this is somewhat or very likely vs. 11% that believe it is unlikely. • Respondents were split on the release timing of the Swarm storage platform, and two scaling solu- tions: state channels and sharding.
Data Source: CoinDesk Ethereum Survey State of Blockchain Q3 2016 | 62 Hard Fork? That’s the Easy Part
We asked whether there was anything more What is Sharding?
technically challenging on the development (From CoinDesk’s research report ‘Un- roadmap than ethereum’s switch to proof-of- derstanding Ethereum’) stake: Sharding is a scaling solu- tion where portions of the full “While some acknowledged the Casper ethereum blockchain are held switch was the biggest milestone in the on separate servers in order to near-term roadmap, respondents over- distribute the network’s com- whelmingly noted that “sharding” was putational load and improve the most technically complex project its performance. This solution being tackled.” could allow businesses, indi- viduals or entities to run a pub- “by far the hardest”, “represents a sea lic or private blockchain (with change in how these systems work distinct transaction validators) entirely”, “there is not enough capacity on a platform that uses the on the network before worrying about security and functionality of a sharding and parallelism”. public platform.
Data Source: CoinDesk Ethereum Survey State of Blockchain Q3 2016 | 63 4
ENTERPRISE BLOCKCHAINS
State of Blockchain Q3 2016 | 64 The Internet/Intranet Comparison
We believe both public and enterprise blockchains have useful applications, much like the Internet and corporate intranets.
PUBLIC BLOCKCHAINS ENTERPRISE BLOCKCHAINS
public (inter-) private (intra-) The Internet Intranets & IT
Data Source: Coinbase State of Blockchain Q3 2016 | 65 Blockchain Interest Grows Globally; Among Major Players, R3 Leads Media Mentions
Q2 & Q3 Select Blockchain Media Mentions
R3CEV 26
DAH 25
Hyperledger 15
Ripple 10
Chain 0
Data Source: Google Trends search for ‘Blockchain’. Financial Times, New York Times, Wall Street Journal and Sina. Google Trends search ‘bitcoin’ and ‘ethereum’’. Numbers represent search interest relative to the highest point on the chart for the given region and time. A value of 100 is the peak popularity for the term. A value of 50 means that the term is half as popular. Likewise a score of 0 means the term was less than 1% as popular as the peak. State of Blockchain Q3 2016 | 66 Enterprise Firms Continue to Invest Time and Resources in Blockchain Proofs-of-Concept
~ 70 ~ 100 ~ 25
Number of proofs-of- Number of unique Unique areas of concept announced participants in pub- focus for announced publicly by major en- licly announced PoCs; Banking, in- terprise businesses. proof-of-concept surance, post-trade projects. settlement and trade finance emerge as key areas of focus.
Data Source: CoinDesk State of Blockchain Q3 2016 | 67 Top Banks Tackle Blockchain Proofs-of-Concept
14 of the top 30 banks are engaging in blockchain proofs-of-concept.
Data Source: CoinDesk State of Blockchain Q3 2016 | 68 Global Exchanges Engage in Blockchain
21 of the 63 publicly regulated stock, futures and options exchanges are testing distributed ledger technology.
Data Source: World Federation of Exchanges, CoinDesk State of Blockchain Q3 2016 | 69 SOLUTIONS PROVIDERS
State of Blockchain Q3 2016 | 70 Chain Continues Partnerships, But Mostly Stays Quiet Ahead of Big Q4
Chain provides permissioned and private blockchain services for enterprise busi- nesses.
Q3 MILESTONES HQ: San Francisco, CA • Chain wins inaugural Best Fintech Innovation by Founders: Juniper Research. Devon Gundry • Chain partners with Initiative for Cryptocurrency Adam Ludwin and contracts (IC3). Key Executives: • Chain and global financial firms unveil Open Adam Ludwin, CEO Standard for blockchain. Amount Raised: $44m
Data Source: Chain State of Blockchain Q3 2016 | 71 Digital Asset Holdings Continues Acquisitions, Develops Strategic DLT Partnerships
Digital Asset Holdings is a blockchain software provider focused on distributed asset settlement.
Q3 MILESTONES HQ: New York, NY • Swiss FMI Six Securities Services and DAH part- Founders: ner to develop DLT. Dan O’Prey, Don Wilson, Sunil Hirani • DAH plans to open-source its smart contracting language DAML. Key Executives: • DAH appoints Carol Mathis (RBS) as CFO. Blythe Masters, CEO Chris Church, CBDO • DAH acquires smart contract firm Elevence.
Amount Raised: $67m
Data Source: DAH State of Blockchain Q3 2016 | 72 Hyperledger Member Growth Skyrockets
Permissioned distributed ledger platform to help financial institutions mitigate settlement risk and lower reconciliation costs. Open-Source Cooperative Managed by the Linux Q3 MILESTONES Foundation
HQ: San Francisco, CA • Github Statistics: 100+ contributors, 65 releases, 650 commits commits. Key Executives: • 13 Q2 & Q3 media mentions. Brian Behlendorf, Executive Director • 35% member growth in Q3. Todd Benzies, • 81 partner organizations. Sr. Program Manager
Data Source: Hyperledger State of Blockchain Q3 2016 | 73 Hyperledger Project Update (contd.)
“We’re focused on the use cases around permissioned blockchain, but [are] very en- thusiastic about non-permis- • Apache Foundation founder Brian sioned [ledgers].” Behlendorf named Hyperledger ex- ecutive director. • Hyperledger elects new technical steering committee, includes rep- resentatives from IBM, DTCC, Intel and JPMorgan. • Hyperledger launches first block explorer.
• Companies including IBM and UBS Brian Behlendorf begin to use beta version of Hyper- Hyperledger, executive director ledger Fabric in prototypes.
Data Source: CoinDesk State of Blockchain Q3 2016 | 74 Microsoft Continues to Invest in its Blockchain-as-a-Service (BaaS) Platform
• 2nd August – Microsoft makes it (BaaS) offering available in its DevTest Labs testing environment.
• 1st September – Microsoft launches smart con- tracts security working group; Named ‘Kinakuta’, the group aims to make it easier for the industry to share smart contract best practices.
• 2nd September – Microsoft unveils a new version of its consortium blockchain software Bletchley.
Data Source: Microsoft State of Blockchain Q3 2016 | 75 R3 CEV Reaches Over 70 Partners, Continues Proofs-of-Concept on the Corda Blockchain
R3CEV is a permissioned and private blockchain technology provider leading a consortium of 70+ financial institutions.
• Microsoft and R3 partner for work on blockchain PoCs. HQ: New York, NY • Barclays demos R3’s Corda platform. Founders: • R3 announces new distributed technology David Rutter, Jesse Edwards, framework Concord. Todd McDonald • China Merchants Bank, MetLife, Thomson Reu- Key Tech Players: ters, Absa Bank and Toyota join R3 consortium. Richard Gendal Brown, Mike Hearn, Ian Grigg
Data Source: R3CEV State of Blockchain Q3 2016 | 76 R3 Continues Distributed Ledger Trials
8 members test the exchange of US Treasury bonds using Intel’s distributed ledger tech Sawtooth Lake.
15 members announce they have completed a distributed ledger trial for trade finance.
Data Source: R3CEV State of Blockchain Q3 2016 | 77 Ripple Raises $55m While Member Growth Increases
Ripple allows banks to offer real-time cross-border payments to their customers.
Q3 MILESTONES
HQ: San Francisco, CA • Github Statistics: 50+ contributors, 60 releases, 11,116 commits. Founders: • 7 Q2 & Q3 media mentions. Chris Larsen, Arthur Britto • 25% member growth in Q3.
Key Executives: • 19 financial partners. Brad Garlinghouse, COO
Amount Raised: $93.6m
Data Source: Ripple State of Blockchain Q3 2016 | 78 5
INVESTMENT
State of Blockchain Q3 2016 | 79 Blockchain Announcements Decline in Q3, as Uptick in Consortiums Calms
238 Announcements
220
Q2 Q3
Note: ‘Traditional institutions’ include governments, central banks, financial institutions and other large firms. Data Source: CoinDesk State of Blockchain Q3 2016 | 80 Q3 Investments Up Year-Over-Year, But Down 17% Year to Date
250m 228m
200m 160m 145m 150m 114m 101m 100m 85m
50m
0m Q1 2015 Q1 2016 Q2 2015 Q2 2016 Q3 2015 Q3 2016
500m 458m 450m 376m 400m 350m Q3 investment up 13% YoY, 2016 300m 250m YTD investment down 17%. 200m 150m 100m 50m 0m Q1-Q3 2015 Q3 2016 YTD
Data Source: CoinDesk State of Blockchain Q3 2016 | 81 Top VC Deals Show Funding Shifting Towards Hybrid Blockchain Technology…
PUBLIC PRIVATE HYBRID
Juzhen Financials
$10.5m $23m $58m
Data Source: CoinDesk State of Blockchain Q3 2016 | 82 Hybrid Startup (Ripple) Captured Most VC Investment in Q3, But More Public Startups Are Raising Funds
Private 8.0%
Private Hybrid 20.2% 17.0% Hybrid 51.0%
Public Public 75.0% 29.0%
Investment Amount Number of Investments
Data Source: CoinDesk State of Blockchain Q3 2016 | 83 However, Data Doesn’t Suggest a Trend Toward Any Specific Infrastructure Model
Investment Sector Distribution 98%98% 100.0% 90%90% 90.0% 84%84%
80.0% 71% 70.0%
60.0%
50.0%
40.0% 29%29% 30.0%
20.0% 16%16% 10%10% 10.0% 2%2% 0.0% Q4 2015 Q1 2016 Q2 2016 Q3 2016
Percentage of Bitcoin Investment Pecentage of Blockchain and Hybrid Company Investment
Data Source: CoinDesk State of Blockchain Q3 2016 | 84 Decentralized Application Projects Are Raising Money Through Public Digital Currency Sales vs. VC
Total Historical VC Investment 2016 “ICOs”
.5m Ethereum .5m 152m $8m .75m 16m .85m .6m 1.7m 10.5m .75m .66m Bitcoin 4.5m $949m 2m 5.5m 2m
More “decentralized application” companies are using “initial coin offerings” to raise capital, the majority of crowdfunding has come from ETH (e.g. the DAO).
Data Source: Smith and Crown, ICO Countdown State of Blockchain Q3 2016 | 85 Despite Global Blockchain Interest, Silicon Valley Captures Bulk of Investment Dollars in Q3
$ Invested No. of Companies
Silicon No. of Location Value ($m) companies Valley Silicon 27.1% Rest of Valley Silicon Valley 542.39542 39 Rest of World 40.9% World 59.1% Rest of World 782.32782 105 72.9%
Total 1324.711324 144
Total number of VC-backed public and private blockchain companies has increased marginally over the past quarter, growing to 144 in Q3 2016 (5% increase), up from 137 in Q2 2016.
Data Source: CoinDesk State of Blockchain Q3 2016 | 86 6
REGULATION & GOVERNMENT
State of Blockchain Q3 2016 | 87 US: Blockchain Heats Up on Capitol Hill as Lawmakers Take Active Interest in Blockchain
• 29th July – Twenty-two US senators send a letter to the Federal Reserve requesting guidance on blockchain.
• 12th September – The US House of Representatives passes a non-binding resolution that calls for the support of blockchain technology.
• 14th September – Representative David Schweikert pro- poses blockchain be considered as a solution to adminis- trative issues at the Department of Veterans Affairs.
• 28th September – Federal Reserve chair Janet Yellen re- veals the US central bank is investigating blockchain tech.
Data Source: CoinDesk State of Blockchain Q3 2016 | 88 US: Is Bitcoin Money? Florida Courts Are Driving the Conversation
• 25th July – A Miami judge dismisses charges against a Florida-based bitcoin seller, siding with defense’s argument that bitcoin isn’t money.
• 16th August – The state of Florida appeals court decision in which case was thrown out over lack of clarity over issue.
• 6th September – Florida reveals it is in the early stages of considering bitcoin regulation, and that it could seek to recognize bitcoin as money.
Data Source: CoinDesk State of Blockchain Q3 2016 | 89 Europe: EU Parliament Investigates Blockchain Tech Potential
• 29th April – EU Parliament hosted a non-commercial roundtable to educate members (MEPs).
• 26th May – The European Parliament approves a proposal for a task force dedicated to digital currency.
• 30th August – A member of the European Parliament proposes $1.1m be spent on the blockchain task force.
• 3rd October – A European Parliament think tank re- leases a discussion paper on blockchain-based elec- tions.
Data Source: CoinDesk State of Blockchain Q3 2016 | 90 Europe: Russia Changes Tune on Bitcoin and Digital Currencies Amid Blockchain Interest
• 19th May – A bill that would ban bitcoin and digital currencies as “money surrogates” is withdrawn af- ter two years of deliberations.
• 19th July – Russia’s Ministry of Finance says it is considering allowing bitcoin use “abroad”, while still banning its domestic use.
• 12th August – Reports suggest Russian authorities are seeking to drop proposed penalties for bitcoin use.
Data Source: CoinDesk State of Blockchain Q3 2016 | 91 Asia: Central Banks Begin Blockchain Explorations
• 6th June – The central bank of the Philippines reveals it is considering how to regulate digital currency exchanges.
• 22nd July – The Reserve Bank of India (RBI) pushes banks to develop applications for digital currencies and distributed ledgers.
• 23rd August – The Bank of Japan publicly voic- es its enthusiasm for the benefits of blockchain tech.
Data Source: CoinDesk State of Blockchain Q3 2016 | 92 Middle East: UAE Takes Lead on Blockchain
• 30th May – Dubai’s Global Blockchain Council (GBC), a public-private blockchain consortium, unveils seven new proofs-of-concept at industry.
• 1st June – An independent regulatory authority in Abu Dhabi begins exploring ways to create a regulatory sand- box for blockchain startups.
• 9th August – Dubai launches a startup program with a focus on investing in and developing blockchain startups.
• 1st September – Dubai makes blockchain focal point of efforts to curb global blood diamond trade.
Data Source: CoinDesk State of Blockchain Q3 2016 | 93 About Coindesk
• Find out more at www.coindesk.com.
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• If you have data you think should be includ- ed in future State of Bitcoin reports, email [email protected].
• We also welcome any feedback you have on the report.
Data Source: CoinDesk State of Blockchain Q3 2016 | 94 Credits
@pete_rizzo_ @Bradley_Miles_ @coindesk
Pete Rizzo Bradley Miles Editor Researcher
Data Source: CoinDesk State of Blockchain Q3 2016 | 95 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. DCG portfolio companies referenced in this report include Align, Bitpay, Blockstream, BTCC, Chain, Circle, Coinbase, Everledger, Fluent, Kraken, Ripple, Tierion and Zcash.
State of Blockchain Q3 2016 | 96 STATE OF BLOCKCHAIN Q3 2016 www.coindesk.com
State of Blockchain Q3 2016 | 97