Digital Asset Daily: The Road To Recovery?

Market Movers

It’s been a day of minor recovery for the crypto markets as market cap has gone up to 342b. This is still a far cry from just a week ago when market cap was solidly above 400b. BTC is actually underperforming the market for the most part and is at 7640 (+0.1%). On the other hand, ETH is back above 600; now at 606 (+1.5%).
Most altcoins have mirrored the minor gains of BTC and ETH, but there are some that are exceptions to this with large gains. These include Bitcoin Private (BTCP +31.6%), EOS (EOS +12.8%) and Mixin (XIN +12.2%). EOS’s spike is notable as it Six top 100 altcoins have had double digit percentage growths.
There are few altcoins that have made large losses. The notable exception to this is Skycoin (SKY -23.4%). The next two biggest losers are Steem (STEEM -7%) and Stratis (STRAT -5.7%).

Noteworthy News

Coinbase continues its rampant expansion in the crypto space as it has achieved a 1000% growth in its transactional capacity thus far in 2018. The latest valuations of Coinbase value the exchange at over $8 billion, a 5X increase from the $1.6 billion valuation as of 2017 summer. However, if they don’t reduce fees from an average of 1.8% going forward it seems likely that their first mover advantage will be negated over time.
In the USA, the Justice Department and CFTC are launching a probe into alleged price manipulation in the crypto markets. It is common knowledge that insider trading and market manipulation are pervasive in the crypto markets and thus it seems almost inevitable that wrongdoing will be found. Crackdowns on such fraudulent acts will hopefully make the markets more appealing for retail investors.

Insight of the Day: EOS – Ethereum but better?

With June 2nd fast approaching, it’s important to think about what EOS claims to be able to bring to the table once it gets off the Ethereum blockchain and onto its own mainnet. Most people will be judging the EOS mainnet by comparison to Ethereum, as both blockchains are designed with the optimization for dApps in mind.

EOS mainnet will be utilizing Proof of Stake (PoS), a less computationally intensive consensus protocol than the currently dominant Proof of Work (PoW). Ethereum will also be making a shift towards PoS some time in 2018 according to Vitalik Buterin, but it is currently still using PoW. PoW means that Ethereum is limited to approximately 15 tps. EOS will be using a delegated PoS (DPoS) that they claim will allow 1000 tps from the day of release so it will be much faster until Ethereum has the ‘Casper’ hard fork. EOS also promises that they will be able to process transactions while simultaneously executing smart contracts, something Ethereum is simply not capable of.

The other undeniable advantage that EOS has is that their dApps can be written in any language that is Webassembly (WASM) compliant – including C++. Ethereum smart contracts on the other hand can only be written in its native Solidity language, a language far few coders are familiar with.

However, despite these advantages, Ethereum is THE established smart contracts titan and it will be difficult for EOS to displace it. It also remains to be seen how many of EOS’s lofty claims are actually rooted in reality when the mainnet launches on June 2nd.

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