Digital Asset Research Launches Blockchain Data and Market Intelligence Products, Develops New Estimated Transaction Volume Methodology


Matthew Gertler

Digital Asset Research, Inc.


Digital Asset Research Launches Blockchain Data and Market Intelligence Products, Develops New Estimated Transaction Volume Methodology

New York, New York: Digital Asset Research, Inc. (“DAR” or “the Company”), the world’s leading provider of cryptocurrency research and data for institutional investors, has launched cryptocurrency data feeds for its institutional and service provider clients. These data feeds include blockchain data and market intelligence information.

The blockchain data includes information like “estimated transaction value” or “ETV”, which is often used as a foundation of economic and valuation measurements.

Gregory Cipolaro, CEO of DAR, said: “ has been a high-quality source of free information on the Bitcoin network for years, including their calculation of Bitcoin ETV.  We have identified shortcomings of the company’s methodology, and developed our own methodology that improves in areas of new address types and the writing of data into the Bitcoin blockchain, which we think more accurately reflects actual Bitcoin ETV. Our methodology can be applied to all other UTXO blockchains, like Litecoin, Dash, and Bitcoin Cash, and we believe this can be a source of alpha.”

The market intelligence information includes information like the number of tokens being sent to and from exchanges and social networking statistic comparisons of projects.

Cipolaro said: “Much of the market intelligence we gather comes from conversations with our clients who ask for information that is not available in the market. We have a strong track record of obtaining complicated and other information that is thought to be unavailable.”

About Digital Asset Research, Inc.

Digital Asset Research is a collection of technologists, developers, traditional investment analysts, legal scholars, and economists. The Company was formed in response to meet the growing need for institutional quality research in the nascent digital token space. It is the Company’s objective to provide unbiased research, analysis, and insights for hedge funds, family offices, venture capitalists, and traditional asset managers. For more information, please visit


DAR Publishes In-Depth Report On Stellar

Digital Asset Research has published a 51 page, in-depth analysis on Stellar. Stellar is a high-profile project from Jed McCaleb, founder of Ripple & Mt. Gox. It is a payments rail designed for remittances, micropayments, and low cost financial services. The protocol employs a novel consensus mechanism called the Stellar Consensus Protocol (SCP), which provides low latency for transactions regardless of the amount being transacted. SCP also allows trust ratings to be assigned to the nodes that validate transactions, thereby making validation power proportionate to a quantitative metric representing trust. Some of our takeaways: 

  • Stellar has programmable payment features and a platform to trade real world or cryptocurrency assets, which depends on “anchors”, who issue credit on the network.
  • Users can trade bitcoin, fiat, or any other asset through this credit system. Our data shows that 585 unique credits have traded at least once on the network. 
  • Anchors improve the flexibility and ability of the Stellar network to support almost any asset. However, they pose counterparty, leverage, and centralization risks that are not present in most other networks.
  • Stellar features an extensive and well documented RESTful API called Horizon, which can be used by developers for interactions between external applications and the Stellar Core client. All our interactions with Horizon were positive.
  • XLM supports numerous programming languages, which is important for community development.

To find out how to get access to our report, please fill out a request for information form here

Cats, Mice and ASICs

In March 2018, mining manufacturer Bitmain announced that it had developed an ASIC for mining Monero and Bytecoin. Both tokens are derived from the CryptoNote protocol, which was designed to be an ASIC-resistant consensus algorithm. The announcement came only a month after Bitmain launched an ASIC for Siacoin, a move regarded by some as a hostile takeover. Bitmain is also behind Antpool, one of the largest miners in the world. Considering this, critics argue that Bitmain’s rapid development of ASICs, which is reflective of its enormous R&D budget, poses unique centralization risks to the future supply of certain cryptocurrencies. Others say that mining specialization is inevitable and a natural step in a cryptocurrency’s lifecycle. What seems to be different today is the speed at which ASICs are being developed and deployed. Last week, it was rumored that Ethereum was Bitmain’s next target, which caused the price of Ether to crash. On Monday, Bitmain confirmed the release of Antminer E3, the first Ethash ASIC.

To find out how to get access to our report, please fill out a request for information form here

DAR CEO Greg Cipolaro Speaks at Blockchain for Impact

On March 12, 2018, Digital Asset Research CEO Greg Cipolaro educated attendees of the Blockchain for Impact: Family Office and Institutional Investor Bootcamp on how the blockchain works and how it has started to transform the world we live in. Other speakers touched on the role of the United Nations in facilitating the propagation of blockchain across the world, streamlining the trucking and logistics industries, reducing government corruption by tracking funds on a blockchain, and using crypto as a payment system in the developing world.


One of the explicit tradeoffs of decentralization is that once a private key has been compromised, there is no mechanism for individual users to revert transactions and recover stolen funds. The current state of cryptocurrencies is that they defy Silicon Valley’s user-centric philosophy, where thoughtfully designed interfaces thrive despite backend constraints. Instead, the brilliant backend infrastructure put forth by Satoshi Nakamoto is still met with under-tested, ad hoc, front-end interfaces, which at times enable hackers to steal funds of inexperienced users.

Given this new paradigm in finance combined with the irrevocability and immutability of the technology, we thought it would be of value to explore offensive penetration mechanisms employed by black hat hackers in their attempt to steal funds. We are not security experts, but we have experience with cryptocurrencies and we monitor reported incidences within the community as well as darknet forums which are the source of many of these exploits. The purpose of this report is to share some of our findings, as well as challenge some of the assumptions prevalent in the cryptocurrency community when it comes to security best practices. The following is an overview of exploits under current development and recommendations on best practices to ensure the security of your assets and private keys.

To find out how to get access to our report, please fill out a request for information form here

Dude, Where's My Crypto?

Last August, we released the alpha version of our Token Profile database and we expect to release the beta version in the coming weeks. This has given us an opportunity to see how the market has changed since the initial release. At the time, the market capitalization of all cryptocurrencies as reported by was approximately $160B, but has since grown nearly three-fold, to more than $450B. Although prices have increased for most cryptocurrencies, there were several whose price decreased significantly. Today, Digital Asset Research has published a report that analyzes four of these tokens that decreased by more than 60% since the alpha release of the database (BitConnect, Bitdeal, Lykke, and MCAP) and attempts to identify what may have caused the price collapse of these tokens.

 Source: Digital Asset Research

Source: Digital Asset Research

To find out how to get access to our report, please fill out a request for information form here

DAR Publishes In-Depth Report On Dash

Today, Digital Asset Research published a 60 page, in-depth analysis on Dash. Our takeaways: 

- Dash is one of the oldest and largest deployed cryptocurrencies.
- Dash pioneered the masternode structure, which enables some of its key features, InstantSend and PrivateSend.
- Unfortunately, PrivateSend is not as advanced of a privacy technology as those used by currencies like Monero and Zcash.
- InstantSend relies on the centralization structure of masternodes.
- Dash’s decentralized governance budget, which comes from 10% of all block rewards, allows the protocol to explicitly build network awareness through sponsorships and advertising.
- Our top down and bottom up model suggests the token is fairly valued to slightly overvalued. Our NVT ratio shows the token is slightly undervalued.

To find out how to get access to our report, please fill out a request for information form here



Today, the Senate Committee on Banking, Housing and Urban Affairs held a hearing entitled, Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission. The witnesses were SEC Chairman, Jay Clayton, and CFTC Chairman, J. Christopher Giancarlo. We've analyzed their comments and what it means for the crypto space for our clients. To find out how to access our research, please fill out a request for information form here

Some of the memorable quotes from the hearing were: 

Chairman Clayton -  “We should all come together, the […] banking regulators […] and have a coordinated plan for dealing with the virtual currency trading market.”

Chairman Giancarlo - “We owe it to this new generation to respect their enthusiasm about virtual currencies with a thoughtful and balanced response, not a dismissive one, and yet we must crack down hard on those who try to abuse their enthusiasm with fraud and manipulation.”

Chairman Clayton -  “Initial Coin Offerings are securities offerings […] I believe that every ICO I have seen is a security.”

Senator Warner - “I think we may be on top of something that is transformational and I don’t think you can separate the underlying distributed ledger or blockchain from these of these crypto assets.”

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DAR Issues In-Depth Report Examining Metronome (MTN)

Digital Asset Research has released a comprehensive 27-page analysis of Metronome and its upcoming token sale, a project tackling blockchain interoperability. Our report includes token sale and daily auction economics, valuation measures, a technical analysis, as well as potential technical, counterparty, and regulatory risks.

We note that we were unable to review the Metronome smart contracts because they are undergoing a closed audit and the team has not released a technical white paper, only an “owner’s manual”. We find this concerning given that the project borrows elements from projects with known security vulnerabilities (e.g. Parity’s multisig wallet and Bancor’s autonomous converter contract).

To find out how to get access to our report, please fill out a request for information form here.