Daily market review for 02.07.2018

2018-07-02 14:50:00

In spite of open hostility to cryptocurrencies, this week, the financial services giant, MasterCard, received several patents in the field of blockchain. The patent, which describes the system for making anonymous transactions in blockchain, is particularly interesting.

The patent, published by the US Patent and Trademark Office (USPTO), describes a system that facilitates anonymous transactions in blockchain. MasterCard believes that the excessive transparency of conventional blockchain transactions prevents the adoption of this technology in daily payments. And, this applies to both businesses and individual consumers.

For example, someone wants to buy an expensive gift for an important person, but at the same time he does not want the recipient to be aware of the details of the transaction. In addition, companies are not interested in that their competitors or third parties being able to receive such data - for example, the volume of transactions.

To solve this problem, MasterCard has developed a system that allows parties to participate in a transaction, the details of which will be stored publicly to provide credibility, but a certain level of anonymity will remain, not allowing you to track individual transactions and transaction information that can identify its participants.

It is worth noting that the anonymity of transactions is the main feature of many cryptocurrencies, such as Monero or zCash. MasterCard aims to achieve the same without resorting to the creation of a publicly available cryptocurrency, and also to keep the possibility for law enforcement agencies to track illegal transactions, although this point is not directly addressed in the patent.

Unlike cryptocurrencies that use P2P transactions, MasterCard offers a system that will use a third-party server with a user profile database, where along with the identity details there will be a string with secret data.

Thus, after the server receives information about the transaction, it hashes this information and merges it with the secret value from the profile. After that, the hash is published in the blockchain to prove the integrity of the transaction, without revealing certain details.

Most recently it was reported that MasterCard is exploring the possibility of using blockchain technology to protect these cards, as well as to verify the authenticity of consumer coupons.

Now, let's move to the technical analysis of bitcoin (BTC):

Bitcoin took advantage of a strong support level of $5,760, pushed away from it and went up to the level of $6,370. Now it is consolidating in a flat with a range of $6,370-6,220. All things considered, there is every indication that bitcoin will continue its growth. The nearest resistance level is $6,640. The nearest support level is $6,220.

Technical analysis of Ethereum (ETH):

Ethereum went down and stopped at a support level of $400, then, it turned and rose sharply to a resistance level of $460. This synchronism with bitcoin does not surprise us at all. So, we are waiting for further growth of ethereum. The nearest resistance level is $480. The nearest support level is $435.

Technical analysis of Ripple (XRP):

Our forecast was quite accurate. Ripple went down to the support level of $0.40 and pushed away from it upwards to the resistance level of $0.47. Now it is consolidating in a narrow corridor of $0.44-0.45. The nearest resistance level is $0.55. The nearest support level is $0.43. As always, we need to wait. But, the chance that ripple will grow is high.

Disclaimer. This review is only for information purposes and cannot be considered as a proposal or an indication to perform certain transactions in the financial and commodity markets. The estimates and recommendations in the review are the personal opinion of the company's analysts. The company's view on the prospects for individual financial instruments is valid as of the date of the report. The Company does not assume any liability and liabilities for compensation for damage that may result from the use of this report.
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