2017年-数据局_剑桥大学：2017年全球加密货币研究报告_114页_8mb

Global Cryptocurrency Benchmarking Study Summary

Core Content

This Global Cryptocurrency Benchmarking Study, conducted by the Cambridge Centre for Alternative Finance in 2017, is the first comprehensive research project to investigate the cryptocurrency industry by collecting empirical, non-public data from nearly 150 companies and individuals across 38 countries and five world regions. The study focuses on four key industry sectors: exchanges, wallets, payments, and mining, and provides insights into the structure, growth, and challenges of the cryptocurrency ecosystem.

Main Findings

User Adoption and Industry Growth

• The number of unique active users of cryptocurrency wallets is estimated to be between 2.9 million and 5.8 million.
• Bitcoin remains the dominant cryptocurrency in terms of market capitalisation and usage, supported by the majority of wallets, exchanges, and payment service providers.
• The combined market value of all cryptocurrencies reached $27 billion by April 2017, up over 3x since early 2016.
• The number of people working full-time in the cryptocurrency industry is estimated to be at least 1,876, with the actual number likely exceeding 2,000 when considering large mining operations and other unreported entities.

Industry Structure and Trends

• The lines between different cryptocurrency sectors are increasingly blurred, with 31% of surveyed companies operating across two or more sectors.
• The exchanges sector has the highest number of operating entities and employs the most people, with 52% of small exchanges holding a formal government license compared to 35% of large exchanges.
• Security headcount and costs are 13% of total employees and 17% of operating expenses for exchanges and payment companies.
• Wallets are increasingly integrating currency exchange features, with 52% of surveyed wallets offering such services and 80% providing national-to-cryptocurrency exchange.
• Payment companies face 79% having existing relationships with banking institutions and payment networks, but maintaining these relationships is cited as the biggest challenge in the sector.
• National-to-cryptocurrency payments constitute two-thirds of total payment company transaction volume, while national-to-national and cryptocurrency-to-cryptocurrency payments account for 27% and 6%, respectively.

Mining and Innovation

• 70% of large miners rate their influence on protocol development as high or very high, compared to 51% of small miners.
• Publicly known mining facilities are geographically dispersed, but there is a significant concentration in certain Chinese provinces.
• The study identifies two main categories of cryptocurrency innovation:
  • New (public) blockchain systems (e.g., Ethereum, Peercoin, Zcash)
  • dApps/Other that operate on existing blockchain systems (e.g., Counterparty, Augur)
• Privacy-focused cryptocurrencies such as DASH and Monero (XMR) have gained popularity, currently representing 4% of the total market capitalisation.
• Ethereum (ETH) has emerged as the second-largest cryptocurrency, with market capitalisation increasing significantly since the DAO hack in 2016.
• DASH and Monero have seen the fastest price growth since June 2016, with DASH experiencing exponential growth after December 2016.

Key Cryptocurrencies

Methodology and Study Structure

• The study was conducted through four online surveys from September 2016 to January 2017, using secure web-based questionnaires.
• Surveys were targeted at organizations and individuals in the following sectors: exchanges, wallets, payment service providers, and miners.
• All surveys were written and distributed in English, with Chinese translations provided for the exchanges and mining surveys.
• Data was anonymised and analysed in aggregate by industry sector, type of activity, organisation size, region, and country.
• The study estimates it captured more than 75% of the four cryptocurrency industry sectors covered.

Report Structure

• Exchanges: Overview of the sector, including security measures, operational trends, and regulatory status.
• Wallets: Description of different types of wallets and their currency exchange capabilities.
• Payments: Taxonomy of payment services, including B2B services, money transfer services, and merchant services.
• Mining: Overview of the mining value chain, geographical distribution, and miner perspectives on policy and operational challenges.
• Appendices:
  • Appendix A: Introduction to cryptocurrencies and their key properties.
  • Appendix B: Overview of the emergence of the cryptocurrency industry.
  • Appendix C: Geographical dispersion of cryptocurrency users and activity.
  • References and Endnotes: Sources of data and methodological explanations.

Conclusion

The study highlights the rapid growth and evolving nature of the cryptocurrency industry. It underscores the global and localised aspects of the sector, as well as the increasing integration of different industry components. While security and regulation remain key concerns, the fluidity and innovation in the space are evident. The findings are valuable for academics, policymakers, and industry stakeholders aiming to understand the current state and future trajectory of the cryptocurrency ecosystem.