2017全球数字加密货币基准研究（英文版）_112页_8mb

Global Cryptocurrency Benchmarking Study Summary (2017)

Core Content

This report, Global Cryptocurrency Benchmarking Study, is the first comprehensive research initiative by the Cambridge Centre for Alternative Finance (CCAF) to analyze the cryptocurrency industry using empirical, non-public data. It explores the growth and structure of the cryptocurrency ecosystem, focusing on four key sectors: exchanges, wallets, payments, and mining. The study includes data from nearly 150 companies and individuals across 38 countries, providing an in-depth look at the industry's evolution, challenges, and future potential.

Main Findings

User Adoption and Market Growth

• The cryptocurrency industry has seen significant user adoption, with 2.9 to 5.8 million unique active wallet users as of 2016.
• The total market capitalisation of all cryptocurrencies reached $27 billion in April 2017, a 3x increase since early 2016.
• Bitcoin remains the dominant cryptocurrency, with 86% of the market cap in 2015, but its share has dropped to 72% in 2017, indicating a growing diversity in the market.
• Ethereum (ETH) and DASH have emerged as major players, with ETH being the second-largest cryptocurrency and DASH and Monero (XMR) showing the fastest price growth since June 2016.

Industry Structure and Interconnectedness

• The lines between cryptocurrency sectors are increasingly blurred, with 31% of surveyed companies operating in multiple sectors.
• Exchanges are the largest sector in terms of number of entities and employment, with 52% of small exchanges holding formal government licenses compared to 35% of large exchanges.
• Wallets are the second-largest sector in terms of employment, with security costs accounting for 17% of operating expenses.
• Payment companies have 79% of relationships with banking institutions and payment networks, but maintaining these relationships is a major challenge.

Transaction Volumes

• National-to-cryptocurrency payments make up two-thirds of payment company transaction volume.
• Cryptocurrency-to-cryptocurrency and national-to-national transactions account for 6% and 27%, respectively.
• Transaction volumes for all cryptocurrencies have increased since Q4 2016, with Monero and DASH showing the fastest growth.

Key Sectors Overview

Exchanges

• Most active sector, with over 100 entities and more than 1,876 full-time employees.
• Security is a major focus, with 13% of total employees working in security and 17% of budget allocated to it.
• Geographic dispersion is notable, though China hosts a significant number of mining operations.

Wallets

• Estimated 5.8 to 11.5 million active wallets.
• 52% of wallets offer integrated currency exchange features, with 80% providing national-to-cryptocurrency exchange.
• Most wallets do not control user private keys, unlike exchanges and custodial services.

Payments

• 79% of payment companies have relationships with traditional financial institutions.
• National-to-cryptocurrency payments dominate transaction volume.
• Merchant services and general-purpose platforms are expanding, enabling shopping cart integrations and point-of-sale terminals.

Mining

• 70% of large miners believe they have high or very high influence on protocol development.
• Small miners often operate as sole proprietors, while large miners are involved in medium-to-large scale operations.
• Mining facilities are geographically dispersed, but concentrated in certain Chinese provinces.

Methodology and Scope

• The study used four online surveys conducted from September 2016 to January 2017, targeting exchanges, wallets, payment companies, and miners.
• Surveys were conducted in English and Chinese, with Chinese support from 8btc.com.
• Data was anonymised and aggregated by sector, activity type, organisation size, region, and country.
• The study estimates it captured more than 75% of the four main sectors covered in the report.

Conclusion and Future Work

• The cryptocurrency industry is global and local, with borderless exchange operations and geographically clustered mining.
• The industry is becoming more fluid, with increased integration between sectors.
• Security and regulatory compliance remain key concerns.
• The study highlights the growing importance of cryptocurrencies in both personal and business transactions.
• CCAF plans to publish annual benchmarking studies and will also release a separate DLT study in the near future.

Key Players and Contributions

• Dr Garrick Hileman and Michel Rauchs led the study, with Garrick having a background in economics and financial innovation.
• The research team received support from numerous organisations, including Visa, CoinDesk, Coinbase, and Chainalysis, among others.
• Logos of 144 cryptocurrency organisations and individual miners were included in the report, showcasing the industry's diversity and reach.

Glossary Highlights

• Blockchain: A public ledger of all transactions, grouped into blocks and cryptographically linked.
• Private and Public Keys: A pair of cryptographic keys used to secure and access funds.
• Multi-signature: A security mechanism that requires a threshold of keys to access funds.

Conclusion

The Global Cryptocurrency Benchmarking Study provides a comprehensive overview of the cryptocurrency industry in 2017, highlighting its growth, diversification, and increasing complexity. It underscores the importance of security and regulation, while also pointing to the emergence of new innovations and applications beyond Bitcoin. The study serves as a valuable reference for academics, policymakers, and industry professionals seeking to understand the evolving landscape of digital finance.