剑桥CCAF-第二版全球加密货币基准研究报告（英文）-2018.12-96页-10mb

2nd Global Cryptoasset Benchmarking Study Summary

Core Content

The 2nd Global Cryptoasset Benchmarking Study, conducted by the Cambridge Centre for Alternative Finance (CCAF) in December 2018, provides an in-depth analysis of the global cryptoasset ecosystem, including its structure, growth, usage, regulations, and security practices. The study collected data from over 180 entities across 47 countries, representing a 25% increase in both the number of participants and countries compared to the 2017 study.

Main Findings

1. Industry Growth and Structure

• The cryptoasset market capitalization increased significantly from $30 billion in 2017 to over $800 billion in early 2018 before dropping to around $200 billion.
• The industry has seen substantial growth in terms of full-time equivalent (FTE) employees, with a 164% year-on-year increase in 2017, primarily driven by the exchange and storage segments.
• The average firm now employs 20 staff, up from 5 in 2016.
• Over half of the surveyed firms have their legal headquarters in a different country than their operational HQ, but only 7% are in a different geographic region, suggesting limited regulatory arbitrage.

2. Global Usage

• Individuals constitute the largest share of the user base, primarily served by exchanges and multi-segment firms.
• Payment and storage service providers have the highest share of business users (26% and 32%, respectively).
• Both on-chain and off-chain transaction volumes increased in 2017, with speculation and long-term investment still dominating usage.
• The share of high-value off-chain cross-border payments rose from 34% in 2016 to 46% in 2017, indicating growing institutional interest.
• Bitcoin's median on-chain transaction size has grown consistently since 2016, while other systems have seen a decline.

3. Gateways and Economic Connections

• The cryptoasset ecosystem is becoming more integrated with traditional finance due to the rise of gateways and regulatory clarity.
• Fiat-to-crypto and vice versa trades are common on some exchanges and payment platforms, contributing to continuous flows between the cryptoasset industry and the traditional financial system.
• Bank wires are the most commonly supported method for deposits and withdrawals, with physical cash being more popular in the Asia-Pacific region.
• Service providers offer more deposit options than withdrawal options, indicating that entering the ecosystem is easier than exiting.

4. Storage and Custody

• Custody of cryptoassets is diverse, with 62% of large entities retaining control over customer funds, compared to 30% of small firms.
• Firms operating across multiple segments are more likely to custody user funds.
• Two-thirds of specialised custodial exchanges lack a refund procedure for lost or stolen funds.
• Cold storage remains the dominant method, with over 80% of funds stored in this form, though the share has slightly decreased since 2017 to allow for quicker access.

5. Regulations and Compliance

• Compliance efforts are increasing, with 37% of cryptoasset-only service providers having in-house compliance teams and over half performing KYC/AML checks.
• Some firms report that up to 80% of KYC/AML checks result in account closures, well above traditional finance benchmarks.
• Only 5% of cryptoasset-only service providers hold an operating license, compared to 39% of fiat-supporting entities.
• Over 30% of cryptoasset-only service providers plan to apply for a license, indicating a growing willingness to engage with regulatory frameworks.
• Industry self-regulation is active, with most firms collaborating with regulators and policymakers.

6. IT Security

• IT security has become a critical operational aspect, with over $1.5 billion stolen from exchanges and storage providers.
• Specialised storage providers implement the highest security measures and allocate the largest budgets to IT security.
• Staff training programs are now a common industry standard due to breaches caused by employee negligence or wrongdoing.
• A lack of transparency in security audits is observed, with over 80% of firms not publicly sharing audit information.

7. Mining Segment

• Mining is less concentrated than commonly perceived, with a global distribution of hashers and facilities.
• The USA and Canada have seen rapid growth in mining operations, often due to access to cheap hydroelectric power.
• Renewable energy sources are increasingly used by mining facilities, with over half of the identified mining facilities using some renewable energy.
• Miners are concerned about environmental impact but are not advocating for a shift to less resource-intensive consensus algorithms.
• Mining pools vary significantly in number and geographic distribution, with a small share of pool members contributing most of the hashing power.
• ASIC hardware manufacturing is dominated by a few producers, with Ehash, SHA-256, and Equihash being the most supported algorithms.

Future Outlook

• The trend toward multi-coin support is expected to continue, with all single-coin storage providers planning to support more cryptoassets.
• Innovations in trust-minimised off-chain payment networks, such as Bitcoin's Lightning Network, are expected to have the largest impact on service providers' business models.
• Storage providers and multi-segment firms see stablecoins as a significant business opportunity, while non-fungible tokens (NFTs) are expected to have limited impact in the next 12 months.

Key Entities and Collaborators

The study involved contributions from:

• La Chaintech
• Nordic Blockchain Association
• Asociación Bitcoin Chile
• Associação Brasileira de Criptoeconomia (ABCripto)
• Association of Cryptocurrency Enterprises and Startups Singapore (ACCESS Singapore)
• Bitcoin Argentina
• KBIPA (Korean Blockchain Industry Promotion Association)
• BitFlyer, Bitstamp, BitPesa, BitWAGE, etc.

Methodology

• Two online surveys were conducted between May and July 2018 using secure web-based questionnaires.
• The Cryptoasset Service Providers Survey targeted organisations in the exchange, storage, and payments segments.
• The Cryptoasset Mining Survey included both organisations and individuals involved in mining.
• Surveys were available in English, Chinese, Spanish, and Korean.
• Data was collected via email, social networks (e.g. Twitter, LinkedIn), and Internet forums (e.g. Reddit, Bitcointalk).
• The study estimated that it captures over 75% of global economic activity in the four covered segments.
• The sample included both new entrants and established firms, with European companies dominating the service provider survey and Asia-Pacific-based individuals and mining organisations contributing significantly to the mining survey.