剑桥CCAF-第二版全球加密货币基准研究报告（英文）

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1、2NDGLOBALCRYPTOASSETBENCHMARKINGSTUDYMichelRauchs,ApollineBlandin,KristinaKlein,GinaPieters,MartinoRecanatini,BryanZhangDecember2018TABLEOFCONTENTSFOREWORD5RESEARCHTEAM6ACKNOWLEDGMENTS7EXECUTIVESUMMARY10METHODOLOGY14SETTINGTHESCENE17TheYearinReview17SECTION1:THECR

2、YPTOASSETINDUSTRY191.1Segments19IndustryStructure19MiningSegment20StorageSegment21PaymentsSegment24HorizontalExpansion:TheGrowthofMulti-SegmentFirms251.2IndustryGrowth261.3Geography28AGlobalIndustry28LegalHeadquartersandOperations28SECTION2:GLOBALUSAGE302.2WhoIsUs

3、ingCryptoassets?31TotalUsers32UserTypes34UserActivity35UserLocation352.3CryptoassetUsageCharacteristics37On-chainPayments37Off-chainPayments39DecentralisedApplicationsandTimestamping40SpeculationandInvestment40SECTION3:GATEWAYSANDECONOMICCONNECTIONS42On-RampsandOf

4、f-Ramps43InternalCryptoassetEcosystemFlows45ManagingVolatility47SECTION4:STORAGEANDCUSTODYSEGMENT49SourceCode51KeyStorageCanTakeDifferentForms52Multi-Signature53SECTION5:REGULATIONSANDCOMPLIANCE545.1TheImpactofRegulations54UserImpactofRegulations54CryptoassetFirms

5、CollaborateDirectlywithRegulators565.2KYC/AMLPolicies57Implementation57Criteria58AccountSuspensionsandClosures595.3ComplianceTeam605.4Licensing61SECTION6:ITSECURITY63ITSecurityTeam64SecurityAudits65InternalPolicies67SECTION7:MININGSEGMENT68CryptoassetSelection68In

6、fluenceonDecision-MakingProcess70ConcentrationConcerns717.2HardwareManufacturing72MiningEquipmentandAlgorithms73DistributionChannels75HowConcentratedIsManufacturing?757.3MiningFacilities77MeettheHashers77FacilitySet-upDecisionFactors77DistributionofMiningFacilitie

7、s78HowMuchEnergyDoesCryptoassetMiningConsume?81HowWastefulIsCryptoassetMining?83WhatDoMinersThink?857.4PoolOperators86PoolOperations86PoolConcentration87FUTUREOUTLOOK90APPENDIX:SENTIMENTQUESTIONS94FOREWORDItismygreatpleasuretoannouncethereleaseofthesecondGlobalCry

8、ptoassetBenchmarkingStudyproducedbytheCambridgeCentreofAlternativeFinancebasedattheUniversityofCambridgeJudgeBusinessSchool.Itexaminessignificantdevelop