第二版全球加密货币基准研究报告（英文）

Michel Rauchs, Apolline Blandin, Kristina Klein, Gina Pieters, Martino Recanatini, Bryan ZhangDecember 20182ND GLOBAL CRYPTOASSET BENCHMARKING STUDYThe Cambridge Centre for Alternative Finance (CCAF) is an international and interdisciplinary research centre based at the University of Cambridge Judge Business School. It is dedicated to the study of innovative instruments, channels, and systems emerging outside of traditional finance. This includes, among others, crowdfunding, marketplace lending, alternative credit and investment analytics, alternative payment systems, cryptoassets, distributed ledger technology (e.g. blockchain) as well as related regulations and regulatory innovations (e.g. sandboxes and RegTech).TABLE OF CONTENTSFOREWORD ......................................................................................................................................5RESEARCH TEAM ............................................................................................................................6ACKNOWLEDGMENTS ................................................................................................................7EXECUTIVE SUMMARY ............................................................................................................ 10METHODOLOGY .......................................................................................................................... 14SETTING THE SCENE .................................................................................................................. 17The Year in Review ..........................................................................................................................................................................17SECTION 1: THE CRYPTOASSET INDUSTRY ............................................................................................. 191.1 Segments .....................................................................................................................................................................................19Industry Structure .............................................................................................................................................................................. 19Mining Segment................................................................................................................................................................................... 20Storage Segment ................................................................................................................................................................................. 21Payments Segment ............................................................................................................................................................................ 24Horizontal Expansion: The Growth of Multi-Segment Firms ......................................................................................2