University of Cambridge subsidiary Judge Business School has released a second annual report regarding the so-called cryptoconomy. In April last year, its introductory report has been published during the time of the cryptocurrency boom. Since then, so much has transpired in the ecosystem and the school’s latest 96-page long report tackles a decent portion of it, giving specific attention to crypto mining, exchanges, storage, and payments.
Entitled “Global Cryptoasset Benchmarking Study,” Cambridge University’s comprehensive report presents a wealth of information on cryptocurrency.
The second crypto asset report from Judge Business School features several major findings indicating that millions of new users joined the ecosystem, but the majority stay passive; most crypto mining facilities utilize a certain portion of renewable energy sources as part of their “energy mix;” and that mining is less concentrated than usually supposed.
According to the survey, mobile wallets remain the most supported format. However, web wallet support has seen remarkable growth.
Although the price of crypto assets has plummeted for the most part of this year, user adoption has continued to increase for numerous top cryptocurrencies. The second report of Cambridge states:
“Total user accounts at service providers [exchanges, etc.] now exceed 139 million with at least 35 million identity-verified users, the latter growing nearly 4x in 2017 and doubling again in the first three quarters of 2018.”
Still, the report’s authors conclude that a mere 38 percent of said users may be considered as recently active. On the other hand, it will be illogical to presume that a considerable number of these users will “reignite” their interest in digital currencies by the time the crypto market mends.
The report also provides another major finding, which refers to the increase in industry employment. Despite being released days after a number of crypto projects such as Consensys, Spankchain, and Steemit announced their downsizing plans, the report underscores the remarkable increase in the cryptocurrency workforce beginning in 2016. At that time, an ordinary crypto company only has five employees. At present, that number is at 20. Other key findings include:
- Two-thirds of specialized custodial exchanges do not have a refund procedure in the case of customer funds getting lost or stolen.
- The amount of funds held in cold storage by crypto businesses surveyed stands at above 80 percent.
- More than 80 percent of firms do not publicly share information about security audits, indicating a general unwillingness to divulge security-critical information.
Established in 1209, Cambridge University is the second oldest university in Britain. King Henry III conferred it with a Royal Charter two decades after its founding.