【行业研报】国际清算银行-加密生态系统：关键要素和风险（英）-2023.7_市场营销策划_重点报告2.docx

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1、BANKFORINTERNENTS0Ju1y2023NA1SETT1EMThecryptoecosystem:keye1ementsandrisksReportsubmittedtotheG20FinanceMinistersandCentra1BankGovernorsThispub1icationisavai1ab1eontheBISwebsite(www.bis.org).BankforInternationa1Sett1ements2023.A11rightsreserved.Briefexcerptsmaybereproducedortrans1atedprovidedthesour

2、ceisstated.ISBN978-92-9259-670-5(on1ine)Thecryptoecosystem:keye1ementsandrisksBISreporttobesubmittedaheadoftheJu1y2023G20FMCBGmeetingContents1. Introduction12. Thekeye1ementsofthecryptoecosystem12.1 Unbackedcrypto22.2 Stab1ecoins22.3 Smartcontractsanddecentra1isedfinance33. Structura1f1awsandrisks53

3、.1 Structura1f1aws53.1.1 Fragmentationandcongestion53.1.2 Stab1ecoinsandthesearchforanomina1anchor73.1.3 Fa1sedecentra1isationc1aimsandtheirconsequences93.2 Risks113.2.1 Withinthecryptoecosystem113.2.2 RisksinDeFi133.2.3 Interconnectednesswiththetraditiona1financia1system143.2.4 Riskstoemergingmarke

4、tanddeve1opingeconomies153.3 Addressingtherisksincrypto163.4 Addressingdatagaps:ProjectAt1as174. Conc1usions19References20G1ossary231. IntroductionThemarketcapita1isationofthecryptoecosystem-notwithstandingasignificantdec1inein2023-1iesinthetri11ionsofdo11ars,andtherearethousandsofcryptocoinsincircu

5、1ation.Thespreadofcryptohasbeeng1oba1innatureanddrivenbyawiderangeofinvestors.Intheory,thecryptouniversebui1dsonthepremiseofdecentra1isation.Ratherthanre1yingoncentra1bankmoneyandtrustedintermediaries,cryptoenvisagesthattherecordkeepingoftransfersisprovidedbyamu1titudeofanonymousva1idators.Decentra1

6、isedfinance,or“DeFi,seekstorep1icateconventiona1financia1servicesinadecentra1isedwaywithinthecryptouniverse,oftenunderpinnedbythemediumofexchangero1eofstab1ecoins.DeFiincorporatesinnovationssuchasprogrammabi1ityandcomposabi1ityonb1ockchains.1SuchsystemsarewaIwayson”,a11owingforwor1dwidetransactions2

7、4hoursperday,sevendaysperweek.Recenteventsrevea1edawidedivergencebetweenthecryptovisionandrea1ity.A1thoughcryptooperatesunderthebannerofdecentra1isation,inpracticenewcentra1isedintermediarieshavep1ayedakeyro1einchanne11ingfundsintothecryptouniverseandintermediatingwithinit.Theimp1osionoftheFTXcrypto

8、exchangeison1ythemostnotab1emanifestationofthesector,svu1nerabi1ities.Ratherthanprovidingamoreresi1ientfinancia1architecture,cryptodisp1ayedthesamewe11knownvu1nerabi1itiesoftraditiona1finance,butinamp1ifiedways.Thisreportreviewsthekeye1ementsofthecryptoecosystemandassessesitsstructura1f1aws.Itthengo

9、esovertherisksthatitposesanddiscussesoptionsforaddressingthem.Ita1soidentifiesdatagapsanddiscusseswaystoa11eviatethem.Thereporthasthreekeytakeaways.First,thecryptoecosystemissubjecttoahighdegreeoffragmentationandischaracterisedbycongestionandhighfees.Thiswou1dhavebeenthecaseevenifithadstayedtruetoit

10、sorigina1decentra1isedethos.Thesestructura1f1awsderivefromtheunder1yingeconomicsofincentivesofva1idatorsratherthanfromtechno1ogy.Andwhi1ecryptohasofferedsomee1ementsofgenuineinnovation,thesecanberep1icatedorembeddedinthesaferandmoretrustedtraditiona1financesystem(BIS(2023).Second,despiteanorigina1et

11、hosofdecentra1isation,cryptoandDeFioftenfeaturesubstantia1defactocentra1isation,whichintroducesvariouspainpoints.Aprimeexamp1econcernsstab1ecoins,whichpiggybackonthecredibi1ityofthecentra1banksunitofaccountandmayposeriskstomonetarysovereignty.Third,whi1eDeFimost1yrep1icatesservicesofferedbythetradit

12、iona1financia1system,itdoesnotfinanceanyactivityintherea1economybutamp1ifiesknownrisks.Asgrowthisdrivenmain1ybythespecu1ativeinf1uxofnewusershopingforhighreturns,cryptoandDeFiposesubstantia1risksto(especia11yretai1)investors.Insum,crypto,sinherentstructura1f1awsmakeitunsuitab1etop1ayaconstructivero1

13、einthemonetarysystem(BIS(2023).2. Thekeye1ementsofthecryptoecosystemThissectiondescribesthemaincomponentsofthecryptoecosystem.Itbeginsbytracingthedeve1opmentofBitcoinandb1ockchaintechno1ogy.Itthendiscussesthegrowingro1eofcentra1isedintermediariesinAb1ockchainisadigita11edger(1ikeaspreadsheet)thatrec

14、ordstransactionsinawaythatissecure,transparentandimmutab1e.Informationisstoredacrossanetworkofcomputers.Incontrasttothecentra1isednatureoftraditiona1databases,everyparticipanthasacopyofthesame1edger.Whenanewtransactionismade,itisbroadcastedtothenetworkandverifiedbymu1tip1ecomputersusingcomp1exa1gori

15、thms.Onceverified,thetransactionisaddedtothe1edgerasab1ockandcannotbea1teredwithoutconsensusfromthenetwork.theecosystem.Inparticu1ar,itdiscussesStab1ecoinszwhicharemostoftenissuedbycentra1isedentitiesandgrewfromabespokeso1utiontotheinherentvo1ati1ityofcryptoassetstobecomingapi11arofthecryptoecosyste

16、m.Thesectionconc1udeswithadiscussionofsmartcontractsandthedecentra1isedfinanceapp1icationsthatbui1donthem.Thetechnica1termsusedthroughoutthisreportaredefinedintheG1ossary.2.1 UnbackedcryptoThebirthofcryptodatestotheintroductionofBitcoinin2009:adecentra1ised,peer-to-peermeansoftransferringva1ueonasharedpub1ic1edger(ieapub1icb1ockchainusingdistributed1edgertechno1ogy(D1