Decrypting Cryptoassets: Introduction To An Emerging Asset Class
55 Pages Posted: 15 Nov 2018 Last revised: 13 Sep 2023
Date Written: August 1, 2019
Abstract
Crypto-assets constitute a large and heterogenous asset class. Only a minority of crypto-assets qualify as crypto-currencies, while the large majority provide services that go beyond Bitcoin’s peer-to-peer payment system pioneered by Nakamoto (2008). This paper introduces a comprehensive taxonomy spanning crypto-currencies, service crypto-assets, smart-contract platforms, distributed applications and tokenized assets (including both fungible and non-fungible tokens). To illustrate stylized facts and capture various risks of the cross-section of crypto-assets this paper relies on a novel dataset covering more than 14,000 crypto-assets.
Keywords: Crypto-currency, Classification, Coins, Tokens and Non-Fungible Tokens
JEL Classification: G19, G23
Suggested Citation: Suggested Citation