Beyond Bitcoin: A Taxonomy of Cryptocurrencies in a Historical Perspective

Не только Bitcoin: таксономия криптовалют в исторической перспективе

Zubarev, Andrey (Зубарев, Андрей) () and Shilov, Kirill (Шилов, Кирилл) ()
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Zubarev, Andrey (Зубарев, Андрей): The Russian Presidential Academy of National Economy and Public Administration
Shilov, Kirill (Шилов, Кирилл): The Russian Presidential Academy of National Economy and Public Administration

Working Papers from Russian Presidential Academy of National Economy and Public Administration

Abstract: The field of cryptocurrencies has been in existence and dynamically developing for over 14 years. Each year sees the advent of new cryptocurrencies, with their total count now exceeding 8,500, and it is evident that these differ from one another in some respects. However, there currently exists no exhaustive categorization of cryptocurrencies that could comprehensively describe the landscape of the cryptocurrency market. This situation underpins the relevance of the present study. The object of this study is cryptocurrencies. The aim of the research is to create a taxonomy of cryptocurrencies based on their primary characteristics and functions. The main method of research is a retrospective analysis of the development of the cryptocurrency sector from the creation of Bitcoin to the present day. Over the course of the industry's evolution, new projects emerged, substantially different in their properties from anything that had come before, thus forming entirely new categories and niches in the cryptocurrency space. Furthermore, the advent of certain types of cryptocurrencies could lead to changes in the existing classification. The outcome of this study is a hierarchical categorization (taxonomy) of interchangeable cryptocurrencies/tokens. The proposed taxonomy is supplemented by an in-depth examination of cryptocurrencies belonging to each category, as well as a consideration of the largest cryptocurrencies in terms of capitalization through its prism. The scientific novelty of this research lies in the absence of similar studies that look at the issue of categorizing cryptocurrencies through a historical lens.

Keywords: Cryptocurrencies; Bitcoin; Blockchain; Smart Contracts; Ethereum; Decentralized Finance; DeFi (search for similar items in EconPapers)
JEL-codes: F39 G23 (search for similar items in EconPapers)
Pages: 36 pages
Date: 2023-05-25
New Economics Papers: this item is included in nep-his and nep-pay
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