英文标题：
《Classification of cryptocurrency coins and tokens by the dynamics of
their market capitalisations》
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作者：
Ke Wu, Spencer Wheatley, Didier Sornette
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最新提交年份：
2018
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英文摘要：
We empirically verify that the market capitalisations of coins and tokens in the cryptocurrency universe follow power-law distributions with significantly different values, with the tail exponent falling between 0.5 and 0.7 for coins, and between 1.0 and 1.3 for tokens. We provide a rationale for this, based on a simple proportional growth with birth & death model previously employed to describe the size distribution of firms, cities, webpages, etc. We empirically validate the model and its main predictions, in terms of proportional growth (Gibrat\'s law) of the coins and tokens. Estimating the main parameters of the model, the theoretical predictions for the power-law exponents of coin and token distributions are in remarkable agreement with the empirical estimations, given the simplicity of the model. Our results clearly characterize coins as being \"entrenched incumbents\" and tokens as an \"explosive immature ecosystem\", largely due to massive and exuberant Initial Coin Offering activity in the token space. The theory predicts that the exponent for tokens should converge to 1 in the future, reflecting a more reasonable rate of new entrants associated with genuine technological innovations.
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中文摘要：
我们通过实证验证，加密货币世界中的硬币和代币的市值遵循幂律分布，具有显著不同的值，硬币的尾部指数介于0.5和0.7之间，代币的尾部指数介于1.0和1.3之间。我们基于一个简单的出生与死亡比例增长模型提供了一个基本原理，该模型以前用于描述公司、城市、网页等的规模分布。我们根据货币和代币的比例增长（吉卜拉特定律）实证验证了该模型及其主要预测。考虑到模型的简单性，通过估计模型的主要参数，硬币和代币分布的幂律指数的理论预测与经验估计显著一致。我们的研究结果清楚地表明，硬币是“根深蒂固的在位者”，代币是“爆炸性的不成熟生态系统”，这主要是由于代币领域的大规模和活跃的初始硬币发行活动。该理论预测，代币指数在未来应收敛到1，反映出与真正的技术创新相关的新进入者的更合理比率。
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分类信息：

一级分类：Physics 物理学
二级分类：Physics and Society 物理学与社会
分类描述：Structure, dynamics and collective behavior of societies and groups (human or otherwise). Quantitative analysis of social networks and other complex networks. Physics and engineering of infrastructure and systems of broad societal impact (e.g., energy grids, transportation networks).
社会和团体（人类或其他）的结构、动态和集体行为。社会网络和其他复杂网络的定量分析。具有广泛社会影响的基础设施和系统（如能源网、运输网络）的物理和工程。
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一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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