The Crypto Wallet Industry Sees 700+ wallet projects, 34+M users -Says CryptoWallet Industry Q1 Report
More than 700 wallet projects have been established by April 2019.
The number of wallet users now exceeds 34 million, indicating an
increase of 2.7 million and a growth rate of 9% compared with the
previous quarter. In terms of user visits, the Q1 average UV of
hardware wallets is 6,800/day, which is 1.6 times that of software
wallets. In terms of wallet types, the ratio of software wallets to
hardware wallets in the current market is 8:2, indicating the obvious
long tail effect of software wallets over hardware wallets, non-full
node wallets, and wallets supporting decentralized storage. These
are the mainstream products in the market.
1.Background:
(1) More than 700 wallets have been established by April 2019.
(2) The number of wallet users now exceeds 34 million, an increase of 2.7 million, indicating an increase of 2.7 million and a growth rate of 9% compared with the previous quarter.
(3) In terms of user visits, the Q1 average UV of hardware wallets is 6,800/day, which is 1.6 times that of software wallets.
(4) In terms of wallet types, the ratio of software wallets to hardware wallets in the current market is 8:2, indicating the obvious long tail effect of software wallets over hardware wallets, non-full node wallets, and wallets supporting decentralized storage.
2. The Security Analysis of Digital Wallets Is Conducted Based on Technical Risk and Artificial Risk Indicators.
(1) For Technical Risks, There Are Mature Solutions to the Randomness of Private Keys, Secure Storage and Use Risks.
(2) For Artificial Risks, Many Effective Solutions Are Available in Hardware Wallets To Defend Against Security Risks.
(3) As for Permission Risks Caused by Internal Transfers, Multi-Signature Is One of the Ways to Effectively Reduce Harmful Security Breaches.
3. For the Functional Indicators of Digital Wallets, the Main Indicators Are Storage and Transactions, Information Services, DApp Docking and Financing and Lending.
(1) In Terms of Storage, the Proportion of Wallets Supporting BTC Is Still the Highest
(2) In terms of transactions, some wallets began to support flash, banking services and exchange authorization.
(3) In Terms of Transactions, Some Wallets Have Begun To Support Functions Such as Swift Exchanges, Banking Services and Exchange Authorization.
(4) In Terms of DApp Docking, Wallets Supporting a Large Number of Public Blockchains Show Strong Advantages.
(5) In Terms of Financing and Lending, the Main Currencies Supported by Wallets Are Mainstream Currencies, and the Forms of Financial Products Are Regular Financing, Current Financing and Intelligent Mining.
4. Industry Outlook Is Analyzed From Three Aspects: Usage Security, Decentralized Applications and Token Payment User Experience.
(1) Firstly, in Terms of the Security of Wallet Usage, Wallet Code Audits Should Be Strengthened, and the Education Module of Wallet Usage Standards for Users Will Be Popularized
(2) The Support Level of Wallets for DApp Is Growing Rapidly, and It Can Be Considered That the Field of DApps Has Already Shown Fierce Competition.
(3) Regarding Digital Currency Payments, the Transfer of Encrypted Tokens Features Faster Speed, More Application Scenarios and Higher Credibility With the Emergence of Products and Technologies Such as Lightning Networks, Digital Asset Debit Cards and Third-Party Security Endorsement.
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