Les cryto-monnaies sont-elles vraiment décentralisées ? Quelques leçons de l’écosystème bancaire

Arnaud Valence

Revue d'économie financière, 2019, vol. N° 133, issue 1, 285-300

Abstract: This paper examines the degree of decentralization of cryptocurrencies and provides comparisons with standard currencies. First, we show that cryptocurrencies are hybrid systems that are both centralized and decentralized. Their software architecture is decentralized, their logical working is centralized, and their institutional and organizational dimensions are partially centralized. Second, we show that the blockchain community is actively working to make the logical and organizational dimensions more decentralized. Doing so, creators of crypto-currencies rediscover some fundamental mechanisms of the banking system. Classification JEL : E41, E42, G21, O03.

JEL-codes: E41 E42 G21 (search for similar items in EconPapers)
Date: 2019
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