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

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  • Arnaud Valence

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.

Suggested Citation

  • Arnaud Valence, 2019. "Les cryto-monnaies sont-elles vraiment décentralisées ? Quelques leçons de l’écosystème bancaire," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 285-300.
    • Handle: RePEc:cai:refaef:ecofi_133_0285
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    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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