Bitshares: The first decentralised exchange


Name of the project: Bitshares

Launch date: 05 Nove 2014 form a fork of the bitcoin blockchain


Documentation :

Token code: BTS

Total number of tokens :

Marketcap :



Bitshares is both a decentralised excahge and a platform tailored to develop “Decentralised Autonomous Organisations Companies (“DAC”). In fact the exchange is the first DAC that has been developped.


As you may guess from its name, a DAC is company with a decentalised functioning and managed by a software. This type of software is normally able to work without any human input and is autonomous.

This is also the case of the Decentalised Autonomous Organisation (“DAO”) developped by Ethereum. Despite its first setbacks, the DAO is revolutionnary in that allows human organisations to be managed in a decentralised manner and not only transactions as it is the case with the bitcoin. The DAO is actually a system of smart contracts which could work autonomously ifthey were programmed to do so, but in the case of the DAO some of these contracts are actioned by humans.

Bitshare is the first platform to function as a DAC through an elction process of Delegates and Witness who are in charge of implementing the system. Delegates mission is to make sure that the protocol is always up to date and improve it where it is possible. On the other hand, Witnesses validate all the transactions and add them to the blockchain. They are all on a list which is submitted on a pre-scheduled timeframe to the vote of Bitshares Shareholders, i.e any person thqt holds BTS. This consensus system is called Delegated Proof of Stake”, because the power is delegated but each shareholder influence on the network is proportional to its stake. In other words, the more BTS you detail, the most weight your vote will have.


The exchange platform Bitshares (intially called Bitshares X) is the first DAC to see the light of the day. one of the main innovation is to propose an exchange that is fully decentralised. Most of the existing exchanges rely on a centralised management of the funds and coins that transit or remain on them. Even if most of these exchanges pretend to keep all their customers’s keeys in “Cold Storage”, an important risk remain. In terms of security, Bitshares model is interesting because it delegates to each of its membres the responsability of the security of its own tokens. The concetration of all tokens in a centralised exchange allows attaquants to focus all their efforts on a single system, which is not case when they have to face as many systems as there are shareholders. In itself, decentralisation could well be the best defense against attaquant, even when the systems of each shareholders is poolry defended. It is also important to flag that due to this decentralised organisation, the identity of each shareholders is also protected.

Two additional features that worth mentionning, are first that Bitshares does impose restrictions on the amount of your transactions or on withdrawals. For instance, where most exchanges normaly apply a fee which is a percentage of the notional of your trade, Bistshares applies a fixed rate whatever the size of your trade.


On Bitshares, it is possible for anybody who has created its DAC, to issue the tockens of this company and sell them on the exchange. This is a very interesting way to organise a decentralised crowedfunding campagn or ICO.


It is also possible to buy and sell SmartCoins which are cryptocurrencies with a value that is correlated to the value of an underlying asset. For instance BitUSD is a smartcoin which value is linked to the value of the USD. In other words, the price of a BitUSD may fluctuate depending on the offer and demand as would do any other cryptocurrency, the only difference lies on the fact that price of BitUSD cannot go below one USD when the price of other cryptocurrencies could reach zero. We have taken USD as an exemple, but any asset could be chosen to serve as underlying.


Bitshares has brought so many innovations that it is sometimes difficult to determine what is its the core product. Even if Bitshares has been criticized for its dispersion, it is important to say that, the decentralised exchange, its DAC structure and the DPOS consensus method are working and get improved every years.


Most of the income of Bistshares comes from the fees that are applied on the exchange for each transactions. It also comes from the different products that are sold on the exchange such as the Smartcoins and shares of the DAC. All the tokens retained before the launch of the platform also need to be taken into account.


Daniel Larimer – Founder
Charles Hoskinson – Co-Founder (he left to join Ethereum)
Stan Larimer – developer and writer of the Whitepaper.

Ethereum: The world computer

The Ethereum blockchain is both open source and public. « Public » means that anyone can store smart contracts on the blockchain and interact with them without any selection or conditions. « Open source » means that everyone can replicate the source code and create it own blockchain by « forking » the exisiting one.

As of today, Ethereum is the most advanced and used Dapp (applicatications based on the Decentralised Ledger Technology) platform. It uses Proof of Work (as bitcoin do) as consensus technology but will switch to Proof of Stake (« Casper ») in the next version. The current version (« Homstead ») is not the final one and we will discuss in a separate article the improvements to come.

Ethereum’s blockchain works in a different manner than Bitcoin’ blockchain. It not only stores transactions, but also programs (Smart Contracts) and monitor the state of these programs that changes every times a user or another contract interacts with it. In other words, users interact with the blockchain through (1) accounts that send transactions (2) to action contracts that are stored on the blockchain.

  • The accounts : there are two types of accounts in the Ethereum network : Externally Owned Accounts (EOA) and Contract Accounts. To make things simple, Contract Accounts are the accounts in the blockchain where the code of the Smart Contracts are stored. User cannot directly access them. The only way for a user to action the code of the Smart Contract is through a transaction sent from it Externally Owned Account. This EOA is like a bitcoin account that you can use with a set of private and public keys to send transaction, the only difference is that you use it to send Ether and to action Smart Contracts.

It is important to note that Smart Contract with each other on the blockchain but i twill not be through transactions but through Messages.

  • Smart Contracts : as we mentioned above, Smart Contracts are programs written in Solidity, an object oriented programming language inspired from Javascript. Basically speaking, when you create a Smart Contracts and deploy it on the blockchain you buy some storage space on the blockchain with Ether in order to store the code and any additonal datas of the Smart Contract. This Smart Contract can be programed to interact with other Smart Contracts autonomously (by sending message), can interact with real life events trough Oracle or only wait to be activated by users through transactions sent from EOA.

One of the main element of the Etherem environnement is the Ethereum Virtual Machine. It function is to transform (« compile ») the human readable code (« Solidity ») into a machine readable code (« Bytecode ») which is store on the blockchain. The EVM is actionned by all the computer connected to the network. So everytime a Smart Contract is added to the blockchain or a transaction is sent to action one, all the computers of the network will execute the request ensuring the utmost security to the network.

Hope this introduction gave you a better idea of Ethereum functionning. If you want to go deeper in the details you can read our article on the programming language « Solidity » and on the consensus mechanisms « Proof of Work » and « Proof of Stake ».

You can also read the following articles :

  • Jacob Dienelt – Understanding Ethereum – 2016

  • Ethereum Community – Ethereum Homestead Documentation (Realease 0.1) – Septembre 2016

  • Vitalik Buterin – Ethereum: Platform Review – June 2016

Ripple: the protocol that connects banks


Date of creation: 2014

Website :

Protocol : RTXP (Ripple Transaction Protocole)

Cryptocurrency : Ripple (XRP)

Number of circulating tokens and price:

Total number of Tokens: 100 billions spread among Ripple’s founders (20%), Ripple Lab (25%) and the users of the network (55%). Note that in May 2017, Ripple’s management has announced that they would pledge 14 billions of their XRP for 10 years to answer the fear of investors that founders could fleed the market with their new coins anytime making the price fall.

Où acheter XLM : Poloniex, Bittrex, Kraken, Stellar Decentralised exchange.



Ripple is a protocol which purpose is to facilitate financial transactions. As SMTP (Simple Mail Transfer Protocol) that designed the rules which need to be followed by computers in order to tranfer e-mails, RTXP (Ripple Transaction Protocole) defines a list of rules allowing users to make transactions on the internet instantly and for free, with any currencies, cryptocurrencies or any other means.

Ripple’s goal is to link all the existing payment networks which are currently independant and require heavy backoffice to connect them. Ripple’s network is actually around 75 banks all around the world.



How does Ripple work:


Ripple Connect is the element of the protocol that manage the communication among the different parts. It is the first step of the transfer. In the below example, if Alpha Corp want to transfer funds to Beta Corp, it will start to send a reques to its bank which will use its aollocated Ripple Connect to obtain the necessary information to proceed to the transfer. Its Ripple Connect will indeed connect with the Ripple connect of the destination bank to obtain a quotation for the transfer, with a « market maker » or « liquidity provider » which will provide the exchange rate.

Alpha Corp will be in a position to determine if the conditions of the transfer are acceptable before proceeding to the transfer. If this is the case, Beta Corp will be able to proceed with the background checks required by national regulations. Once both banks are ready to transfer funds, the bank of Alpha Corp will organise the transfer with ILP Validator.


ILP (« Inter-Ledger Protocol ») Validator role is to coordinate the ledger of the different banks, in order to update them at the same time instead of separately as it is currently the case.


The two banks will put the amount to be transferred (i.e the funds to be transfered from the bank of Corp Alpha to the bank of Corp Beta and the funds that the Bank of Corp Beta will transfer to Corp Beta) on a separate account, so that the ILP Validator will be able to make the transfer at the same time, avoiding any transfer risk or delay.


Once the transaction is validated, it is sent to certain members of the network for confirmation : the Tracking Nodes and the Validation Nodes. The role of the first is to transmit the transactions through the network and provide information on the state of the blockchain, while the second effectively participate to the consensus, i.e they validate the transactions, gather them in a block and cpollecgtively validate the blocks.

As you can see from the below graph, transactions can have three differents status : candiate, approved or rejected. A candidate transaction correctly constituted and approved, is added to the block of transactions currently being validated.

The completion of the consensus is then realised following the rules of the Byzantine Fault Tolerance that we describe in this article. Basically, each Validating Nodes calculates its own version of the new block and transmit the hash to the network so the other members can verify it quicky. The new block will then be added to the blockchain if a super-majority of the Validating Nodes have received the same hash.


The use of XRP : the purpose of XRP cryptocurrency is both to ensure the security of the network and serve as a bridge between other currencies. Before you create a transaction on the network, you will need to have a minimum reserve of XRP on your account (50 XRP). For each transactions, 0.00001 XRP is destroyed which is equivalent to say the using ripple is free. This fee is still used to discourage attacks that would create an important amount of fake accounts (« Ledger spams ») or transactions (« Transaction Spams ») in order to saturate the network. With XRP such attack would be too expensive.

XRP is also used as an intermediary between two currencies if the parties cannot find a member of the network (“Gateway”) able to act as a Market-maker. For instance, if Alice wants to use Euros and Bob dollars but no one on the network is available or willing to make the converstion in a sens or the other, it is stil possible to convert both Euros and Dollars into XRP to complete the transaction and then convert back into their currency.

It is important to note that Ripple network can still be used without using XRP and exchanges can be done in every currencies.



Ripple generates revenues in two different ways. First through the XRP tokens that retains and that it sells to banks and user in order to convert currencies on the network. Second by selling and mainting the Inter-Leder Protocol to the members of the network.


The fast growing team is spread on five different sites: San Francisco, New York, London, Luxembourg and Sydney

To know more


Ripple’s goal is to replace the technologie that is currently used by company like SWIFT. At the moment, we cannot see any company developping a technology and a network as advanced as the one created by Ripple.

Some exchanges like Coinbase and BitPay have created a solution to manage payments in bitcoins between business and consumers, but the technology they are developping is based on the Bitcoin protocol and is not as advanced than the Inter-Ledger Protocol developped by Ripple. The Bitcoin Protocol is particularly difficult to scale despite several promising projects like the Lightning Network.

We do not beleive either that Stella is a competitor to Ripple even if they are based on very similar technology. The reason is that their strategy is very different. Ripple’s goal is to connect banks and facilitate financial transfers where Stellar is a non for profit organisation which proposed the use of its technology for free.



Rippple Consensus Whitepaper –

Pour plus d’information sur le fonctionnement du consensus de Ripple, vous pouvez vous reporter sur cette page:

Stellar Lumens: free international payments for all


Creation date: 2014

Website :

Protocol : Stellar Consensus Protocol (“SCP”)

Cryptocurrency : Stellar Lumens (XLM)

Number of circulating tokens and price:

Tokens retained by founders: 5%

Where to buy XLM : Poloniex, Bittrex, Kraken, Stellar Decentralised exchange.


Stellar proposes a structure to develop payment systems based on decentralized ledger technology, which the same way as Ripple would. The founders, Jed McCaleb (also the founder of the sadly famous MtGox) and Joyce Lim, were also part of the creation of Ripple before leaving it to create Stellar. A disagreement on the strategic orientations of the Ripple project might be the reason of the break-off. When Ripple decided to serve only banks and major corporations, Stellar core idea is to provide all persons, and especially poor peoples, access to banking services and the possibility to transfer funds worldwide for free

Stellar Lumens
Stellar Lumens

Stellar allows anyone to develop applications from it API (“Horizon”) and interact with the network through the intermediary “Stellar Core”, which role is to validate transactions using the Stellar Consensus Protocol we are describing below. Once connected to the network, it is easy to exchange value all around the world for free and instantly.

The only obligation of each participant is to create an account through which he will be allocated a set of public and private keys.

INNOVATION : Stellar Consensus Protocol (“SCP”): the Federated Byzantine Agreement

Stellar Consensus Protocol has been created to solve the issue of the « Byzantine failure », by reaching a consensus without requesting the approval of all the members of the network.

The consensus works in four different steps, in the same way as a protocol like Paxos would. The nodes of the systems exchange a list of ballots to confirm and at the end agree on a value. But a ballot can only be validated if a minimum quorum is respected, i.e a certain number of nodes need to take part to the vote for the ballot to be valid. Each node chose a slice of the quorum in which it will include some nodes that it trusts. Each of these quorum slices will produce intersections with each other.

To reach an agreement, the Stellar Consensus Protocol relies on a property called “quorum intersections”. The idea behind this concept is that each node that is honest carries a network topology strong enough to reach a consensus.

Stellar lumens
Stellar lumens



Stellar is a non for profit organisation, so the use of the system and network is free and open source. Operational costs are covered by donations and the 5% of tokens retained by the founders.

THE TEAM : it is composed of 12 persons including :

Jed McCaleb : Co-founder of Stellar, he has strong background as cryptoentrepreneur since he has created the first exchange for bitcoins MtGox. He is also one of the founders of Ripple that he left for strategic reasons.

David Mazière : professor of informatic sciences at Stanford university, he has a PHD in electric engineering and informatic sciences. He is the main conceptor of the Stellar Consensus Protocol.


ABRA and BITPESA are the two main concurrents that come to mind. Like Stellar, these two start-ups intend to offer poor peoples access to financial services and in particlar free international monetary transfers.

Even if Ripple’s purppose is to make international monetary transfers free, we do not see it as a current for Stellar since it only provides services for institutional clients.


Stellar Roadmap :

Outside the Spotlight, Stellar is Pulling Banks Into Orbit

David Mazieres – The Stellar Consensus Protocol: A Federated Model for Internet-level Consensus – Fevrier 2016 –

Leslie Lamport – Paxos made simple – 2001 –

Stellar Developpement Foundation – On Worldwide Consensus – Dec 2015 –

How to buy bitcoins and altcoins: the ultimate guide

Today there are many possibilities to buy bitcoins and altcoins. But each of these options is not adapted to everyone. This guide will allow you to choose among these option which one i the best for you.

First a little terminological clarification : when we talk about altcoin we are actually referring to all the cryptocurrencies other than bitcoin. There are around 700 altcoins at the moment and their number is growing fast. If you want to know more about altcoins, you ca have a look at this article. Also note that the term « cryptocurrency » generally covers bitcoins and altcoins.

You have basically three main ways to buy sell cryptocurrencies :

  • Through a broker
  • Trough a peer to peer platform
  • Through an exchange

Before we describe in detail each of these options, it is important that you ask yourself which type of « cryptoinvestor » you would like to be. Do you want to buy only bitcoins or are you also interested in altcoins ? Do you want to do day trading and speculate on the price or simply keep the cryptocurrencies as a long term investment ? As you will see, the three options described above are not adapted to any profile.

Disclaimer : although we act as affiliate on behalf of some of the companies described on this page (i.e we will receive a commission if you use their services after clicking on the links we provide on this page), the aim of this article is not to provide any investment advice but only to describe the different ways to buy and sell cryptocurrencies. You must bear in mind that these cryptocurrencies rely on a developping thechnology with all the risks involved and that their price is usually very volatile. It is essential that you only invest the money you can afford to lose.


It is now possible to obtain bitcoins and Ether (to know more about this altcoin, you can go to our section dedicated to Ethereum) extremely rapidly and simply by buying the tokens directly to a broker. They are intermediaries who buy bitcoins/Ether and sell them on a commission like any gold seller would do.

This option will perfectly fit the project of those who want to retain their bitcoin/Ether on the long term while obtaining their cryptocurrencies quickly, securely and without too many formalities. Commissions of the brokers are indeed usually high (in comparison to the other options) and the choice of cryptocurrencies you can buy limited (only bitcoin and Ether).


The most famous brokers are CoinHouse et Coinmama. You will have to create an account provide a copy of you id and a proof of residency to obtain your coins quickly.

If you decide to use a different broker, you must check if they are legally settled as a company and collect as many reviews as possible.


This method could be compared to the “eBay for bitcoins”. Bitcoins are exchanged directly among the members of the network without transiting through the account of the platform. As for the previous model, Peer to Peer platforms are more adapted to persons wishing to buy only bitcoins and retain them on the long run.

This type of platform is used for several different reasons.

  • The platform will only connect the users without manipulating the coins, so the fees collected are pretty low.
  • The identity of the users is not checked. This is the only way to buy bitcoins anonymously.
  • Almost every types of payment method are possible as long as it is agreed between the parties. Note that the fees applied by the seller vary a long depending on the method you are choosing.

The platform can provide additional services such as escrow and noting systems to limit as much as possible scams.


To obtain bitcoin and altcoin through an exchange is the third and last method we would like to describe. It is very well adapted to the cryptoinvestors who are also interested in altcoins and inentend to buy and sell cryptocurrencies on a regular basis.

The exchanges will first have to complete identity checke before they can open an account on your behalf that you will have to credit in order to exchange cryptocurrencies. As we will see, each of the funds movements imply the payment of a fee, that’s the reason why it is essential to choose the most efficient option.

CAUTION : It is essential that you do not treat the account on the exchange as a second bank account. Retaining your funds and cryptocurrencies into the account provided by the exchange is the same as keeping them on an « hot wallet », i.e. you grant the exchange the control on your private keys. Would you provide your credit card details and secret password on a same e-commerce website ? Well this is excatly the same here. That’s why you need to transfer your cryptocurrencies into a « cold storage » wallet as often as possible.

To know more about the different bitcoin wallet, you can refer to this article : « Bitcoin wallet : the complete guide to securely store your cryptocurrencies. ». This is all the more important that exchanges have been hacked many times in the past and although security standards are much better now, it will happen again.

bitcoin exchange
bitcoin exchange

TYPES OF EXCHANGES – all exchanges do not provide the same services. Some only allow the conversion of national currencies into cryptocurrencies, other conversion among cryptocurrenies and other do both. We will only look into this last type of exchanges.

It is important to note that some exchanges are more adapted depending on the region or the national currency you would like to use. For instance, exchange volumes in Euros are more important on Kraken and Bitstamp than on other exchanges, which is good for liquidity and so better rates. These platforms allow SEPA transfers, which are fast and free transfers in Euro within the EU.

You will also need to choose the exchange in accordance with the cryptocurrencies that it proposes. If you want to buy bitcoins and altcoins, you need to be sure that they are available on the exchange that you choose.

TRANSFERS – Before opening an account with an exchange, double check what type of fund transfers are possible with this exchange. Here are the most widely used methods:

  • Wire transfer: this method is generally very expensive and very slow. Banks are usually applying in addition to the fees applied by the exchange. It is quite common to wait 3 days before your account on the exchange is credited.
  • SEPA Transfer: this method works as a wire transfer but it is free and faster. It only concerns Euro transfer within the EU. If you plan to use Euro, you must ensure that the platform supports SEPA transfers.
  • Bitcoin: in a second time you will be able to fund your account directly with bitcoin. Movements of bitcoins are usually free or cheaper than with cash. When you are doing your transfer, just bear in mind that bitcoin need 1h to confirm (i.e 6 blocks) so ensure that you are not doing the transfer in high volatility periods.
  • Depending on the exchange you will also be able to use EFT payment, ACH / SWIFT/ Paypal/, International Ripple Gateway Association (IRBA), TetherUSD, OKPAY. Note that the fees will fluctuate a lot depending on the method you choose.

VOLUMES: to determine the level of popularity of an exchange you can check the volume of trades realized on a daily basis on this exchange. Bitcoinchart ( offers a classification of these exchanges in real time.

The volume of the trades is important because it will have a direct on the price you will pay for the cryptocurrencies you will buy. Indeed, when the volume of trades is high on a certain coin, it means that many people are selling and buying this coin at the same time, so the liquidity on this coin is high. It also means that if you want to buy the coins at a certain price it is likely that someone will sell them at this price. When there is no liquidity you might have to buy the coins at a higher price just because there are no sellers at your proposed price.

You need to understand this point if you are buying on an exchange because if no one wants to sell at your proposed price because too few peoples are selling a coin you might end-up buy the coin for a much higher price. This is called the bid/ask spread and this is why you need to go on an exchange with the most liquidity on the coin you want to buy/the national currency you are using.

FEES – as we have just seen, the buying or selling price can include a spread if you cannot find a buyer/seller to accept your price. To this spread, the following fees need to be taken into account:

  • Transaction fees: these are the fees collected by the exchanges. These fees are proportional to the size of your orders. The higher the order, the lower the fees.
  • Transfer fees: every time you add funds on your account your bank will collect a fee (except in case of SEPA transfer). When you withdraw your funds from the exchange to send them to you bank, the exchange will also collect a fee.

All these fees added together represent a consequent part of your buying/selling price, so it is important to be as cautious pas possible when transferring funds.

SECURITY – We strongly recommend touse all the security options proposed by the exchange, i.e a strong password really random (by using this website for instance as well the double authentication when available.

It is also very important to constantly transfer your coins from the exchange cold storage.

Finally, it is recommended to use an exchange that is approved by the financial authority of its country or region of registration.

There is an important amount of exchanges avaiable at the moment and reviewing them all is not realistic, that’s why I have decided to focus on the three I am using and which I beleive beleive are the most suitable in terms of liquidity, number of pairs of cryptocurrencies available, transfers methods and fees and security.



Since 2014, I am passionate about the technologies linked to the blockchain because this technology will revolutionize the organisation of our society. But this is in learning Solidity (the programming language developed by Ethereum and based on Javascript) that I truly understood the impact that will have Smart Contracts on our day to day life. After three years of writing on this subject and a book almost completed, I can only agree with those who say that this revolution will be as important the ‘internet’ revolution.


The blockchain has the potential to reinvent our organizations, commercial and governmental, but also of our society by allowing a decentralized distribution of competences and information. The goal of this blog is to share with everyone all the creations of this developing technology.

Blockchains Experts is addressed to every person who intends to better understand the technological, legal and economic aspects behind the “Decentralized Ledger Technology”. This is the reason why, we are reviewing in details the most recent innovations, the start-ups and the cryptocurrencies that we believe will constitute a significant improvement for this fast growing industry.

If you wish to invest in cryptocurrencies, please note that the aim of the website will not train you for “day trading”, but give you the tools you need to identify the actors who will make a long term difference in this industry as well as the means to obtain and retain their proposed tokens.

If you have questions or comments, please do not hesitate to contact me and I will be happy to reply.

Vos commentaires ou questions sont bienvenues.

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Introduction to bitcoin and to the blockchain technology

Everyone has heard about the bitcoin, but very few are able to understand how it works exactly. While frequently caricatured by the medias as a currency for terrorists and traffickers, the bitcoin remains at the origin of a revolution that will deeply tranform our society. This website will give you the tools to better understand and anticipate this revolution.


The Bitcoin

The bitcoin has been created in 2009 by Satoshi Nakamoto, an individual or group of individual which identity remains unknown to date.

It is the first cryptocurrencie ever created and is revolutionary because it allows instant and secure transfer of value on the internet. This is the reason why the bitcoin is usually called «cyber cash ».

The transfer of value system on the internet in its current state can be compare to the e-mail exchange system as it was at its beginning, when you could only send e-mails to persons that belonged to the same system. For instance, users of AOL could not send e-mails to users of GEnie or CompuServe, the ancestors of Gmail and Yahoo. This is the apparence of the SMTP protocol that has allowed users of different e-mails systems to send e-mails to each others.

Today, to make an international transfer of money, you need to use a bank which systems are not even connected. The information are transmitted using the internet network, but the bank’s ledgers are independant and need to be updated for each transfer. Sometime these systems need to be updated manually and this is the reason why these transfers are so expensive and time consuming.

The bitcoin is above all a protocol, similar to SMTP, which connects any person that has an access to the internet and make it possible to exchange any amount instantly, with a person based on the other side of the planet, in a secured and anonymous manner. The only condition is to obtain a portfolio that will grant you access to the bitcoin network and the ability to buy or sell bitcoins.

If the bitcoin protocol has never been hacked since its creation, it is not the case of the exchanges on which you can buy/sell bitcoin and of the portfolios on which you store them. Hackers have been exploiting with success the lack of security of these exchanges and portfolios many times in the past. That’s why it is extremely important that you take any possible measure to protect your bitcoins and crypto-currencies. If you want to know more about these process you can read the following posts : « How to buy your bitcoins, a complete guide » and « The best way to keep your bitcoins and cryptocurrencies safe ».


Blockchain Illustration



But the technology that undermine the bitcoin, the blockchain, will have a much deeper impact on our organisations, than only facilitating international monetary transfers.

The blockchain is a data base of a new kind, a ledger on which are registered all the transactions created between the members of a same network. The main difference with the database we currently know lies on the fact that the blockchain is decentralised and updated by the members of the network.

For instance, a bank in its basic sense is also a ledger on which are recorded the transactions (expenses, credit..) made by the members of the banking network. The clients have initially granted the banks the fonction to update their ledger on their behalf and treated them as a trusted intermediary. Today, the network plays the role of this trusted intermediary. The creators of the bitcoin did find a (cryptographically) secured way to update the ledger of the network without any intermediary. The trust can now be transferred from central organisations such as banks, governments, but also corporations like UBER or Amazon, to users.

Today if you want to sell a bike on the internet you go on a platform like eBay and become a member, by revealing all your personal and banking information, so that you can post your ad. With the blockchain there is no platform, only a software that you will upload and which will give you access to the network on which you will be able to freely post your ad. This is exactly how works OpenBazaar which connects person who want to sell or buy on the internet.

Hope this brief introduction gives you a better idea of the potential of such technology on a society as centralised as ours and in a period where data organisation has never been so important.