Lecture on the new digital economy enabled by blockchain & cryptoassets (Download the document to read it in good quality)

2. 1st blockchain project
of the French gov
1st French
Production-Ready
Blockchain project
60%
of CAC 40
companies
as clients
20 employees
in Paris
Strategy Building
(d)Apps
Studies &
Due diligence
In-house
solutions

4. Digitize & send value in peer-to-peer
→ Represent & create value digitally
→ Manage & send digital value without any third party
Certify & Trace
→ Saving a document’s footprint in a transparent and incorruptible registry
→ Time-stamp any type of data or document (traceability)
Automate and disintermediate processes
→ Disintermediate by replacing trusted third parties
→ Automate processes involving value exchanges

5. → Disruptive innovation
→ New digital economy
→ New markets → new opportunities & risks
→ Uncertainty on the timing and the ROI
Process optimization thanks to IT modernization
→ Incremental innovation
→ Time and cost saving => measurable ROI
→ Inside the current economy
→ Mainly IT, not digital

7. Network effects
Scalability
Platforms
Startups
Two-sided markets
...
References :
-In French : « Économie numérique », Conseil d’analyse économique, 2015
-In English : « What is Web 2.0 », Tim O’Reilly, 2005

8. “If I'm building a restaurant in Disneyland
and Disneyland thinks I'm making too much
money, they may raise the rent or change
the rules.
We live in this sort of Disneyland internet
and I don’t think that’s good for a whole
bunch of reasons. (…) It has destroyed the
business models of creative people. If we
don’t change that, we’re going to pay a
significant price in entrepreneurship,
foregone opportunities and not allowing
the next Mark Zuckerberg, the next Larry
Page, to start businesses and let them
grow.” (Chris Dixon)

9. For further explanation (in French) :
étude « L’Age du web décentralisé »
(Digital New Deal Foundation, 2018)

11. New rules
New strategies
New markets
New players
New type of
organizations
→
Before blockchain/crypto Now
Web 2
= the internet of centralized
databases and centralized data
= saturated and dominated by
giants
Web 3
= a new layer, the value layer, that
allows for new applications : dApps
= new ground for new players
creating value-applications
VS.

12. New rules
New strategies
New markets
New players
New type of
organizations
• Cryptocurrencies = the first digitally-native rare assets
• Bitcoin = Internet scarcity for the first time ever
• Ethereum = the platform providing digital scarcity for
any digital asset
→ “Tokenization” = the printing-press for digital scarcity (thanks to the
ERC20 standard). It makes a bridge between the traditional economy
and this new digital economy.
→ Ethereum = the asset-agnostic settlement layer for the Internet.

13. New rules
New strategies
New markets
New players
New type of
organizations
• DeFi = the first digitally-native financial system
• Main feature = composability. « Financial lego »
• Ethereum acts as a global value settlement platform
→ DeFi leverages Ethereum as a network for
permissionless financial applications.
For further explanation : read (in French) the study « Open Finance : définition,
usages, enjeux, perspectives » sur blockchainpartner.fr

14. New rules
New strategies
New markets
New players
New type of
organizations
For further explanation : read (in French) the study « Open Finance : définition,
usages, enjeux, perspectives » sur blockchainpartner.fr
What does « permissionless applications » mean ?

15. New rules
New strategies
New markets
New players
New type of
organizations

16. New strategies
New markets
New players
New type of
organizations
New foundations
An illustration : the case of Steemit

17. New strategies
New markets
New players
New type of
organizations
New foundations

18. New markets
New players
New type of
organizations
New foundations
New rules

19. New markets
New players
New type of
organizations
New foundations
New rules

20. New markets
New players
New type of
organizations
New foundations
New rules

21. New strategies
New players
New type of
organizations
New foundations
New rules

22. New strategies
New markets
New type of
organizations
New foundations
New rules

23. New strategies
New markets
New players
•
•
•
New foundations
New rules

24. New strategies
New markets
New players
New foundations
New rules
For further explanation on these new foundations, rules, strategies...: read (in
French) the study « L’Age du web décentralisé » (Digital New Deal Foundation, 2018)

31. For further information on this slide and the previous ones, read chapter 5 of the study « L’Age du web décentralisé »

32. France, 1990s : Yes to the
Minitel, no to the Internet
France, 2010s : Yes to the
blockchain, no to the
cryptocurrencies

33.  Time Magazine February 19 1996
 Marc Andreessen (founder of Netscape)
 Now the world's most reputable tech
investor (cofounder of the VC firm
Andreessen Horowitz), he invests as a
pioneer in the crypto-economy…
2019

35. “I predict the Internet will soon go spectacularly
supernova and in 1996 catastrophically collapse –
Robert Metcalfe, inventor of Ethernet, 1995
“The growth of the Internet will slow
drastically, as (…) most people have nothing
to say to each other! By 2005 or so, it will
become clear that the Internet's impact on
the economy has been no greater than the
fax machine’s” – Paul Krugman, 1998, in an
article entitled “Why most economists'
predictions are wrong”
« I don’t believe in Netflix. Video on demand subscription
will never work, there is no market for that in France » -
Bertrand Méheut, CEO of Canal+ in 2013
"Cellular phones will absolutely not replace local wire systems” -
Martin Cooper, inventor of the first cellphone, 1981
« Internet ? I don’t care, it will never work »
- Pascal Nègre, CEO Universal Music, 2001

36. "In 1980, McKinsey was asked by AT&T to forecast cell
phone penetration in the U.S. by 2000.
McKinsey’s prediction was 900,000 subscribers.
It turned out that it was less than 1% of the actual
number, 109 Million. Based on this legendary mistake,
AT&T decided there was not much future to these
toys. A decade later, to rejoin the cellular market,
AT&T had to acquire another company (McCaw
Cellular) for $12 Billion.”

37. Main reasons :
1. Spending too little time on a topic before forming an opinion
2. Not wanting to think against your understanding of the world
3. Not accepting that the future may challenge your position of
power
4. Confuse your opinion with reality
→ For more details and real examples, read in French the article « Pourquoi les prédictions
sont souvent fausses (et quelles leçons en tirer) », Signauxfaibles.co, mars 2019

40. CONCLUSION
☑ The current web is imperfect
☑ A new digital economy is emerging
☑ It has new foundations, new rules, it
opens new markets
☑ This land is open for new players
and new giants
⍰ Where are the users ? When will
they come massively ? For which
services ? What level of decentralization
versus convenience is necessary ? ....
→ Many, many questions remain open