The blockchain is based on a technology derived from cryptography developed in the late 1970s. How can we understand this new language? What are the future uses that will make us use blockchain?
Blockchain, a new language
I invite you to visit the many sites and platforms to better understand all the concepts during the training. Get over the vocabulary barrier! I promise you that you will see why the enthusiasm of the "builders" of the community does not weaken. That's why Generation Z (born between 1997 and after 2000) has mastered it. Some say that the invention of blockchain is as important as the printing press.
How to explain what blockchain is?
First, I see it as a system based on two main pillars:
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On the one hand, the technology: brought by the first blockchain called Bitcoin. Schematically, at a given system of algorithmic calculations in a protocol, a hash block is formed forming a chain of chronological blocks. Then, a reward in the form of a Token is awarded to the owners of the computers (in fact they are graphic cards dedicated to "mining" and grouped in mining farms). This reward or Bitcoin Token also serves as a currency in the real economy. The market capitalization (USD) is $373.78B as of today.
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The main idea of the Token to remember is based on the principle of recording data in a forgery-proof block. This block can be seen by everyone as a ledger. Indeed, the computers of the Bitcoin system record the same data, which makes the whole of this so-called decentralized system secure. This property also makes it tamper-proof (in other words, the energy and time cost of modifying the block would mean going over all the calculations from the beginning, which makes the operation impossible in practice). I will come back to other notions in a future article.
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On the other hand, the web3 ecosystem developed by the community is progressing. The principle founded by Bitcoin, is taken up by other blockchains. The second most famous network used today is called Ethereum, which allows the use of NFT.
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NON FUNGIBLE TOKEN (NFT) offers the possibility to store metadata in the blockchain. Indeed, Bitcoin and
Etherum are both crypto-currencies and blockchains. Now many companies use public or private versions and accept these new currencies. As a result, governments and institutional organizations are seeking to regulate the uses that are gradually being put in place, especially in the United States and around the world.
What are the future challenges?
All fields could be impacted by these new technologies that go further than what we currently know through our websites and social networks.
This transition from web2 to the future web3 thanks to blockchain will allow us to use our data and the management of our material and immaterial assets differently. It will make greater use of artificial intelligence (AI) and 3D.
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On the economy for example, the economy of developing countries are adopting Bitcoin as a state currency. The state opens digital wallets to everyone by paying the equivalent of $30. This allows a part of the population that did not have bank accounts to be able to exchange from a digital wallet.
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In the world of art and luxury, the largest groups have launched their own departments. Artprice and Chrities are already working on their own Metaverse and NFTart specific department.
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In luxury, the brands Zara or Tiffany have launched their own campaigns and collaborate with digital artists. The phygital combines experiences or physical goods attached with an NFT.
- The NFT can be used as a passport for community-specific events, but new uses will soon come to the market.
The blockchain and us
For my part, I discovered this latest technology during the record sales NFT art (non-fungible token) in March 2021. In particular, the highlighting of digital artists unknown to the art world and the general public:
Beeple Pak, Fewecious. The most famous Anglo-Saxon public auction houses create their NFT and Metaverse departments.
After Facebook which will change its name to Meta in October 2021, the revolution is definitely moving towards web3. In particular, the world of luxury and large companies are investing massively in projects to come in the next 3 or 5 years.
To this day, I observe that company managers do not have the time to get informed and trained. However, you regularly confirm that this topic interests you. I hope that this
You are interested in this new series of Web3 articles published in the Riviera Fine Art blog. I am listening to your questions and themes related to the world of art, collection and luxury.
We will meet you "Around a coffee" in Monaco on October 19th to deepen this topic of Blockchain. We receive Jean-Luc Lasquellec, author of the book "Wallcrypt, Blockchain and cryptos: 60 experts explain everything".
The Riviera Fine Art circle dedicated to business leaders and collectors attached to Art and beautiful objects, whether physical or virtual, opens in Monaco.
Follow me on this journey of initiation to art, luxury and the web3.
In conclusion, the first Bitcoin blockchain is primarily a new technology and cryptocurrency. It was developed and made available by a person (or group) called Satochi Nakamoto in 2009. Its operation is based on a proof of work. Bitcoin is used all over the world. Other blockchains and cryptocurrencies like Etherum have developed creating a new eco-system.
The advent of NFTou Cryptoart is in March 2021. Since then, many projects have been created while others have disappeared. Like any new system, it is up to the public to appropriate the codes and uses. This is the purpose of my involvement with artists, creators, collectors and luxury entrepreneurs to share my experience of the Côte d'Azur art and jewelry market.
I want to accompany those who want to catch up with this year 2021 by going through the key moments together. Through the experience of the advent of NFT and crypto-art, you will learn the concepts of wallet, blockchain, cryptocurrency, NFT and many other things as the codes of the community for a morning. #wagmi.
Collectors, company managers, to learn more and join the circle of Riviera Fine Art collectors, send your request for pre-registration by email to
c.agu@rivierafineart.mc.
