Origines et histoire · 1982–2008
Before Bitcoin: privacy, digital cash and the missing agreement
The history begins with several different problems: private payments, costly computation, ownership and agreement about what was already spent.
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MASTR · CRYPTO & WEB3
Atlas : histoire et systèmes
Comprendre les origines de la crypto, les liens entre ses systèmes et leurs dépendances de confiance.
Les chapitres et schémas techniques sont en anglais. La navigation existe en sept langues.
Parcours de lecture
Choisissez une question et suivez un parcours court et structuré dans la bibliothèque.
01
Du cash numérique aux systèmes programmables
6 · Chapitres de référence · 18 min →02Avant de signer
4 · Chapitres de référence · 12 min →03Suivre l’argent et la sortie
6 · Chapitres de référence · 18 min →04Les garanties de l’infrastructure
4 · Chapitres de référence · 12 min →05D’une affirmation aux preuves
5 · Chapitres de référence · 15 min →06Que possédez-vous réellement ?
4 · Chapitres de référence · 12 min →24 · Chapitres de référence
Origines et histoire · 2009 onward
Bitcoin’s early lesson: money rules need independent verification
Keys authorise a spend, nodes decide whether it is valid, and proof of work orders the valid history. None of those jobs should be confused.
Origines et histoire · 2015–2021
The scaling debate: block space, verification and the right to exit
SegWit and payment channels show why scaling is a choice about resources and trust, not just a larger transactions-per-second number.
Origines et histoire · 2015–2018
Programmable money: why token standards changed the industry
Common interfaces made wallets and markets reusable. They did not make every asset economically equivalent or safe.
Origines et histoire · 2018–2021
DeFi’s expansion: pooled liquidity, collateral and rented activity
Automated markets and token incentives changed how users could provide capital, and made headline growth harder to interpret.
Origines et histoire · 1993 onward
Privacy after the public ledger: what zero knowledge does and does not hide
A valid proof, a hidden amount and an anonymous user are three different claims. Privacy has to be assessed across the whole interaction.
Marchés et incitations · 2014 onward
Stablecoins: the token, the reserves and the redemption queue
A price target is not a complete description of the claim. Follow the route from token holder to the assets that are meant to support redemption.
Marchés et incitations · 2014–2024
The credit layer: why visible reserves are not a complete balance sheet
Exchange collapses and lending failures are easier to understand when assets, liabilities, control and withdrawal rights are kept separate.
Marchés et incitations · Core market mechanics
Market cap versus the exit: a worked liquidity model
A marginal quote values the whole supply on paper. Selling a position changes the pool that produced that quote.
Marchés et incitations · DeFi risk mechanics
Oracles and liquidation: when a price becomes an instruction
A number becomes dangerous when a contract uses it to decide borrowing capacity, settlement or liquidation.
Marchés et incitations · 2024–2026
The launch economy: bots, bundles and the meaning of a holder count
The research literature and MASTR’s archive help separate activity, execution advantage, revenue and evidence of coordinated ownership.
Marchés et incitations · 2020 onward
Staking receipts and restaking: one asset, several dependencies
A tradable receipt improves flexibility, but it does not remove validator, withdrawal, smart-contract or collateral risk.
Infrastructure et propriété · Cross-chain systems
Bridges: a message, a verifier and a claim on another chain
Moving an asset across chains usually creates dependencies between two state machines. Follow the verifier and the redemption route.
Infrastructure et propriété · 2020 onward
Rollups: execution is only one part of the security model
Separate transaction ordering, state verification, data availability and the user’s ability to exit.
Infrastructure et propriété · Modular blockchain design
Data availability, historical storage and the limits of a hash
A commitment can authenticate data without supplying it. Publishing data now and preserving it for years are related but different jobs.
Infrastructure et propriété · Web3 storage
IPFS and content addressing: authenticity is not persistence
A content identifier helps identify bytes. Someone still has to preserve and serve those bytes.
Infrastructure et propriété · 2017 onward
NFTs after the boom: the token, the artwork and the permission
An ownership record, an image file and a licence are different objects. A durable reference follows all three.
Infrastructure et propriété · Web3 identity
Names and sign-in: readable identity without assuming trust
A name can resolve an address and a signature can prove key control. Neither alone establishes a trustworthy person or business.
Contrôle et preuves · Wallet security
The signing boundary: a valid signature can authorise the wrong thing
The chain can execute a maliciously requested action perfectly. Read the authority being granted, not just the button label.
Contrôle et preuves · ERC-4337 and EIP-7702
Smart accounts: recovery, delegation and the new control map
Programmable accounts can improve recovery and permissions, but the account’s validation rules become part of what the user must understand.
Contrôle et preuves · 2016 onward
DAO governance: follow the vote all the way to execution
A public vote can be transparent while power remains concentrated in delegation, proposal rights, upgrade keys or execution.
Contrôle et preuves · Research method
From a wallet graph to a finding someone else can reproduce
Preserve observations, test alternative explanations and distinguish a transaction path from a claim about identity or intent.
Contrôle et preuves · Research method
What the dashboard counts: addresses, transactions, volume and people
A chain can be busy without every transaction representing a new person, a successful trade or an economic gain.
Contrôle et preuves · Web2 and Web3 dependencies
A decentralised chain can still have a fragile front door
Domains, browsers, hosting, RPC providers and indexers sit between a user and the chain. Their failures are not all consensus failures.