What makes crypto unique is its potential to expand on that familiar framework. The principal innovation of crypto networks is their ability to grow network effects by enabling users to share in the value they create.
Crypto/blockchain is a fundamental innovation that addresses an important problems facing us in the world today: too much power concentrated in the hands of a few corporations and governments.
But decentralizing the internet has been hard to do. When contrasted against the well-established efficiency and stability of centralized systems, decentralized systems have struggled to keep pace. Now, however, the emerging technology of crypto and web3 — specifically, programmable blockchains, composable smart contracts, and digital assets — make... See more
Like Web 2.0 platforms, a well-designed crypto network is a live, running service, and it too can be the basis of strong network effects that create switching costs. Given that crypto networks rely on open source code, it’s true that they can be more easily copied (or forked). But while replication of code may be free, the social cost of coordinati... See more