“This is what I think the architecture of internet applications is going to look like in 10 years."

Overlay network:  

  • devs build networks that work in parallel to Bitcoin blockchain —> performing tasks that Bitcoin network can’t

Decentralized Protocol:  

  • open-source, decentralized protocols with built-in data, validation, transactions (not controlled by a single entity)
  • can  destabilize companies that have grown to their sizes due to network effects (user information is kept in centralized private silos) by creating common, decentralized data sets that people can plug into

Best thing about this stack:

  • user is better off due to lower/nonexistent take rates, switching costs, individual data ownership, consumer market power