Imagine this Internet world, but with no owners...
A thread:
(1/n)
All the data we see on our screens is possible due to Hypertext Transfer Protocol aka HTTP, the protocol layer.
Anyone with an Internet can publish their ideas with HTTP but it had no "functionality" of its own.
It's essentially a "stateless" protocol.
(2/n)
There were no browsing, retail, messaging etc. platforms on HTTP's "functionality".
This "functionality" was brought on by Meta, Amazon, Google etc, the application layer.
They are the constituent "states" to the HTTP protocol who pretty much dictate what our Internet is.
(3/n)
Now, what if HTTP makes those "states" on its own.
This makes sure everyone with an Internet is an equal owner to that "state".
But what's the incentive for HTTP to do so?
(4/n)
Think of HTTP as a carnival. It's free to enter the carnival but you pay for the tickets to take those rides.
HTTP distributes sells those tickets and keeps some tickets.
Hence, HTTP makes monies.
Not Facebook, Google or Amazon.
(5/n)
The hypothetical HTTP we're speaking about is the blockchain.
On blockchain, there would be no more monopolizing of the Internet because there would be a negligible need for the existence of applications like Amazon, Google, Meta etc.
(6/n)
The protocol layer would be mature enough to offer its own decentralized services for those "tickets".
But wait, wouldn't the makers of the protocol have a monopoly if they are selling the "tickets"?
(7/n)
The for-profit protocol makers get $$$ when people buy their "tickets" and use their "rides".
If the tickets are too expensive or the rides are too shit, it's far more lucrative to make another "carnival" with the same rides & cheaper tickets.
(8/n)
Tickets in the analogy refers to cryptocurrency native to a protocol. eg. Filecoin.
Rides are the "constituent states" of the carnival. All the companies we see now currently own these "rides" but on Blockchain they are owned by everyone with a ticket.
(9/n)
Now, how will these tickets be seem by regulators is an interesting question.
Will do consider them as securities/assets and regulate or just treat them as tickets to a carnival of the world?
(10/n)
I plan to read a lot about Web3 and the best way to assimilate knowledge is if you can ELI5 to anyone. Twitter threads are a crude ELI5 IMO.
I plan to write more threads on Web3 trying to not sound like crypto dudebro-ish.
Fin.
(n/n)