, 4 tweets, 2 min read
1/ "Protocols provide structure for businesses, but are *not* businesses themselves; they are systems of logic that coordinate exchange between suppliers (businesses) and consumers of a service."
2/ As coordinators of exchange, protocols should be minimally extractive, whereas businesses are incentivized to be maximally extractive (that’s profit, and a business is valued as a multiple of its profit).
3/ Any unnecessary extraction from the process of exchange is a tax that will be weeded out by copy-paste competition in the world of open-source protocols. The benefit accrues to all of us as consumers.
4/ To understand the roles businesses play as suppliers and distributors in cryptoland, read the article placeholder.vc/blog/2019/10/6… Or correct me if I'm wrong 🤓
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