Crypto's Biggest Innovation Is a New Business Model
summary
Argues that crypto’s real innovation is a business model that both collapses cost structure (moving from ~10% industrial and ~40% software margins toward 70% operating margins) and uses token incentives to outsource development and sales to a permissionless, composable ecosystem. Lays out a continuum—memes (mindshare), infrastructure (total economic value on chain), applications (revenue)—and claims protocols hyperscale more profitably by aligning economic rewards for third‑party builders rather than relying on centralized R&D.
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chapters (5)
- 0:00The crypto business model
- 1:08Historical context
- 2:09The crypto continuum
- 4:30Protocol efficiency
- 6:03Incentivizing ecosystems
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