Index

The page references in this index correspond to the print edition from which this ebook was created, and clicking on them will take you to the location in the ebook where the equivalent print page would begin. To find a specific word or phrase from the index, please use the search feature of your ebook reader.

ActivityPub, 159, 160

Advanced Research Projects Agency (ARPA), 8, 10

advertising on internet, xv, 210

Airbnb, 140

algorithmic stablecoins, 76

Alphabet. See Google

Amazon

abuses of power by, xviii

as anticompetitive, xvii–xviii

cost structure of, 112–13

eBay’s advantages over, 32

take rate of, 117

anonymity on blockchains, 61–62

anticompetitiveness, ix, xvii–xviii

Apple, xviii, 44, 114–15, 118. See also iPhone

application layer “stack,” 11

application programming interface (API)

described, 20

internet payments built on blockchain networks and, 215

Netflix and, 38

RSS and, 25

successful providers, 109

Twitter’s open, 22

two-way use of web and, 30

apps and smartphones, xvi–xvii, 50, 135, 186–87

App Store, xviii, 44

Aptos, transactions per second, 90

ARPANET, 8, 9

art

AI and, 206, 219

modding and, 104

NFTs and, 72, 77, 203–4

software as, xx, 53, 106

artificial intelligence (AI)

art and, 206, 219

content creators and, 219–21

funding, 84, 229

gestation period of, 186

growth of, 51

one-boxing and, 218

regulation of, 222–25

“attack surface,” 64–65

attention-monetization dilemma, 198–99, 200, 201

“attestations,” 223–24

attract-extract cycle, 42–43, 104

Auction Web, 32

authentication, described, 62

automation, 4

bait-and-switch, 37, 43

Barlow, John Perry, 8–9

Bengio, Yoshua, 223

Berners-Lee, Tim, 11, 53, 159

Bezos, Jeff, 112

Big Tech. See also specific companies

blockchains and, 52, 54, 85

growth of, xiv

innovation and, xv

startups and, xv, xvii, 84, 135–36

treatment of users by, xiv–xv, 139

virtual reality and, 51

Bitcoin

commitments made by, 68

creation of, 151

decentralization of, 161, 175, 177

energy consumption by, 60

as first blockchain network, 87

as fungible token, 74

internet payment system built on top of, 213–14

invention of blockchain and, 55

miners, 57

parody of, 137–38

programming language of, 58

security, 65

transactions per second, 90

blockchain networks. See also tokenomics; tokens

advantages of, over earlier network architectures, xxiii–xxiv

AI content payments using, 221

American share of software developers, xxviii

anonymity on, 61–62

arguments against, 147–48

benefit of building on, 91–92

blockchains as core of, 87

centralization of, 92, 94

comparison to cities, 95, 97

composability and, 110, 228

content creators and, 210, 221

control of supply of and demand for tokens, 144–47

core services, 92, 94

decentralization of, 94–95, 97–98

development of, 91

Dogecoin, 137–38

downward price competition among, 121

economic winners in, 132

financial core, 95

first, 87

funding, 59, 109–10, 136, 153, 178

future of, 187–88

game theory and, 91

as in “Goldilocks zone,” 92

governance of, 118–19, 165–67

hardware-software power relationship in, xxiii

as having architecture for building future networks, 227–29

importance of tokens, 79

importance of “treasuries” on, 79

internet payments using, 213–16, 221

internet scale operation of, 90

media coverage of, 171–72

metaverse and, 196–98

names and, 119

open-source software, 119

ownership and, 87, 140

platform-app feedback loops can be supported by, 228

risk of recentralization and, 120–21, 174

service commitments made by, 109

social networks and, 187, 193–94

software development by, 129, 130–31

software-hardware power relationship in, 87–88

storage of “attestations” on, 223–25

strengths and weaknesses of architecture, 93

take rates of, 92, 113, 118–22, 124–25, 126

treatment of users by, 140

blockchains. See also tokenomics; tokens

accessibility ethos of, 66

“attack surface” in, 64–65

Big Tech and, 52, 54, 85

blocks in state transitions, 58

as outside-in technology, 54–55

commitments about future behavior, 66–67

as computers, xxiii, 56

consensus processes in, 57–58, 63

as core of blockchain networks, 87

crypto and, 61–62

cryptography and, 57

development of, 55

digital signatures in, 62–63

effect on environment of, 60, 61

“enterprise,” 70

federated networks and, 161

manipulability of software of, 67

multiplayer nature of, 70–71

as network constitutions, 164

operation of, 57

ownership on, 73, 79

participation in, 59

physical computers in, 56–57

potential applications of, 68

programming languages of, 58

properties of, 66–67

punishment for dishonesty, 63

security of, 56–57, 62–65

as software abstraction on top of physical devices, 56

software-hardware power relationship in, xxiii

transactions per second, 90

transparency of, 61–62, 66

as “trustless,” 63, 64

Bluesky, 159

bootstrap problem, 132–34, 144

bots, 20

Brin, Sergey, 53

Buffett, Warren, 147

casino culture, xxv, 171, 172

“The Cathedral and the Bazaar” (Raymond), 110–11

CCP Games, 142

centralization. See also decentralization

of blockchain networks, 92, 94

innovation and, xix

of internet, xix, 6–7

risk of recentralization of blockchain networks, 120–21, 174

RSS as symbol of defiance against, 23

Cerf, Vint, 10

ChatGPT, 158, 218

Christensen, Clayton, 82–84, 122

Circle, 75

Clark, David, 155

clients, 11–12, 17

Cloud technology, 54

The Cluetrain Manifesto, 128

collaborative storytelling, 208–10

commodities, 174, 175, 177

commoditization, 122–24

Commodity Futures Trading Commission (CFTC), 177

complements

business use definition of, 34–35

commoditization and, 124

corporate networks and, 35–36, 38–42

as frenemies, 35

network growth and, 40–42

of social networks, 36–38

composability

in blockchain metaverse, 197

of blockchain networks, 228

described, 83

internet payments built on blockchain networks and, 215

open-source software and, 106–10

reusability and, 85, 107–8

of software, 83, 85, 106–10

storage of “attestations” on blockchain networks and, 224

wisdom of crowds and, 108

computer chips, transistors on, 49, 50

computer culture, characteristics of, xxv, 171

computers

as ability accelerators, xx

blockchains as, xxiii, 56

changes in definition of, 56

consensus in next advancements in, 51–52

defining, 55–56

history of, 185

physical, in blockchains, 56–57

software-hardware power relationship in, xxiii, 87–88

content creators

AI and, 219–21

attention-monetization dilemma and, 198–99

“attestations” by, 223–25

blockchain networks and, 210

collaborative, 208–10

corporate networks and, 38–40, 190

email use by, 19

low take rates for, 114, 191–92

micropayments and, 214–15

NFTs and, 203–5, 207

ownership and, xiii

as primary complement of social networks, 36, 37

revenue maximization of social networks and, 36–37

tokens and, 130

“content farms,” 220

content moderation, 17

control

of anticompetitiveness, xix

in blockchains, 56–57, 62–65, 118–19

of names and naming, 14–16

ownership and, 72

of supply of and demand for tokens, 144–47

corporate networks. See also social networks; specific networks

access of software developers to, 19–20

access to capital of, 25, 31

attract-extract cycle and, 42–43, 104

bait-and-switch strategy, 43

basic facts about, xxi

bootstrap problem and, 133

commitments made by, 68–69

competition to RSS from, 22–24

complements and, 35–36, 38–42

composability and, 110

content creators and, 38–40, 190

core services, 92

described, xxi

economic winners in, 132

effect of old legal structure on, 181

federated networks evolution into, 162–63

functionality of, 92

games and, 195–96

governance of, 156, 166

growth of internet and, 44, 229

internet payments using, 212

interoperability and, 16, 41–42, 108–9

investment and, 19, 21

lack of transparency of, 43

logical and organizational centralization of, 94

mapping control in, 15–16

mobile phones and, 104

new product development for, 39–40

ownership on, 79–80

platform-app feedback loop and, 50–51

protocol networks failure against, xxvi–xxvii

security and, 64, 65

services of, 30–31, 44

social networks as, 192

software development by, 128–30

software-hardware power relationship in, 88

startups and, 43

strengths and weaknesses of architecture, 20, 93

structure of, 30–31

take rates of, xvi, 19, 116–17, 118, 124, 125, 126

treatment of users by, 139–40

use of tool as hook for growth, 32–33

users’ experience on, 160

crypto, xxv, 61–62

cryptocurrency, 75

cryptography, xxii, 57, 62

DARPA, 8, 10

Data General, 83

“data protectionism,” 39

decentralization. See also centralization

of Bitcoin, 175, 177

decentralized finance (DeFi) networks, 89

organizational, of blockchain networks, 94–95, 97–98

RSS database need and, 24, 25

of social networks, 190–92

decentralized autonomous organizations (DAOs), 79, 95, 97

“Declaration of the Independence of Cyberspace” (Barlow), 9

deepfakes, 222–23, 224

DeFi networks

bootstrap problem and, 133

gas and sink fees charged by, 144–45

in internet “stack,” 89

monetary transactions and, 215–16

rules of, 121

scaling limits and, 90

take rates of, 126

token supply and, 145

as well-designed network for control of supply and demand for tokens, 148–49

deplatforming, defined, xv

Diaspora, 21–22

Diem, 85

Digital Equipment Corporation, 83

digital signatures, 62–63

digital world, fusion of physical world with, 4–5

disruptive technologies, 82–84, 85

DNS lookups, 14

Dogecoin, 137–38, 140

domain name system (DNS), 13–16, 19, 24, 155

Doom, 104

Dorsey, Jack, 158–59, 161

DOS operating system, 102

eBay, 32

Einstein, Albert, 107

email

clients, 12

content creators and, 19

Gmail, 163

governance of, 155

network effect accrues to community, 17–18

platform-app feedback loop and, 50

success of, as protocol network, 26

transparency of, 43–44

encapsulation, 71–72, 107

encryption, described, 62

“enterprise blockchains,” 70

environment and blockchains, 60, 61

Epic, xviii

Ethereum

combining of security sinks and access sinks by, 146

creation of, 151

fungible token use in, 76

gas and sink fees charged by, 144–45

internet payment system built on top of, 214

in internet “stack,” 88–89

programming languages, 58

proof of stake energy consumption by, 60, 61

punishment for dishonesty and, 63

“rollups” “layer two” system, 91

security, 65

take rate of, 118

transactions per second, 90

“treasury” applications on, 79

validators, 109

as well-designed network for control of supply and demand for tokens, 148

Ethereum Name Service (ENS), 119, 121

Eve Online, 142

Facebook. See also Meta

access of software developers to, 19–20

as competition to RSS, 24

crackdown on third-party companies, xvii

exporting of Google Contacts to, 39

rebranded, 73

take rate of, 113–14, 118

value of, according to Reed’s law, 6

Vine and, 20, 38

Zynga and, 42

fans and ownership, 207, 208, 209

“fantasy Hollywood,” 210

FarmVille, 42

federated networks, 158–64

“Federation Is the Worst of All Worlds” (blog), 162

51 percent attacks, 65

financial networks, 126, 187

Fitzpatrick, Brad, 24–25

Freeman, Jo, 167

Freemium, 211

FreeSocial, 159

“Freeware: The Heart & Soul of the Internet” (O’Reilly), 102

Friend of a Friend, 159

FTX, xxv, 172

fungible tokens, 74, 75–76, 197. See also Bitcoin

games, 72–73, 104–5, 141–42, 194–98, 199–203, 211

game theory, 57, 91

Gartner consulting firm, 150

“gas,” 145

Gates, Bill, 101

GitHub, 106–7

GNU Social, 159

“Goldilocks zone,” 92

Google

abuses of power by, xviii

commoditization and, 122–23, 124

content distribution by, 216–18

exporting of Contacts to Facebook, 39

Gmail and, 163

history of, 53

take rate of, 117

YouTube purchased by, 33–34

governance

in blockchain metaverse, 197

of blockchain networks, 118–19, 165–67

blockchains as network constitutions, 164

of corporate networks, 156, 166

of DNS, 13–14, 155

of email, 155

federated networks model, 158, 160

informal versus formal, 167

of internet, 154–55

nonprofit model and, 157–58

of protocol networks, 92, 154, 155, 166

“governance” sinks, 146

Graham, Benjamin, 153

Green, Hank, 114

Hafner, Katie, 11

“hard forking,” 63

hardware, power relationship of, with software in computers and blockchains, xxiii, 87–88

hashes, 223

Heartbleed, 25–26

Helium, 134

Hirst, Damien, 78

HOSTS.TXT (Stanford Research Institute), 13

Howey test, 176

Hunch, 39

HTML (Hypertext Markup Language), 11

HTTP (Hypertext Transfer Protocol), 11

“hype cycle,” 150–51, 179

hypervisor software, 56

IBM, 102

ICANN, 13–14, 155

“The Inevitable Showdown Between Twitter and Twitter Apps” (Dixon), 39

information

democratization of, in “read era,” xxi–xxii

greater exchange of, richer network is, 6

state machines and, 55

innovation. See also content creators

attract-extract cycle and, 42–43

Big Tech and, xv

centralization of web and, xix

free exchange of ideas on early internet and, 8

ownership and, 81

ownership as motivator of, 20

preconceived notions and, 68

protocol networks and, 18

regulation and, 179

use of technology and, 28

inoperability and modding, 104

inside-out path of advancement in technology, 52, 54

Instagram, 33, 113–14

Intel, 124

internet

accessibility ethos of early, 66

advertising on, 210

copying as core activity of, 198

corporate networks and growth of, 44

current dominant core services of, 23

DNS and, 13–16

eras, xxi–xxii

governance of, 154–55

hardware-software power relationship in, xxiii

history of, xiii–xiv, 8–9, 13–14, 19–24, 25–26, 28–30, 38, 39, 44–45, 74, 105, 186

music industry and, 201, 202

network design as determining power of, xxi

ownership and, 79–80

reinventing, for future, 225–29

software basis of, xix–xx

“stack,” 102

web versus, 11

Internet Corporation for Assigned Names and Numbers (ICANN), 13–14

Internet Engineering Task Force (IETF), 155

Internet of Things, 5

internet payments

blockchain networks for, 213–16

corporate networks for, 212

micropayments, 214–15

models, 210–12

protocol networks for, 212–13

internet protocol (IP), 10, 12–13, 14–15, 102

internet “stack,” 9–11, 88–89, 102, 125, 126

interoperability

in blockchain metaverse, 197–98

corporate networks and, 16, 41–42, 108–9

federated networks and, 162–63

mobile phones and, 103

services and, 30, 104

InterStellar Kredits, 142

investment(s). See also venture capital

in blockchain networks, 92

in blockchains, 59

in corporate networks, 19, 21, 25, 31

in development of new technologies, 84

DNS and, 16

limited liability corporations and, 180

ownership as motivator of, 20

protocol networks and, 18–19

RSS and, 25, 34

iPhone

Apple’s take rate, 114–15, 118

apps and success of, 50

as disruptive technology, 84

increase in networks and, 44

interoperability and, 103

Safari browser, 123

transistors on, 50

Jabber, 21, 22

Jobs, Steve, xx, 53, 142

Joy, Bill, 40, 108

Kahn, Robert, 10

Kamvar, Sep, 53–54

Kay, Alan, 27–28

Kelly, Kevin, 189–90

keys, private versus public, 62

language and protocols, 9

“law of conservation of attractive profits,” 122

“layer two” systems, 91

Libra, 85

Lightning, 213

limited liability corporations (LLCs), 179–81

“Lindy effect,” 44

Linux, 26, 50, 54, 55, 105, 110, 124

LiveJournal, 24

Louis Vuitton, NFTs created by, 77–78

Lyft, 140

Lyon, Matthew, 11

MacManus, Richard, 30

Madrigal, Alexis, 103

Maker, 76

mapping, 14–16

Marlinspike, Moxie, 120, 121

mashups, 103

Mastodon, 159

McAfee, 21

McCulloch, Warren, 186

memecoins, 137–38, 140

Meta, 73, 81–82, 85, 117. See also Facebook

metaverse, 195–98

Metcalfe, Robert, 6

Metcalfe’s law, 5–6, 41

Microsoft, 36, 101, 102

Midjourney, 218, 219

mobile phones. See also iPhone

apps and, xvi–xvii, 50, 135, 186–87

corporate networks and, 104

interoperability and, 103

payments for calls and texts, 214

reasons for success of, 49–50, 51

Mockapetris, Paul, 13

modding, 104–5

Moore, Gordon, 49–50

Moore’s law, 49, 50, 51

Mosaic, 11

Mozilla, 158

music industry, 201, 202, 204–5

Musk, Elon, 137, 223

Nakamoto, Satoshi, 55, 59, 68, 87

names/naming

as avatars, 12

on blockchain networks, 119

decoupling, from services in protocol networks, 19

DNS, 13–16, 19, 24, 155

internet protocol addresses for computers, 12–13

market for domain, 16

network’s versus user’s control of, 14–16

redirecting between IP address and, 14–15

registration of, 14

social networks as owners of, 73

native technology, 29–30, 68

native tokens, 129, 178

Netflix API, 38

“net neutrality,” xix–xx

Netscape, 158

networks. See also blockchain networks; corporate networks; protocol networks

basic facts about, 5

building new non-corporate, as solution for centralization of internet, 7

complements and growth of, 40–42

design of, xxi, 30

financial, 126, 187

as mediators with “real world,” 4–5

Metcalfe’s law and, 5–6

neural, 223

Reed’s law and, 6

“S-curve” of adoption of, 40–42

snowball effect, 6–7

types of, xv, xxi

ubiquity of, xv

value of, 5–6

Nike, NFTs created by, 78

nodes, 5–6, 12, 41, 88

non-fungible tokens (NFTs)

art and, 72, 77, 203–4

as container for representing ownership, 203

content creators and, 203–5, 206, 207

described, 74

music industry and, 204–5

uses of, 76–78

metaverse and, 197

video games and, 203

nonprofit network model, 157–58

Novi, 85

Oculus VR, 84

off-chain governance, 164–65, 166

on-chain governance, 165–66

“1,000 True Fans” (Kelly), 189–90

“one-boxing,” 218

opacity

of blockchains, 61–62, 66

corporate networks’ lack of, 43

of protocol networks, 43–44

OpenAI, 84, 158

OpenSea, 118, 121

OpenSocial, 21, 22

open-source software

beginning of, 54

of blockchain networks, 119

composability, 106–10

funding, 25–26, 108

Linux, 26, 50, 54, 55, 105, 110, 124

modding, 105

Netscape, 158

RSS, 22–24, 25, 34, 162

software pricing and, 102

Open Systems Interconnection model (OSI), 9

Optimism, in internet “stack,” 89

O’Reilly, Tim, 102

organic content, 37

outside-in path of advancement in technology, 52–53. See also blockchains

ownership

in blockchain networks, 87

on blockchains, 73, 79

by community of blockchain networks, 140

content creators and, xiii

control and, 72

on corporate networks, 79–80

democratization of, in “read-write-own era,” xxii

DNS and, 16

fans and, 207, 208, 209

internet and, xiii–xiv, 79–80

as motivator for investors, 20

of names on social networks, 73

NFTs as container for representing, 203–5

positive effects of, 80–81

on protocol networks, 17–18

in “real” world, 80–81

speculation and, 16

tokens as representing, 72, 87, 136

trading and, 178

Page, Larry, 53

pay-as-you-go model, 76

payment networks, take rates of, 115

PCs, 83

Perez, Carlota, 150

perimeter security model of corporate networks, 64

phishing, 20–21

physical world, fusion of digital world with, 4–5

Pitts, Walter, 186

platform-app feedback loops, 36, 50–51, 101, 228

platform risk, 39

Polygon, in internet “stack,” 89

Postel, Jon, 11, 13

privacy, xiv–xv, 162

programming languages, of blockchains, 58

programs, defined, 55–56

promoted content, 37

proof of stake (POS), 60

energy consumption, 61

proof of work, 59–60

protocol coups, 22–24, 162, 163–64

protocol networks

access to capital of, 25, 34

basic facts about, xxi

benefits of, 17–20

components of, 12

described, xxi

failure of, against corporate networks, xxvi–xxvii, 227

governance of, 92, 154, 155, 166

innovation and, 18

internet payments using, 212–13

mapping control in, 14–15

new ones in last thirty years, 44–45

ownership and, 80

social networks as, 159–60

software development by, 128–29

software-hardware power relationship in, 87–88

strengths and weaknesses of architecture, 93

success of email and web as, 26

take rates of, 18, 116, 124–25, 191

transparency of, 43–44

protocol(s)

clients and, 11–12

evolution of definition of, 9

internet “stack” and, 9–11, 102

need to be unopinionated, 17

RSS, 22–25, 34

public key cryptography, 62

publishing, democratization of, in “read-write era,” xxii

Raymond, Eric, 110–11

“read era,” xxi–xxii, 28, 29–30, 74

“read-write era,” xxii, 30, 74

“read-write-own era,” xxii, 74

ReadWriteWeb, 30, 44

Ready Player One, 194

“real world,” networks as mediators with, 4–5

recentralization risk, 120

Reed, David, 6

Reed’s law, 6

regulation

of AI, 222–25

“attestations” instead of, 223–25

to control anticompetitiveness, xix

innovation and, 179

of securities, 173, 174, 175, 176, 177

of tokens, 173, 174–77, 178–79

reusability, in composability, 85, 107–8

“rollups,” 91

RSS (“really simple syndication”)

access to capital of, 25, 34

database needs of, 24, 25

described, xxvi, 22

DNS and, 24

as symbol of defiance against centralized web, 23

Twitter and, 22–24, 162

Schumpeter, Joseph, 150

“S-curve” of growth, 40–42

Scuttlebutt, 159

securities

described, 173

regulation of, 173, 174, 175, 176, 177

tokens as, 174, 176

Securities and Exchange Commission (SEC), 176, 177

servers, 17, 162

server-side software, 102

services. See also specific networks

blockchain networks commitment and, 109

code and behavior of, xx

content moderation and, 17

core blockchain, 92, 94

corporate networks and, 30–31, 44

current dominant core internet, 23

decoupling names from, 19

effect on society of, 4

internet “stack” and, 102

interoperability and, 30, 104

legal terms of agreement, xv, 67, 68

ownership and, 79–80

shift to, by technology companies, 102–3

shadowbanning, defined, xv

Shapiro, Joel, 124

Sheffield, Cuy, 210

Shopify, 211

signatures, digital, 62–63

sink fees, 144–45

SiteAdvisor, 21

skeuomorphic technology, 28, 68

smartphones. See also iPhone; mobile phones

SMTP (Simple Mail Transfer Protocol), 11

Snow Crash (Stephenson), 195

Social, 159

social media

beginning of, 54

game-related content on, 200

importance of, 4, 85

take rates of large networks, 113–14, 118

YouTube, 32–34, 113–14, 118, 133

social networks. See also specific networks

bait and switch strategy, 37

blockchain infrastructure as basis of, 187, 193–94

building startups on top of, 38

complements and, 36–37

content creators and, 36–37

effects of decentralization of, 190–92

funding, 39

governance of, 156

importance of, xvii, 190

independent/third-party software developers and, 37–38

internet “stack” of, 125, 126

as most significant class of corporate networks, 156

NFT identifiers in, 78

ownership of names on, 73

platform-app feedback loops and, 36

as protocol networks, 159–60

revenue maximization by, 36–37

revenue of five largest, xvi

success of corporate, 192

take rates of, 113–14, 190, 191

third-party software developers and, 37–38

transition from open to closed, 39

social technologies

as multiplayer, 70

simplifying assumptions needed by, 71

“social video,” 32

software

access of developers of, to corporate networks, 19–20

as art, xx, 53, 106

as basis of internet and regulation, xix–xx

blockchain networks’ funding development of, 129

blockchains as “virtual computers” based on, 56

bottom-up, collaborative method of development of, 98

complexity of, 71

composability, 83, 85, 106–10

construction as cathedral or bazaar, 110

decentralized social networks and development of, 192

design consequences, 3

development by corporate vs. protocol networks, 128–30

encapsulation and, 71–72

encoding immutable governance rules in, 164, 166–67

funding open-source, 25–26, 108

hypervisor, 56

independent/third-party developers of, 37–38

manipulability of blockchains’, 67

“net neutrality” and, xix–xx

open-source, 26, 50, 54, 55, 105, 110, 124

power relationship with hardware in computers and blockchains, xxiii, 87–88

pricing, 102

server-side, 102

Solana, 89, 90

spam, 20, 39–40

speculation

banning of tokens and, 177

casino culture and, xxv

as cycle in tech-driven economic revolutions, 150–51

in domain names, 16

memecoins and, 138

Spolsky, Joel, 124

spyware, 20–21

stablecoins, 75–76

algorithmic, 76

Stanford Research Institute (SRI), 13

startups

Big Tech companies as gatekeepers and, xv, xvii, 84, 135–36

blockchains and, 54–55

building, on top of Twitter, 38–39

building on top of social networks, 38

corporate networks and, 43

“one-boxing” and, 218

ownership and, 81

venture capital and, 32

state machines, 55–56

state transitions, 58

StatusNet, 159

Stephenson, Neal, 194–95

Stone, Andrew, 38

Stoppelman, Jeremy, 217

subscription messaging. See RSS (“really simple syndication”)

Substack, 19, 191

substitutes, business use definition of, 34

Sui, transactions per second, 90

sustaining technologies, 83–84

Sweeney, Tim, 196

take rates

Apple, 114–15, 118

in blockchain metaverse, 197

of blockchain networks, 92, 113, 118–22, 124–25, 126

of corporate networks, xvi, 19, 116–17, 118, 124, 125, 126

defined, xvi

effective, 116

effect of low, on content creators, 191–92

of large social media networks, 113–14

multiplier effect of low, 191

of payment networks, 115

of physical goods marketplaces, 115–16

of protocol networks, 18, 116, 124–25, 191

of social networks, 113–14, 118, 190, 191

Technological Revolutions and Financial Capital (Perez), 150

technology

disruptive, 82–84, 85

inside-out path of advancement in, 52, 54

native, 29–30, 68

outside-in path of advancement, 52–53

“S-curve” of growth, 40

skeuomorphic, 28, 68

sustaining, 83–84

tech giants missing new trends, 81–82

ways of using, 27–28

tech stacks, commoditization of layer in, 122–24

telecom, 133–34

telephone and Western Union, 82–83

“Terms of Service,” xv, 67, 68

Terra, 76

theory of disruptive technology, 82–83

Thiel, Peter, 3–4

“Thoughts on the Social Graph” (Fitzpatrick), 24–25

Threads, 159

Tiffany & Co., NFTs created by, 77–78

TikTok, 81–82, 113–14

tokenomics

access sinks, 146

control of supply and demand for tokens, 144–47

cycles of tech-driven economic revolutions and, 150–51

defining, 141

“governance” sinks, 146

“hype cycle” and, 150–51, 179

incentive structure design, 142–43, 147

optimization of positive behaviors to promote network growth, 143–44, 148–49, 178–79

security sinks, 145–46

“staking,” 145

tokens. See also Bitcoin; non-fungible tokens (NFTs)

Big Tech and, 85

in blockchain networks, 76

in blockchains, 72, 73, 79

bootstrap problem and, 133, 134

in casino culture, 172

as commodities, 175, 177

as disruptive technology, 85

as funders of software development, 126

fungible tokens, 74, 75–76, 197

importance of, to blockchains, 79

joke (memecoins), 137–38, 140

method for determining fair value of, 149

native, 129, 178

off-chain governance and, 167

on-chain governance and, 165

ownership and, 72, 73, 87

proposed banning of, 177

redemption of stablecoins for dollars, 75

regulation of, 173, 174–77, 178–79

as representing ownership, 136

as securities, 174, 176

as self-marketing, 135–37

software development by blockchain networks and, 129, 130–31

speculation in, 150, 177

as sufficiently decentralized, 175, 176, 179

types of, 74

values assigned to, 77

Torres, Ritchie, 75

Torvalds, Linus, 53

trading, xxv, 178. See also tokenomics; tokens

transistors, 49, 50

transparency

of blockchains, 61–62, 66

corporate networks’ lack of, 43

of protocol networks, 43–44

“treasuries,” 78–79

“trustless,” as used in blockchain contexts, 63, 64

Turing, Alan, 55, 186

Turing test, 186

tweets, 4

Twitch, 200

Twittelator, 38

Twitter

access of software developers to, 19–20

building startups on top of, 38–39

crackdown on third-party companies, xvii

Dorsey on, 158–59

growth of, 195

rate of, 113–14

rebranded as X, 73

RSS and, 22–24, 162

spam problem, 39–40

TikTok and, 81–82

“the tyranny of structurelessness,” 167

Uber, 140

Uniswap, 118, 138–39

U.S. Supreme Court, 176

USD Coin (USDC), 75

users

benefits from protocol networks to, 18

Big Tech’s surveillance of, xiv–xv

blockchain networks’ treatment of, 140

content moderation by, 17

corporate networks’ treatment of, 139

data privacy, xiv–xv, 162

decentralized social networks and, 192

as digital owners in blockchains, 73, 79

experience on corporate networks, 160

friction of use and, 120

versus network’s control of names and naming, 14–16

personal data of, 114

as renters of virtual goods in games, 73

software-hardware power relationship in computers and, 87

“Terms of Service” legal agreements and, xv, 67, 68

Uniswap and, 138–39

validators

actions of, 57–58

blockchain networks and, 109–10

financial incentives for, 59, 60

proof of stake, 60

proof of work, 59–60

“staking” and, 145

token incentives for, 178

Varian, Hal, 124

venture capital

for applications built on top of social platforms, 39

corporate networks and, 21, 25, 31

dot-com crash and, 33

long hold periods of funds, xxv

spam issue and, 20

startups and, 32

video games, 72–73, 104–5, 141–42, 194–98, 199–203, 211

video streaming, 32. See also YouTube

Vine, 19–20, 38, 82

The Vine, 38

virtual reality (VR), 51, 84, 195, 229

“wallets,” 78, 79

web

API and two-way use of, 30

centralization of, xix

corporate networks’ interoperation with, 16, 41–42

internet versus, 11

platform-app feedback loop and, 50

searching on early, 20

success of, as protocol network, 26

transparency of, 43–44

Web 2.0 (read era of internet), 28, 29–30

“web3,” xxii

web clients, 11–12

websites, simplicity of design, 73–74

Western Union, 82–83

Where Wizards Stay Up Late (Hafner and Lyon), 11

Wikipedia, 157–58, 208, 209, 210

Windows and Microsoft, 36

wisdom of crowds and composability, 108

World Wide Web Consortium (W3C), 154–55

X (Twitter). See Twitter

XML (extensible markup language), 22

YouTube

bootstrap problem and, 133

as example of providing tool and users staying with network, 32–33

funding for, 33–34

Google’s purchase of, 33–34

rate of, 113–14, 118

“zero knowledge proofs,” 62

Zuckerberg, Mark, 20

Zynga, 42