Megaphone
If you’re a real estate listing portal or
property data company then you’ll
likely create a private blockchain
system for your country of origin
to store data and run closed-source
dapps. You’ll create fancy features
that allow real estate agents, lawy-
ers, buyers and sellers to interact
and transact (for a fee). You’ll then
form consortiums with other indu-
stry players to develop private Block-
chains for managing things like land
and property titles.
Meanwhile a lone coder develops a
public Blockchain protocol which
stores all global property data with
completely free and universal ac-
cess. She also develops open-source
smart contracts which enable buy-
ers/sellers to securely transact and
transfer land or property deeds with
a single click. This runs perfectly as
coded, every time. She charges a tiny,
zero-profit fee to cover the computa-
tional costs (gas). Anyone with an
internet connection can access and
use the protocol freely, without regi-
stering or asking permission.
Business models which operate on
artificial scarcity simply cannot exist
alongside a reality of public block-
chains. If a group did deploy a for-
-profit protocol on a public block-
chain, trusted smart contract code
is opensource and thus it’s trivial to
copy the code, lower the fee and then
redeploy.
Public blockchains are owned by no-
body, controlled by nobody and can
never be shutdown. Smart contracts
can be owned by nobody, control-
led by nobody, and execute as coded
every time.
The result is a
blockchain commons;
a universal common
resource which
renders old-world
business models
obsolete, and ushers
in a new foundational
paradigm on which to
create value for all of
humanity.