The most important question to ask any decentralized blockchain protocol is: “How do you protect your protocol from ‘incumbent’ companies?” While many emerging protocols promise disintermediated commercial interactions between people, it is critical that these protocols are weary of corporate giants with FOMO. After all, most decentralized protocols are open-source – copying their code is free and 100 percent legal.
A Stark Ideological Juxtaposition
There is a disconnect between the utopian ideologies of decentralized “Web 3.0” developers and the ideologies of those whose livelihood depends on traditional business models. For “Web 3.0” developers, their goal is to create a decentralized protocol that maximizes value for users and removes middlemen. However, for those whose traditional business model is built around fungible services or middlemen economics, decentralization is a threat.