August 23, 2022
The idea that private corporate services could be replaced by public internet services that have an associated coin or token may seem far-fetched today.
But if we zoom out, we can see that the history of open source technology can help us forecast the ultimate direction of public blockchains.
In the 1990s, computing was dominated by proprietary, closed-source software — most notably Microsoft. Fast forward to today, and over 3 billion Android phones run on top of the open-source operating system Linux. Most of Apple’s software runs on open source, as does almost all of Amazon’s cloud data centers.
*Miners and Validators of public blockchain networks are essentially providing Amazon cloud services for these networks in a decentralized format*
Meanwhile, the open source model of public blockchains allows for an extension of cloud-based services by adding financial incentives to the mix. Crypto tokens fundamentally provide a way to incentivize individuals and groups to participate in, maintain, and build internet services.
Said another way, crypto networks and tokens allow for the *monetization* of public, open-source services.
It took 20+ years for open source software to supplant proprietary software. How long will it take *open services* introduced by public blockchains to supplant proprietary services?