In that decentralized future that you see, what will be the incentive or driver for innovation? What monetization or business models will there be for people who would design those services and products?
I don’t think each artist or content developer would be able to set up their own full node and set up whatever number of services to receive bitcoins themselves. There will always be someone, an intermediary or payment service, that would facilitate it.
They are not always intermediaries. Look at what has happened with OpenBazaar. What is important to realize, is that being created on these platforms are new open ecosystems.
As soon as OpenBazaar started, immediately you had people advertising hosting services, marketing services, and couple of search engines popped within the first couple of months, and these search engines used the API to index and crawl through the peer-to-peer network, and index all of the stores in a web-searchable interface.
No one at OpenBazaar built that. Those were third-party services which were built separately. Now they’re building additional services on top of that.
All of these APIs are opening up which means that now you aren’t looking at a single company or platform, you’re looking at an open system where people can offer layers and layers of additional services. There is also a thriving marketplace for these services.
Instead of struggling for incentives, what you see is an explosion of Innovation.
Right now, no one really has access to the data at Uber, AirBnb, or any of those services. The reason for that is, once again, who is the product? You are.
Over the next few years, you will see a lot of these services will make more money by selling data about where you went, when you went there, who you visited, what you typed into the search engine, whether you typed the name of a business and visited that business, how long you were there…
And the same thing is with AirBnb. They will make more money on data about you, than the cost of the ride. Once again, you’re the product.
I don’t see that as innovation. It is not innovative to turn people into products. It is evil, but not innovative.