PlatoAiStream

PlatoAiStream

  • About
  • Discover
  • OpenAi
  • DefiX
  • Features
  • Connect
  • Login
  • Register
PlatoAiStream

PlatoAiStream

  • Discover
  • Plato Search
    • Directory Search
    • Global Search
  • Plato Verticals
    • AI
    • AR/VR
    • Blockchain
    • Code
    • Cybersecurity
    • E Sports
    • Fintech
    • Quantum
  • Plato AiStreams
    • Arabic
    • Chinese
    • Dutch
    • English
    • Finnish
    • French
    • German
    • Greek
    • Hebrew
    • Hindi
    • Indonesian
    • Italian
    • Japanese
    • Korean
    • Norwegian
    • Polish
    • Portuguese
    • Russian
    • Spanish
    • Swedish
    • Thai
    • Turkish
    • Ukrainian
    • Vietnamese
  • Plato Newswire
  • Publications
    • 99 Bitcoins
    • ACN Newswire
    • ADVFN
    • Ai TimeJournal
    • Aisa PEVC
    • AlexaBlockchain
    • AMB Crypto
    • Asia Crypto Today
    • Asian Spectator
    • Asic Miner Market
    • Baystreet
    • Bitcoin Market Journal
    • Bitcoin PR Buzz
    • Bitcoinist
    • BitcoinNewsMiner
    • Bitcon Chaser
    • Bitcoin News
    • Bitpinas
    • Bitrazzi
    • Bitsonblocks
    • Blockchain Curated
    • Blockchain Health Review
    • BlockNews Africa
    • Blockpit
    • Blokt
    • BTC Upload
    • Business News Asia
    • Business News.ph
    • Business Press 24
    • Central Charts
    • ChainTimes
    • CoinBeat
    • Coinbureau
    • CoinCentral
    • Coingenius
    • Coinigy
    • Coinnounce
    • Cointelegraph
    • Cointikka
    • Coin Edition
    • Crunchbase
    • Crypto News
    • Crypto News Point
    • Crypto News Review
    • Crypto NewsZ
    • CryptoClarified
    • Cryptocointrade
    • Cryptocoinzo
    • Cryptodiffer
    • CryptoGlobe
    • Cryptomininq
    • CryptoNezo
    • CryptoNinjas
    • CryptoPotato
    • Cryptoverza
    • DC Forecasts
    • Decrypt
    • Digital Notice
    • ECrypto News
    • EthBLog
    • Ethical Markets
    • EventsNewsAsia
    • Finanzachricten
    • Finyear
    • Firmen Presse
    • Futures Trading Charts
    • Influencing
    • Inside Bitcoins
    • Intell Asia
    • Jump Start
    • Kanalcoin
    • Kraken Blog
    • Lioncity
    • MENAFN
    • MetaNews
    • Micro Small Cap
    • Multichain
    • NFX
    • News BTC
    • News Tag
    • Null TX
    • OpenZeppelin
    • Platonet
    • Protos
    • PRWire
    • Press Malaysia
    • Primafelicitas
    • Quamnet
    • Quillhash
    • Sccop
    • Sinchew Business
    • Street Insider
    • Street Signals
    • Techphile
    • Techstars
    • The Daily Hodl
    • The Merkle
    • The CoinsPost
    • Times Tech
    • TIMM
    • Today NFT News
    • Unhashed
    • W3era
    • Web3Africa
    • Weiss Crypto Ratings
    • Zaikei
    • Zephyrnet
  • DefiX Gateway
    • Bitcoin ATMs
      • Bitcoin Depot
      • Bitstop
      • Byte Federal
      • Coin Source
      • Coinflip
      • Digital Mint
      • Insta Coin
      • Kurant
      • Local Coin
      • National Bitcoin
      • Rocket Coin
      • Smart Kiosk
    • Blockchain Events
      • Ai in Payments
      • AIBC
      • Asia Crypto Hong Kong
      • Bitcoin 2022
      • Blockchain Expo Global
      • Blockchain Expo NA
      • Blockchain Fest Asia
      • Blockchain Week Rome
      • Blockchance Europe
      • Blockchian Fest
      • Construction Blockchain Consortium
      • Crypto Asset Conference
      • Digital Assets Realised
      • Finnovex
      • Finnovex South Africa
      • Futurist Conference
      • Global Defi Summit
      • Global Fintech Fest
      • Government Blockchain Week
      • Hyperledger Global Forum
      • London Digital Assets Week
      • NFT.NYC
      • NFT Summit
      • Reg Tech Summit
      • Security Tokens Realised
      • Synopsis
      • The Blockchian Event
      • The Conference. NFT
      • Token 2049
    • Compliance
      • Blockpass
      • BrightID
      • Ciphertrace
      • Coinfirm
      • Colendi
      • Elliptic
      • Gresham International
      • Identity.com
      • Jolocom
      • KYC Chain
      • Maxcorp
      • Notabene
      • Solidus Labs
    • DAO’s
      • 0xDAO
      • Aave
      • Aavegotchi
      • ADAM Oracle
      • AlgoGems
      • Alien Worlds
      • Apollo Inu
      • Avocado
      • Bancor
      • Based Money
      • Battle Saga
      • Benchmark Protocol
      • BiShares
      • BitDao
      • Bitfari
      • Boardroom
      • BondAppétit Governance
      • BOSAGORA
      • BreederDAO
      • Bright ID
      • Burn Signal
      • Cennz
      • Choise
      • Compound
      • CLR Fund
      • Cream Finance
      • Creditbit
      • CrypCade
      • Crypto Gaming United
      • Curio
      • Curve
      • DAO HAUS
      • DAOLaunch
      • DAOStack
      • dDNS DAO
      • Decentral Games
      • Decentral Games ICE
      • Decision Token
      • Defi Omega
      • Dego Finance
      • Edge Ware
      • Estonia
      • Flamingo
      • Gnosis
      • Keeper Dao
      • Lex DAO
      • Machix
      • Meta Cartel
      • Meta Gamma Delta
      • Moloch Dao
      • MStable
      • Mutual DAO
      • Nectar
      • PieDAO
      • Snapshot
      • ADAO
      • Adapulse
      • ALDEA
      • Aquadano
      • Boss DAO
      • Cardamun
      • Cardano 4 Climate
      • Cardano Link
      • Cardano Makers
      • Cardano Native Token
      • cNFT meme-DAO
      • Crypto College
      • Deentra
      • EcoCashew.com
      • finclout.io
      • FIRE Token
      • Lovelace Academy
      • PIGY Token
      • Rare Bloom
      • SANADA
      • Sherpa Token
      • Simple Cardano
      • SPO JAPAN GUILD
      • Summon Platform
      • Sustainable ADA
      • TACF NFT Pilot Program
      • TADATek
      • The Cardano Lounge
      • Token Allies
      • TosiDrop
      • Veritree
      • Zero to Haskell
    • Dapps
      • 0xWarriors
      • Angel Battles
      • BingoCash
      • BitPonies
      • Block Fight
      • Block Lords
      • Chainmonsters
      • ChickenHunt
      • Crypto Cuddles
      • Crypto Fighters
      • Crypto Mining War
      • Crypto Wars
      • CryptoCats
      • CryptodDer
      • Cryptogs
      • Dragonereum
      • Drug Wars
      • Easy Ether
      • Energy Market
      • Ether Kingdoms
      • EtherCraft
      • Ethmoji
      • FishChain
      • Fuse Studio
      • Infiniverse
      • Lordless
      • Panda Fun
      • Royal Online Vegas
      • Shrimp Farm
      • SnailThrone
      • Torpedo Launch
      • World of Ether
    • Developers
      • 3Box
      • Aquatik Studios
      • Blaize
      • Block360
      • BlockBlox
      • Blockchain Center
      • Blockchain Foundry
      • Blockhunters
      • Blockwell
      • Cardinal Cryptography
      • Celer
      • Code Zeros
      • Cubycode
      • Dapplica
      • Debut Infotech
      • DevProvider
      • Ekoios
      • Emurgo
      • Etheralabs
      • EthWorks
      • Geneva Software
      • Gnosis
      • Hashcash Consultants
      • HireNinja
      • Idealogic
      • INC4
      • InMind Software
      • Interstellar
      • Ionixx
      • IOST
      • IT Companies
      • Kaikas
      • Keep.Network
      • Lemon
      • Lightning Network
      • LimeChain
      • Liquidity.Network
      • Merehead
      • Metronome
      • Minddeft Technologies
      • mStable
      • MVP Workshop
      • Mysterium Network
      • Nest
      • Nextrope
      • Node Factory
      • Nordwhale
      • OnGraph
      • Ontology
      • Owlab
      • Parity
      • PixelPlex
      • Proof Suite
      • Provable Things
      • pTokens
      • Qualium Systems
      • Ramlogics
      • Ren
      • Shapeshit
      • SmartBox
      • SourceX
      • Stratus Cyber
      • Swirlds
      • Teamvoy
      • TechCreatix
      • Titanium Blockchain
      • TrendLine Global
      • Ubik Group
    • DEX’s
      • AirSwap
      • Balancer
      • Beefy
      • BitPortal
      • bSWAP
      • Curve
      • DexGuru
      • DEX Screener
      • Dolomite
      • DYDX
      • Eidoo
      • Ellipsis
      • HOKK Finance
      • IDEX
      • IX Swap
      • Jelly Swap
      • LayerSwap
      • Loopring
      • Mavryk
      • Newdex
      • Orion
      • PancakeSwap
      • ParaSwap
      • Poocoin
      • Quickswap
      • Rome Terminal
      • SHIBA TOKEN
      • Totle
      • Uniswap
      • WBTC.Cafe
      • AdaSwap
      • BynetDEX
      • Cardance Swap
      • Dexada
      • Maladex
      • Occamx
      • Spectrum Dex
      • Sundae Swap
      • Thothus
      • WingRiders
    • Exchanges
      • Alphaex
      • Aryana
      • Azbit
      • Beaxy
      • Bidesk
      • Bitay
      • BITEXBOOK
      • Bitpanda Pro
      • BTC Markets
      • BTC-exchange
      • CBX
      • Chilebit
      • Cobinhood
      • Coin Bureau
      • Coindeal
      • CoinEgg
      • Coinlist
      • Coins Pro
      • Compound
      • Eidoo Hybrid Exchange
      • ErisX
      • Everbloom
      • Gemini
      • Gnosis
      • iDevex
      • IDEX
      • IncoreX
      • InstantBitex
      • Just Liquidity
      • LIQNET
      • Lykke
      • Onederx
      • Red Matter
      • SIGEN.pro
      • Sistemkoin
      • Slicex
      • Surbitcoin
      • Switcheo
      • Theta Nuts
      • Thore
      • Uniswap
      • Uniswap (V2)
      • Vaultoro
      • VBTC
      • Yacuna
    • Gaming
      • Aavegotchi
      • Age of Rust
      • Alien Worlds
      • Battle Racers
      • Big Time
      • City States
      • Crazy Defense Heroes
      • Cryowar
      • Crypto Space Commander
      • Crypto Voxels
      • CryptoBlades
      • CryptoZoon
      • Dark Country
      • Dvision Network
      • Elementos
      • Farmers World
      • Forest Knight
      • Guild of Guardians
      • Idle Cyber
      • Illuvium
      • Metalands
      • MetaWars
      • Mines of Dalarnia
      • Monkeyballc
      • Neon District
      • Neverdie
      • Noa
      • Pet Games
      • Phantom Galaxies
      • Plant vs Undead
      • R-planet
      • Revv Racing
      • Riot Racers
      • Sipher
      • Sky Weaver
      • Soccer Manager Elite
      • Somnium Space
      • Spells of Genesis
      • Splinterlands
      • Taurion
      • Upland
      • The Six Dragons
      • War of Crypta
      • War Riders
    • Insurance
      • Asure Network
      • BITRUST
      • Citizen Health
      • Etherisc
      • Hurricaneguard.io
      • Nexus Mutual
      • Nsure
      • Opium Insurance
      • VouchForMe
    • Launchpads
      • Birchal
      • Catapoolt
      • Causes
      • Crowdcube
      • Fundly
      • Give Campus
      • Goteo
      • Harbor
      • One Planet Crowd
      • Patreon
      • RealtyMogul
      • Rocket Hub
      • Startup Explore
      • Vedaslabs
      • Venture Crowd
      • Vested
    • Lending
      • CREAM Swap
      • Definer
      • Invesrse Finance
      • Torque
    • Marketplaces
      • Airbrick
      • Atomic Market
      • Collect
      • Crypto Slam
      • Crypto Waifu
      • DAO HAUS
      • EOS Name Swaps
      • Fyooz
      • Hivelist
      • Jugger World
      • LIBER
      • Lit.it
      • Miime
      • Myth Market
      • Nagemon
      • NEAR
      • NFT Key
      • NFT Mart
      • Paras
      • Rarible
      • Secret Auctions
      • Space Finance
      • Token Trove
      • Totle
      • Treasureland
      • Wax Stash
      • WaxArena
      • Waxplorer
      • Wyvren
      • Xanalia
      • YieldX
    • Mining
      • Blockware Solutions
      • Canaan Creative
      • CoinMiner
      • Cudo Miner
      • Cyberian Mine
      • ECOS Cloud Mining
      • Iliium
      • Innosilicon
      • IQ Mining
      • Livepeer
      • Miner Bros
      • MinerGate
      • MineShop
      • MiningStore
      • myMiner
      • New Mining
      • Obelisk
      • PandaMiner
      • Quantech
      • WhatsMiner
      • Whats Miner
    • NFTs
      • Anr Key
      • ApeSwap
      • Apex Crypto
      • Art Blocks
      • Atari NFT
      • Auto Glyphs
      • Axie Infinity
      • Bbvsea
      • Billboard ChartStars
      • Blockchain Heroes
      • Bluzelle
      • BTC Origins
      • Coincast
      • Crypto Voxels
      • DeadMau5
      • DevilsFlock
      • Digital Currensy
      • Entrepot
      • Euler Beats
      • Fractional
      • GraziaNFT
      • Gunslingers
      • HALF BAYCD
      • HashRush
      • Holaplex
      • Ikonic
      • INFINITE DODOS
      • Its Nuqtah
      • Larvalabs
      • Lavish Leopards Club
      • Meet Bits
      • MetaFans
      • Meta Mansions
      • Minters Collective
      • Monsters of Rap
      • NFT20
      • NFT Summit
      • Nifty Dudes
      • NOMINT
      • Rarible
      • RPlanet
      • RTFKT
      • RtistiQ
      • Secured Sneakers
      • Somium Space
      • The Hash Masks
      • The Horrors
      • Token Ocean
      • Topps GPK
      • Topps MLB
      • Upland
      • Weezer
    • Payments
      • Bitt
      • Blockmove
      • Celer Network
      • Circle Invest
      • Flexa
      • Lightning Network
      • OmiseGO
      • Sablier
      • xDai Stable Chain
    • Resources
      • 100 Tasks
      • Ahura
      • ARCISPHERE
      • Askria
      • Blockchain Council
      • Blockchain Councilus
      • Blockchain Industry Group
      • Blockchain Research Institute
      • Cloud Credential
      • Club Swan Partners
      • Cogent Law
      • Crypto Valley
      • Digital Chamber
      • District0x
      • Energy Blockchain
      • EST Cap
      • Fastbase
      • Fibree
      • GBB Council
      • GDF
      • Government Blockchain Association
      • Global Blockchain Summit
      • Global Tech Council
      • Gov Chain
      • GSDC
      • Helium
      • Intercoin
      • Market Across
      • MediaShower
      • Reblonde
      • SHEQONOMI
      • TiiQu
      • Visionary
    • Sector Directory
    • Social
      • APPICS
      • D Tube
      • D.Buzz
      • Den
      • DLike
      • Lumeos
      • QUASA
      • Sense Chat
      • Steem Leo
      • Stem Social
    • Stablecoins
      • Augmint
      • Empty Set Dollar
      • EOSDT
      • Frax
      • Gemini Dollar
      • Money on Chain
      • pTokens
      • USD Coin
      • WBTC
    • Staking
      • 88mph
      • Autofarm
      • Balancer
      • Barnbridge
      • bEarn Fi
      • Beefy Finance
      • Cream
      • Dokia Capital
      • HyperBlocks
      • Idle
      • Mythos
      • PancakeBunny
      • Phuture
      • Pickle
      • Rari Capital
      • Stake.Fish
      • Stake Capital
      • StakeWithUs
      • Stakin
      • Staking
      • Staking Facilities
      • xDai Stable Chain
      • xFai
      • Yield Farming
    • SupplyChain
      • 300 Cubits
      • Blockfreight
      • Blockhead Technologies
      • CargoCoin
      • CargoLedger
      • IMMLA
      • Konexial
      • Modum
      • OpenPort
      • Peer Ledger
      • SigmaLedger
      • Skuchain
      • SkyCell
      • SyncFab
      • T-Mining
      • TangoTrade
      • Tradeline
      • Unicsoft
      • WAVE
    • Trading Gateway
      • ACDX
      • Aurex
      • Belfrics India
      • Betoken
      • Bitgo
      • Bitgo Wallet
      • Coinsmart
      • DefiPulse Index
      • Erisx
      • FinNexus Options
      • Fulcrum
      • Hegic
      • Hetoro
      • Indexed Finance
      • Kirobo
      • Lien
      • Mith Cash
      • OpenFinance
      • Opyn
      • PieDAO
      • RosyWhale
      • RoundlyX
      • Simple Swap
    • Venture Capital
      • Abstract Ventures
      • Alpha Sigma
      • Arcanum Capital
      • BlueYard
      • Boost VC
      • Breyer Capital
      • Bridgit
      • BTC Inc
      • Collaborative Fund
      • Compound VC
      • Continue Capital
      • Dekrypt Capital
      • Electric Capital
      • Ethereum Community Fund
      • Fabric Ventures
      • Founders Fund
      • FreeS Fund
      • Future Perfect Ventures
      • GBIC
      • Gumi Cryptos
      • Hard Yaka
      • Hashed
      • HashKey Group
      • IMO Ventures
      • INBlockchain
      • Initialized Capital
      • INN Mind
      • IOSG Ventures
      • June Fund
      • KR1
      • Krypital
      • L4 Ventures
      • LD Capital
      • Lemniscap
      • Lightspeed Venture Partners
      • LinkVC
      • Matrix Partners
      • MetaStable
      • Metaverse Ventures
      • NGC Ventures
      • Notation Capital
      • Outlier Ventures
      • PANTERA Capital
      • Passport Capital
      • Placeholder VC
      • Polychain Capital
      • PreAngel
      • Protocol Ventures
      • Scalar Capital
      • Sequoia Capital
      • Signal Ventures
      • Social Capital
      • SVK Crypto
      • Union Square Ventures
      • Version One
      • Vy Capital
      • Walden Bridge Capital
      • Winklevoss Capital
      • Yeoman’s Capital
      • Youbi Capital
      • YoungStartup
    • Wallets
      • Agama
      • AirGap
      • AlphaWallet
      • AnkerPay
      • ANX Vault Wallet
      • Armory Wallet
      • Atomic Wallet
      • Aurex Wallet
      • Autonomy
      • BitcoinWallet
      • BitFi
      • Bither Wallet
      • BitKeep
      • Bitpanda
      • Bitpie
      • BitPortal
      • Blockmove
      • BlockWallet
      • CAKE
      • Coffee
      • Coin Wallet
      • Coinfy
      • Crypterium
      • Crypto.com
      • Daedalus
      • DeFi Saver
      • Dharma
      • Dhedge
      • Digibyte
      • Dogecoin Core
      • Eidoo
      • ElectronCash
      • ElectrumLTC
      • Electrum Wallet
      • EO.Finance
      • Evercoin
      • Foxlet
      • Ginco
      • Gnosis Safe
      • HB Wallet
      • HelioWallet
      • Huobi Wallet
      • Joule
      • KCash
      • Ledger
      • Linen App
      • Lykke Wallet
      • MatterFi
      • Memory Box
      • MetaMask
      • Mobi
      • Monedero
      • Monerujo
      • MultiDoge
      • Multis
      • Mycelium Wallet
      • Natrium Wallet
      • NEON Wallet
      • NEVERDIE
      • NGRAVE
      • OGPay
      • OPOLO
      • Phoenix
      • Pirate Ocean
      • Prodoge
      • qPocket
      • Rabby
      • Skull Island
      • Stratis
      • Trust Wallet
      • Trust Wallet App
      • Trustology
      • UberPay
      • Vcash Client
      • Venly
      • WallETH
      • ZenGo
      • Zerion
      • ZTLment
  • Market Data
    • BTCUSD
    • Economic Data
    • Forex
    • Global Indices
    • GS vs Coin
    • Plato X25
    • Plato X40
    • Nasdaq 100
      • Activision
      • Adobe
      • Advanced Micro Devices
      • Alexion
      • Align Technology
      • Alphabet A
      • Alphabet C
      • Amazon
      • Amgen
      • Analog Devices
      • ANSYS
      • Apple
      • Applied Materials
      • ASML
      • Atlassian
      • Autodesk
      • Automatic Data Processing
      • Biogen
      • Booking Holdings
      • Broadcom
      • Cadence
      • CDW Corp
      • Cerner Corp
      • Charter Communications
      • Check Point
      • Cintas
      • Cisco
      • Cognizant
      • Coinbase
      • Comcast A
      • Copart
      • Costco
      • CSX
      • DexCom
      • Dollar Tree
      • eBay
      • Electronic Arts
      • Exelon
      • Facebook
      • Fastenal
      • Fiserv
      • Fox Corp
      • Fox Corp Class A
      • Gilead Sciences
      • IDEXX Labs
      • Illumina
      • Incyte
      • Intel
      • Intuit
      • Intuitive Surgical
      • JD.com
      • Keurig Dr Pepper
      • KLA
      • Kraft Heinz
      • Lam
      • Lululemon
      • Marriott
      • Marvell
      • Match Group
      • Maxim
      • MercadoLibre
  • Analytics
    • 0x Tracker
    • Amberdata
    • Apex Crypto
    • APY.Vision
    • ARTiFACTS
    • Beam Explorer
    • BitcoinWiki
    • Bitcompare
    • BitRank
    • CSPR Live
    • CryptoSlam
    • Crypto Wizards
    • DEXTools
    • Gray Wolf
    • Helium
    • Liquidtyfolio
    • LoanScan
    • Maker Governance Dashboard
    • NFT Stats
    • ParaSwap
    • Pools.fyi
    • QLUE
    • Quantify Crypto
    • Rome Terminal
    • Stablecoin Index
    • Token Terminal
    • TronScan
    • Uniswap
    • UniWhales
    • Unmarshal
    • Unmarshal Analytics
    • VeChain
    • Vetter
    • VFat
    • Xscan
  • W3 Metaverse
    • 5ire
    • Aavegotchi
    • ADADEMON
    • Adhara
    • Adshares
    • Aircoins
    • Alastria
    • Alien Worlds
    • Alpha Wallet
    • Arcona
    • Atari Token
    • Atato
    • Aurory
    • Aventus
    • Badger Finance
    • BambooDefi
    • Band Protocol
    • BELLYGOM
    • Bidao
    • Big Data Protocol
    • Bitlands
    • BitcoinCore
    • Blockapps
    • Blockchain For Social Impact
    • Blockchain Monster Hunt
    • Blockchain Research
    • BOSAGORA
    • BPS Financial
    • Brain Bot
    • British Blockchain Association
    • BULLY-VERSE
    • Butterfly
    • bZx
    • Carda Station
    • Cardano City
    • Cardano Village
    • Cardania
    • Chainlink Labs
    • Chromia
    • ClearMatrics
    • Cream Finance
    • CMT Digital
    • Codex
    • Couger
    • DEAPcoin
    • Decentral Games
    • Decentral Games ICE
    • DEEPSPACE
    • DIF
    • Dotmoovs
    • Dvision Network
    • Eco Island
    • Elemon
    • ELTCoin
    • Envision Blockchain Services
    • Etherisc
    • FaraLand
    • Fasset
    • Findora
    • Finso
    • Future Fest
    • GameFi
    • Gamestate
    • Heroes Chained
    • Inferno Red
    • Illuvium
    • inSure DeFi
    • Io builders
    • IOSG
    • Juggernaut
    • Kalao
    • Kaula
    • Kaulian
    • Legend of Fantasy War
    • LimeChain
    • LUKSO
    • MAGMA
    • Mandala
    • MATELAND
    • Metacade
    • Meta Bank Defi
    • Meta Mansions
    • MetaOneVerse
    • MILC Platform
    • Mines of Dalarnia
    • MOBOX
    • Monsta Infinite
    • MRHB
    • MyNeighborAlice
    • MySwarm
    • Near Names
    • Newscrypto
    • NexBloc
    • Onooks
    • Opium Insurance
    • Parsiq
    • Pavia
    • Perkins
    • Phantasma
    • Pinnacle
    • PlayDapp
    • Pocket Towne
    • Polychain Monsters
    • Polygon
    • Protocol Labs
    • Provable Things
    • Radio Caca
    • Reach Metaverse
    • Reedll
    • Render Token
    • Ren VM
    • Revolve Games
    • Revomon
    • Runtime Verification
    • Sablier
    • SafeMoon
    • SENSO
    • SigmaLedger
    • Sinverse
    • Sollensys
    • Solice
    • Somnium Space
    • Space Tokens
    • Spacetime Meta
    • Spheroid Universe
    • Stably
    • Starlink
    • Stratis
    • Sunterra
    • Symbiont
    • Tagprotocol
    • Theta Network
    • The Machine Consultancy
    • Token Factory
    • TOWER
    • Trade Log
    • UFO Gaming
    • Unbounded.Earth
    • Unibright
    • UniWhales
    • Valid Network
    • vBlocks
    • vEmpire
    • Venus
    • Verasity
    • Verse Estate
    • Victoria VR
    • Vitro
    • WAX
    • WBTC
    • Web3 Labs
    • WEMIX
    • WeTrust
    • Wilder World
    • Wizardia
    • Wownero
    • Xaya
    • Yield Guild
    • Zap
    • ZooKeeper
  • Protocol Registry
    • Algorand
      • Algodex
      • Octorand
      • Simplecoin
      • Tinyman
    • Avalanche
      • Aave
      • Alligator
      • Alps
      • Alter Go Punks
      • Any Civilization
      • Apingavax
      • Arable
      • Avaluan
      • Avax
      • avax3d
      • Avax Blobs
      • Avax Farmer
      • Avax guitars
      • AVAX Miners
      • Avax Monkeys
      • Avax Pool
      • Avax Punks
      • Avax Stacker
      • Avax Vault
      • Avaxtars
      • AXDAO
      • Baby Azuki Social Club
      • BENQI
      • Coconuts
      • Colony
      • Complus
      • Cooked Finance
      • Crabada
      • Cycle Finance
      • Flyrise
      • Gondola
      • Insta Dapp
      • Kaloo Finance
      • Lava Financial
      • Lydia
      • Maximus
      • Pangolin
      • Pizza Game
      • Plant a Tree
      • Platypus
      • Smartwin
      • Snocat
      • Snowball
      • Spore
      • Step.App
      • The AVAX-USDC Crops Farmer
      • Toasted AVAX
      • Vector Finance
      • Wheel of Return
      • Yak
      • Yeti Finance
    • BNB Chain
      • Aircash
      • Autoshark Finance
      • Aping Drip
      • Ape Swap
      • AngeLNodes
      • Anchor Swap
      • Ample Swap
      • Amnex
      • Alita
      • Acryptos
      • 9DNFT
      • BabySwap
      • Babylons
      • Baby Chick
      • Bake Pizza Miner
      • Baked Pizza
      • Bakery Swap
      • Banana Farm
      • Bee’n’Bee
      • Beef Swap
      • BinaryX
      • Biswap
      • Biswap Marketplace
      • BNB Cherries
      • BNB Park
      • BNB Seed
      • BNB Stake
      • Bomb Crypto
      • Bomb.Money
      • Bourbon Finance
      • BSC BNB Miner
      • Buffer Finance
      • Bungee Exchange
      • BUSD Miner
      • Bushdhoney
      • Cake of Fortune
      • Candle Genie Predictions
      • Cash Pirates
      • Chain Colosseum
      • Coffee Beans
      • Coin Printer
      • Corite
      • Coso Swap
      • Cowley Farm
      • CREAM
      • Crypto VHS
      • Cub Defi
      • Cube
      • Cyball
      • CZs Kitchen
      • DDDX
      • Deep Link
      • Defi Empire Games
      • Defi Temple
      • DEFI Warrior
      • DeHero
      • Dibs Money
      • Dinosaur Eggs
      • DNA X CAT
      • DogeBets
      • DracooMaster
      • DRIP
      • Drunk Robots
      • Elephant Money
      • ELFIN Kingdom
      • Elpis Battle
      • EMP
      • Faraland
      • Fire BUSD
      • Fistiana
      • Food Court
      • Forsage
      • Forth Box
      • FortPolis
      • Frost Flakes
      • Gold Grinder
      • Gold Grinder 2.0
      • Gravis Finance
      • Grinchbucks
      • Grove Token
      • GXG Coin
      • Happyland Finance
      • Hello Arena
      • Hero Cat
      • HyperJump
      • Idle Ninja Online
      • Infinity Crypto
      • Infinity Farms
      • Jade Protocol
      • Joe The Garden
      • Jul Swap
      • Kawaii Islands
      • Knight
      • Leounicorn Swap
      • Libero Financial
      • Liqiodifty
      • Lucky Chip
      • LZ Swap
      • Market Radio Casa
      • MDEX
      • Melos Studio
      • Metakeeper
      • Metamon
      • MetaRevo
      • Mines of Dalarnia
      • Minning Tycoon V2
      • Mobox
      • Money Minnows
      • Moon Pot
      • Movey
      • Mstation
      • Mintverse
      • My Defi Pet
      • Myfunding Network
      • MyRich Farm
      • NFTB
      • Ninneko
      • Niob Finance
      • Oceans Finance
      • Onyx Token
      • Pacoca
      • Pan Cake Bunny
      • Pancake Swap
      • Peace DAO
      • Pink Sale
      • Piston Token
      • Popcorn Cash
      • Position Exchange
      • QUK
      • Revault Network
      • Revault Network
      • Rothschild Winery BNB
      • Rug Zombie
      • Rune
      • Sea Scape
      • Second Live
      • Senspark
      • Solar Farm
      • SOLV Finance
      • Sport E
      • Star Mon
      • Step
      • The Crops Farmer
      • The Crypto You
      • Tiny World
      • Titan Hunters
      • Tomato Farm
      • Transit Swap
      • Turdburglar
      • Tuttu Frutti
      • USDT Miner
      • Venus
      • Vizsla Swap
      • Wanaka Farm
      • Warden
      • WazirX NFT
      • WidiLand
      • Win Per Minute Now
      • Zodium
    • Cardano
      • A SHIB
      • Aada
      • Acta Finance
      • ADAHEADZ
      • Adalantic
      • AdaMeds
      • ADANFT
      • ADAPunks
      • AdaQuest
      • AdaSwap
      • ADATools.io
      • Ardana
      • ArtGallery_AI
      • Astarter
      • Atomic Wallet
      • Baby Alien Club
      • Baby Dragon
      • Bidali
      • BingoToken
      • BISON COIN
      • Blockademia
      • Blockchain Samurai
      • Blockchaingames
      • Blockfrost
      • Cardacity
      • Cardance Swap
      • Cardano City
      • Cardano Dragonz
      • Cardano Kombat
      • Cardano Postal Service
      • CardanoKidz
      • Cardanomoon
      • CardanoPix
      • Cardashift
      • Cardoggo Token
      • Cardoonz
      • Catjam Token
      • CatKinson
      • Centaurify
      • ChaosColony
      • Clay Nation
      • CryptoRaggies
      • Cult of Pigeons
      • Daedalus Wallet
      • DB Studio
      • dcSpark
      • DEADPXLZ
      • Dracano
      • Empowa
      • Ergo
      • Flickto
      • Fort Gotten
      • Galactico
      • Genesis Auction House
      • Genius Petz
      • GOAT Tribe
      • H.Y.P.E
      • HashGuardians
      • Horrocubes
      • Hosky Inu
      • Inherited Plants
      • Jurassik Chained
      • Koios
      • LEAF Token
      • Lucid Dream
      • MAGIK RUNES
      • Maladex
      • Masked On Buttons
      • MechVerse
      • MetaDEX
      • Moonimals
      • MoonRock NFT
      • OccamX
      • OceanPals
      • OOZ1ES
      • Optim Finance
      • PIGY Token
      • Pixel Vampire Club
      • PlayerMint
      • PoolPerks
      • PoolTool
      • PumpkinCatz
      • PunkAss
      • Reach Metaverse
      • Ridotto
      • Rugg Project
      • Shibada Token
      • SingularityDAO
    • Cosmos
      • Agoric
      • Aleph.im
      • Althea
      • Anatha
      • Anchor Protocol
      • Ankr
      • Antlia
      • Archway
      • Artiqox
      • Astro Canvas
      • Band Chain
      • BEPSwap
      • BiDAO
      • BitCanna
      • BitSong
      • Blockchainhelppro
      • BTU
      • Bytom
      • Bytom
      • Foundation
      • Cardchain
      • Carnot
      • Centaur
      • CHAI
      • Chainpoint
      • CodeChain
      • CoinSwap
      • Commercio Network
      • Cosmos Hub
      • Cyber
      • Datopia
      • Dawn
      • Decentr
      • DecentRandom
      • Demex
      • Desmos Network
      • Dfinance
      • Didcomauth
      • DREP Chain
      • Dulce + Allies
      • Eco
      • Electron
      • Epc Chain
      • Ercoin
      • Fetch AI
      • FirmaChain
      • FOAM
      • Gallactic
      • Gravity Bridge
      • Gravity Dex
      • Hash Gaurd
      • Ho Chain (the Force Chain)
      • HoneyWood
      • IDEP Network
      • Impact Data Consortium Chain
      • Injective Protocol
      • Internet of Impact
      • IRIS Hub
      • Juno
      • Kira Interchain Exchange
      • Konstellation
      • Kosu
      • Kvartalo Chain
      • Lambda
      • LCNEM
      • Left Gallery Registry
      • MakeOS
      • Maxon Row
      • Medibloc
      • MEDIBLOCK
      • Minter
      • Mir
      • MMX
      • Mooncake
      • NDAU
      • Noah City
      • NOMIC
      • Nym Protocol
      • OmniFlix Network
      • OneLedger
      • Onomy
      • Oraichain
      • Osmosis
      • Ourboros
      • Penumbra
      • Pocket Network
      • Polygon (Prev. Matic)
      • Pylons
      • Qredo
      • QuarkChain
      • Ren Protocol
      • Rizon
      • Saturn Money
      • Scynet
      • Secret Finance
      • Secret Network (prev. Enigma)
      • Shentu Chain
      • Sifchain
      • SmartPesa
      • Sommelier Finance
      • Sputnik Network
      • Starname (iov)
      • Stateset
      • Supernova
      • Tgrade
      • THORChain
      • Twilight
      • U Network
      • Unification WRK Oracle
      • WenChang
      • WeTrust
      • Xar Network
      • Zefi
    • Dfinity
      • Aedile
      • Agryo
      • Axon
      • crowdEats
      • Dank
      • DECKDECKGO
      • Entrepot
      • EVM On ICP
      • Fleek
      • ICKitties NFTs
      • ICNaming
      • ICMoji Origins
      • ICP Explorer
      • ICP Squad NFT
      • ICPSwap
      • ICPunks
      • ICSnakes
      • InfinitySwap
      • Lo-Fi Player
      • MetaSports Basketball
      • Mission is Possible
      • Motoko Playground
      • NFT Studio
      • Origyn
      • Osmosis
      • Plug
      • PokedStudio Bots
      • Rise of the Magni
      • Saga Taro
      • SLY
      • Sonic
      • Stoic Wallet
      • Sudograph
      • Terabethia
      • The Internet Computer Association
      • The Wall
      • Toniq Labs
      • Uniswap front end hosted
      • Wild and West NFTs
    • Elrond
      • Aerovek
      • Age of Zalmoxis
      • Angry Bears Club
      • Angry Penguins
      • Apes Launchpad
      • Aquaverse
      • Arda Run
      • Ascensive Assets
      • AshSwap
      • Beskar Dao
      • BH Network
      • BHero
      • Blok
      • BunnyVerse
      • Cantina Royale
      • Captain Planet
      • Carpathian Stake
      • Cats Mafia
      • CheckerChain
      • CLUB GORGON
      • Cybers In Action
      • Dead Rare
      • Dice
      • Disruptive Digital
      • Dragons Arena
      • DRIFTERS
      • E-Compass
      • eGold Jobs
      • Eldar
      • Elrond 2038
      • Elrond Apes
      • Elrond Bunny
      • Elrond Castle
      • Elrond Coin Flip
      • Elrond Gallery
      • Elrond Giants
      • Elrond Index
      • Elrond Lions Club
      • Elrond Mobsters
      • Elrond Monitor
      • Elrond NFT Swap
      • Elrond Punks
      • Elrond Scan
      • Elrond Voice
      • Elrond Warriorz
      • Elrond Wiki
      • ElrondCity
      • ElrondPartners
      • Elven Tools
      • Eneftor
      • ENFT DAO
      • Entity
      • Erd Nft
      • Erd360
      • ESDT Market
      • Frame It
      • Gaupa Labs
      • Helios Staking
      • High Street Wolf
      • HODLcards
      • Isengard Market
      • Istari Vision
      • J-Corp | Battle of Gods
      • JEXchange
      • Kahunuts
      • Krogan
      • Krogan Launchpad
      • Lightning Bolts
      • Lkmex Bet
      • LockedMEX
      • MADZ Alpacas
      • Maiar
      • Maiar Kart Racing
      • Maiar Launchpad
      • Mechanism Capital
      • MGStaking
      • Mice City Club
      • Middle Staking
      • Middleman.nft
      • Moon Mission
      • MyERD
      • Natural Born Degenz
      • Nifty Rex
      • Nuts Token
      • Odin DeFi Protocol
      • Omniscient Tools
      • Partner Staking
      • Pawn Whale
      • Plata Network
      • Prize-me
      • Proteo
      • QoWatt
      • Rariry Market
      • Realm of Karitha
      • RisaSoft
      • RosettaStake
      • Salvadorian Ape Club
      • Smart Chain Connection
      • Space Robots
      • Spark Digital Capital
      • Staking Agency
      • Stramosi
      • Subcarpati OG
      • Super Rare Bears
      • Superciety
      • Trust Staking
      • Tigers On Chain
      • The Palm Tree Network
      • The Faceless Many
      • The Art Coiner
      • Symbiosis
      • Vital Network
      • Validators
      • World Wide Wine
      • Woodstock
      • Whaley
      • Web3Pirates
      • WalletFP
      • XOXNO
      • ZoidPay
    • EoS
      • 0x Racers
      • Alcor
      • Atomic Assets
      • Atomic Market
      • Bank of Staked
      • Bapbet
      • BBS Market
      • BC Games
      • Bet Spider
      • BetHash
      • Candy Popduel
      • CETF
      • Chainzarena
      • CrossWorlds
      • Crypto Dynasty
      • Log out
      • Defi Box
      • Dolphin Swap
      • EOS Games
      • EOS Royale
      • Equilibrium
      • Evodex
      • Gen Pool
      • New Dex
      • Pizza
      • SportBet
      • Vigor
    • Hedera
      • DOVU
      • Hash Axis
      • Hashpack
      • Justpayme
      • Stader
    • IoTex
      • BurnDrop
      • Crypto Farmer
      • Cyclone
      • Hemes
      • IoTex Galaxy
      • IoTex Punks
      • IoTex Shiba
      • IoTube
      • Magic Land
      • Mimo Exchange
      • Mimo Swap
      • Multi Sender
      • Parrot Defi
      • Pixie Soccer
      • Sumotex
      • Swagull Finance
      • Treasureland
      • Unifi Protocol
      • Wow Swap
      • Zoom Swap
    • Polygon
      • 0x Universe
      • Ankr
      • AP Wine
      • Arche Network
      • Art.army
      • Artvatars
      • BattleVerse
      • Biconomy
      • BitQuery
      • Blockchain Game Alliance
      • Blocks United
      • Boring DAO
      • BTU Protocol
      • Cashaa
      • CatJumping
      • Cipher Masters
      • Coin League
      • Commitpool
      • Creaton
      • Cryptopunt
      • Definer
      • Dexkit
      • DSCVR.Finance
      • Emiswap
      • Entropyart AI
      • EthaLend
      • Everest
      • First One
      • Fully Rekt
      • ibetyou
      • IDEX
      • InstaDapp
      • Inverse Finance
      • Kattana
      • Kuku Token
      • Marginswap
      • Math Wallet
      • Meme
      • Metapass
      • Mobius Finance
      • Moonwolf
      • Mywish
      • Neon District
      • NFT Hub
      • NiftyGram
      • Noname DAO
      • Openlake
      • Polydefy
      • ProtonGaming
      • Potato Media
      • Polyquity
      • Qwala
      • Quadrant
      • Risk Harbor
      • Ricochet
      • Realm
      • Raze Network
      • Straming Fast
      • Straightfire
      • Standard Protocol
      • Solo Top
      • Satoshi City
      • Sakura Casino
      • Synergy of Serra
      • Swirge
      • Sushi Swap
      • USD Coin
      • Unreal Finance
      • Unilend
      • Vulcan Verse
      • Vodra
      • Verox
      • WildCards
      • Whale Street
      • Waypoint
      • Yin Finance
    • Ripple
      • 2sync
      • Alphacat
      • Arrington Capital
      • AsiaMTM Group
      • Atomic Wallet
      • B1X
      • Beachhead
      • Beeders
      • Bichip
      • BitPanda
      • Bitso
      • BitStickers
      • Bitvolo
      • BookcoinShop
      • Bronn Travel
      • Bullion79
      • Catalyst Corporate
      • CenterServ
      • Cinnamon
      • Codius
      • CoinJar
      • Coolwallet
      • Creative Click
      • Crypto Coffee
      • Crypto Whale Clothing
      • Cryptojaunt
      • Cuallix (ODL)
    • Solana
      • 01 Decentralized
      • Apricot Finance
      • Audius
      • CropperFinance
      • Dexlab
      • Francium
      • Grape Protocol
      • Holaplex
      • Jet Protocol
      • Lumos Exchange
      • Magic Eden
      • Mango
      • Metaplex
      • Orca
      • Port Finance
      • Raydium
      • Squads
      • Solsea
      • Solend
      • Solanart
      • Solanalysis
      • Serum
      • Saber
      • Tulip Protocol
      • Velas
    • Stellar
      • Anchor MXN
      • Anchor USD
      • Answap
      • ARF
      • Armenotech
      • BitGo
      • BitSo
      • Block Time
      • Blockdemon
      • Circle
      • Clic
      • Click Pesa
      • Community Fund
      • Dinaro
      • Dtransfer
      • Firefly
      • Franklin Templeton
      • Interstellar
      • Kunst21
      • Ledger
      • Ledgerads
      • Lightnet
      • Lockerx
      • Mintx
      • Mobie
      • Moneyclick
      • Moneygram
      • Mozart
      • Mvpworks
      • Nicetrade
      • Nodle
      • Ownbit
      • Pago Biccos
      • Paymnt
      • Payscript
      • Rehive
      • Revelry
      • Ripple Fox
      • SatoshiPay
      • Securrency
      • Settle
      • SHARIYAH REVIEW BUREAU
      • Simba
      • Socuply
      • Solarwallet
      • Stablex
      • Stably
      • Stellar Expert
      • Suitebox
      • Synced
      • Tala
      • Tamil Token
      • Task
      • Vonder Heydt
      • Wyre
      • Zagg network
    • Tezos
      • Archetype
      • Bakebuddy
      • Bazaar
      • Beacon
      • Better Call Dev
      • Byteblock NFT
      • CCP Games
      • Chinstrap
      • Crunchy
      • CTez
      • DNS.xyz
      • Electis
      • Emergents
      • FlameDefi
      • FXHash
      • Gap Threads
      • Gravity
      • HENTO
      • InterPop
      • Juster
      • Kalamint
      • Kiln
      • LigoLang
      • Liquidity Baking
      • Lugh
      • MatterDeFi
      • Mavyrk
      • My Tezos Defi
      • Objkt
      • OneOf
      • PixelPotus
      • Play with BRIO
      • Plenty
      • Quipuswap
      • Rarible
      • Rocket Launchpad
      • Smartlink
      • SmartPy
      • SpicySwap
      • Stakenow
      • Taquito
      • TezBlock
      • TezID
      • Tezos Snapshots
      • Tezotopia
      • Teztnets
      • TZColors
      • TzFlow
      • Ubisoft Quartz
      • USDS
      • USDTZ
      • VerticalCrypto Art
      • WRAP
      • XP.NETWORK
      • Youves
    • Tron
      • 0x Warriors
      • 0xRacers
      • 4Freedom
      • 888starz
      • Alpha Tron
      • Bananacoin
      • BSG
      • Chain Zarena
      • Crycade
      • Cukies
      • Devikins
      • Exon
      • Frag Token
      • GalaxyOnline
      • HodlST
      • Intercrone Swap
      • Just Lend
      • Just Money
      • Kraftly
      • Luminous
      • MrWebfinance
      • Oikos
      • Social Swap
      • Starway
      • Sunswap
      • T2X
      • TBlocksW
      • Tofu Swap
      • Transit Finance
      • Tron Bulk Sender
      • Tron Bull Club
      • Tron Holders
      • Tron Prime
      • TronFarmers
      • TronSweep
      • Trunswap
      • Unifi Protocol
      • Unswap
      • Void Swap
      • Zethyr
      • Zethyr Finance
    • XDC
      • Comtech Gold
      • DATACHAIN
      • Globiance Exchange
      • LedgerMail
      • NOTA
      • Plugin
      • StorX
      • XSwap Protocol (XSP)
  • Zephyrnet
  • AmpliFi PR
  • Plato Support
  • Terms of Use
  • Privacy Policy
  • Cookies Policy
  • DMCA Notice
  • GDPR
When is decentralizing on a blockchain valuable?
Andreessen Horowitz

When is decentralizing on a blockchain valuable?

BlockchainTime Stamp: January 13, 2023 9:28 AM
Republished By Plato

Republished By Plato

Followers: 0

If you want to create a “new Facebook” or “new Google,” should you use a regular company or leverage a decentralized implementation through a blockchain? The answer may seem straightforward: crypto enthusiasts would answer with a resounding “yes,” while skeptics shake their heads. But the decision has less to do with faith than with practical market design considerations. 

The fundamental question is how, precisely, decentralization through a blockchain can bring value to your business. In this article, I will guide you through an analysis of this question that’s rooted in economic theory and provide some insights to inform your decision. Like all models in economics, mine is built on several simplifying assumptions, which may not be applicable in all contexts. But the simplified model nevertheless helps uncover key sources of value for blockchains, and also helps characterize the context in which when decentralization may or may not be valuable.

At the center of this analysis is the “locked-in effect” – the idea that a user often finds it hard to leave a network after they have joined. Locked-in effects manifest for different reasons. Users may incur switching costs – the cost of the annoyance of setting up an account in another network. Alternatively, users may find leaving less attractive after they have spent time and effort training the algorithm of the network to adapt to their needs – think how Google learns from your past searches and personalizes search results to match your interests. Additionally, locked-in effects can be exacerbated by network effects that can give large networks significant advantages over competitors. Locked-in effects are inherent to many businesses, but their size varies case-by-case.

For the business owner, locked-in effects come with a temptation to exploit locked-in users to increase profits. Suppose you own a company that has millions or potentially even billions of users and market research indicates that you can increase monetization – perhaps through advertising or charging higher platform fees – without losing customers. What would you do? A game theoretic analysis (and, quite frankly, common sense) predicts that you should increase monetization. 

The obvious danger, though, is that users may know that they can become locked-in and don’t want to be exploited. If you can’t credibly commit to not exploiting them (and you often can’t), then rational users, in my model, would demand “compensation” upfront. Such compensation might be monetary, but it can also take the form of no or very little advertisement during the growth phase of the network. Alternatively, users may refuse to join the network at all for the fear of being locked-in. 

The key insight when considering using a blockchain, though, is that it allows you to generate credible commitment through the design of the network. That is, you surrender control over monetization decisions to the users, enabling them to decide it through decentralized governance. This means that users can safely join the network because they aren’t worried about it being exploited later, even if they do get locked in. 

This leads to the main result of my analysis: It makes sense to decentralize your business using a blockchain when the locked-in effect is sufficiently strong.

Let’s go deeper into that conclusion. 

The model: game-theoretic analysis

Here are the assumptions that underpin my model. Suppose that you are an entrepreneur who creates a network, deciding to either set it up using a centralized company, or to decentralize it through a blockchain. Further, the users interact with the network for many periods over a long period of time. Every day, potential users become aware of your network and can decide whether to join. Existing users can stay or leave. But existing users are locked-in, such that leaving the network in favor of another option has become less attractive. If you decide to implement the network through a regular company, you can change the intensity of monetization daily as you deem fit. If you decentralize the network through a blockchain, users will decide on the intensity of monetization through on-chain voting.

In this model, you as the entrepreneur are strictly interested in maximizing profits (this is another simplifying assumption), which are given by a function of the intensity with which the network is monetized, the number of users who are monetized, and the price at which such monetization can be sold – the number, for instance, of display ads on the network and the price an advertiser is willing to pay per ad and user. 

Users, in this model, are interested in three aspects of the network. First, they derive utility from using the network – economist-speak for the fact that using the network gives them some form of value. Second, they dislike monetization (such as being forced to watch ads). Third, they enjoy any platform revenues from monetization that are shared with them. 

Now we can solve the model through backward induction. That is, we look at the game-theoretic predictions for centralized and decentralized governance, which will show which mode of governance you should choose at the inception of your network to maximize profits.

Choosing centralized governance

Centralized governance allows you, the entrepreneur, to decide the level of monetization in every period. Two levels of monetization seem reasonable intuitively: first, a low level of monetization such that new users are willing to join, or a higher level of monetization that, while off-putting to new users, is not so high that it makes the the existing, locked-in users leave. 

The monetization strategy that is more profitable depends crucially on the network’s growth prospects. When future growth is sufficiently strong, you are incentivized not to exploit the locked-in effect because you want to maintain network growth. But when growth slows down sufficiently, it makes more sense to forego network growth in favor of exploiting the locked-in effect of existing users by increasing monetization. 

However, in equilibrium, users – having been subject to the whims of Web2 platforms for so many years – have gotten smart and anticipate future exploitation. They therefore insist on being “compensated” beforehand (in my model, compensation might be monetary, but it can also take the form of little or no advertisement during the growth phase of the network, for example), which is costly to you. Thus, the control over monetization that you retain in centralized governance serves as both the advantage and the disadvantage of centralization. You can freely increase monetization to increase profits. However, you can’t commit to future monetization choices but will instead do what is optimal at each particular moment. 

Decentralizing using a blockchain 

When you choose to decentralize using a blockchain, the first question to answer is how to share governance, that is, how many of the tokens to keep for yourself and how many tokens to distribute to the users. If you want to credibly decentralize your business, you have to give away control, which means giving third-parties a majority of the tokens. Otherwise, you could easily win against the users in any vote. 

The tradeoffs are clear. If users have control over monetization, then you cannot exploit the users’ locked-in effect, and they will not exploit their own locked-in effect either. As such, users do not need to be wary of future exploitation and need not be “compensated” beforehand. Thus, the network will be able to grow continuously rather than experience a growth phase followed by an exploitation phase. 

Yet surrendering control and giving away governance tokens imposes serious costs. First, you cannot choose monetization of the network. Second, you have to share revenues with the users through the governance tokens. This is necessary to align the incentives between you and the users. If you did not share any revenues, users would not want any monetization of the network. 

Should you decentralize at the start? 

Considering some edge cases might be clarifying. 

First, consider the case where no locked-in effect exists. Recall that the disadvantage in a centralized implementation was the lack of commitment to not exploit the locked-in effect in the future, leading to unhappy users who are nonetheless locked in. Without the locked-in effect, though, there is also no lack of commitment. This eliminates the disadvantage from centralization, and only the advantages remain. As a result, centralization will generally be preferred if there are no locked-in effects or if they are very small. 

If locked-in effects are very large, it may not even be possible to attract users to the network. In particular, the threat of exploitation in the future may be too substantial to overcome, even if you did offer monetary compensation or to not monetize the network during the growth phase. In this case, decentralization is clearly preferable, as only then users can be attracted to the network.

The optimal choice

What, then, is the optimal choice of governance for the range of locked-in effects between the two extremes? A graph can help visualize the dynamic. The x-axis is the size of the locked-in effect, while the y-axis is your profit. 

When is decentralizing on a blockchain valuable? PlatoAiStream Data Intelligence. Vertical Search. Ai.

When is decentralizing on a blockchain valuable? PlatoAiStream Data Intelligence. Vertical Search. Ai.

The profit under decentralized governance does not depend on the size of the locked-in effect (users do not exploit their own locked-in effect), so you can draw it as a horizontal line. When there is no locked-in effect, the profit with centralized governance sits above the profit with decentralized governance. For locked-in effects that exceed some large enough threshold, we draw profit with centralized governance at 0.

As the locked-in effect increases, the red line depicting the profits with decentralized governance does not change. But the profit with centralized governance – the blue line –  slopes downward as the locked-in effect grows. This may seem counterintuitive because a larger locked-in effect allows the entrepreneur to achieve higher profit in the exploitation phase. But in total, it is more expensive to induce users to join the network than the profits that can be generated from exploiting them in the future. The result, perhaps surprisingly, is that profit with centralized governance will eventually fall below the profit that can be achieved with decentralized governance. 

This logic brings us to the conclusion we started with: it is optimal to choose decentralized governance if the size of the locked-in effect is sufficiently large. How large exactly “sufficiently large” is has to be determined on a case-by-case basis and depends on the specifics of the network, such as the strength of network effects, users’ aversion to monetization, the potential profit from monetization, and user growth. (There is some academic work on how to measure that size of locked-in effects that could be directionally useful.)

Airdrops: at what time should you decentralize? 

So far, the analysis has assumed that you have to decide whether to decentralize or not at the inception of your network. In practice, it is possible, and also quite common, to start with a centralized network and to decentralize it progressively over time. But decentralization must not be delayed for too long because the decision to decentralize is subject to a commitment problem, just as the monetization decisions are. 

For example, suppose that you have promised your network’s users to implement decentralized governance at a later time. You keep delaying the decentralization of the network until you feel reasonably happy with the result. But by then, the network has grown very large and it is more profitable to exploit the users rather than to surrender control over the network by decentralizing it. If you delay decentralization for too long, users expect that you will not follow through with your plans.  

That said, it may be beneficial to delay decentralizing the network for a while. In the model, it is profitable to delay decentralization until the commitment to not exploit your users has become sufficiently valuable. For practical purposes, it may also be advantageous to retain a larger degree of control over the network while it is being built – for example, to resolve problems, fix bugs, and otherwise improve the network (what some call “progressive decentralization”). But again, the network has to be decentralized before the temptation to retain control over the network to increase profits becomes too large. In practice, this would typically mean staying in charge of the network for a while and then airdropping the governance token and converting to decentralized governance. It may also be beneficial to distribute the tokens over time to gradually reinforce the desired commitment, rather than distributing them all at once. The timing of decentralization and token issuance is also often influenced by applicable regulatory considerations. 

***

In this article, I have tried to convince you of one way (among possibly many) that decentralization can create value for your business: the value of the commitment to not exploit your users in the future. I focused on the strength of the locked-in effect as the key variable. If the locked-in effect of the users is strong enough — and thus your commitment problem sufficiently severe — decentralization through a blockchain is the more profitable option. If the locked-in effect is small – if users can come and go freely and easily – it may be more profitable to implement the network through a centralized company.

***

Marco Reuter is a PhD candidate in economics at the University of Mannheim, a researcher in market design at the ZEW Mannheim and at the Collaborative Research Center of the Universities of Bonn and Mannheim. His research interests include market and mechanism design. Recently, he’s been focusing on the economics of blockchains and cryptocurrencies.

***

I would like to thank Scott Kominers for valuable feedback and Tim Sullivan for his editing. 

***

The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. In addition, this content may include third-party advertisements; a16z has not reviewed such advertisements and does not endorse any advertising content contained therein.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments for which the issuer has not provided permission for a16z to disclose publicly as well as unannounced investments in publicly traded digital assets) is available at https://a16z.com/investments/.

Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information.

  • SEO Powered Content & PR Distribution. Get Amplified Today.
  • Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
  • Source: https://a16zcrypto.com/when-is-decentralizing-on-a-blockchain-valuable/

Time Stamp: January 13, 2023

  • a
  • a16z
  • Able
  • About
  • about IT
  • above
  • Account
  • accuracy
  • Achieve
  • achieved
  • Ad
  • adapt
  • addition
  • Additional
  • Additionally
  • Ads
  • ADvantage
  • advantages
  • Advertisement
  • Advertising
  • advice
  • advisory
  • advisory services
  • affiliates
  • After
  • against
  • Agreement
  • algorithm
  • All
  • allows
  • among
  • analysis
  • and
  • Andreessen
  • Andreessen Horowitz
  • Another
  • answer
  • anticipate
  • applicable
  • article
  • aspects
  • Assets
  • assumed
  • assumption
  • assurance
  • attracted
  • attractive
  • available
  • aversion
  • basis
  • because
  • become
  • becomes
  • before
  • being
  • believed
  • below
  • beneficial
  • between
  • billions
  • blockchain
  • blockchains
  • Blue
  • bring
  • Brings
  • bugs
  • built
  • business
  • businesses
  • call
  • candidate
  • cannot
  • capital
  • case
  • cases
  • Center
  • Centralization
  • centralized
  • certain
  • change
  • characteristics
  • characterize
  • charge
  • charging
  • choice
  • choices
  • Choose
  • circumstances
  • clear
  • clearly
  • come
  • commit
  • commitment
  • Common
  • Companies
  • company
  • Compensation
  • competitors
  • conclusion
  • Consider
  • considerations
  • considering
  • constitute
  • content
  • context
  • contexts
  • contrary
  • control
  • convince
  • Cost
  • Costs
  • could
  • create
  • creates
  • crucially
  • crypto
  • cryptocurrencies
  • Customers
  • daily
  • DANGER
  • Date
  • day
  • Decentralization
  • decentralize
  • decentralized
  • decentralized governance
  • Deciding
  • decision
  • decisions
  • deeper
  • Degree
  • delay
  • Delayed
  • Demand
  • depends
  • depicting
  • described
  • Design
  • determined
  • DID
  • differ
  • different
  • digital
  • Digital Assets
  • Disadvantage
  • Disclose
  • Display
  • distribute
  • distributing
  • documentation
  • Dont
  • down
  • downward
  • during
  • dynamic
  • each
  • easily
  • Economic
  • Economics
  • Edge
  • effect
  • effects
  • effort
  • either
  • eliminates
  • enabling
  • endorse
  • enduring
  • enjoy
  • enough
  • enthusiasts
  • entirety
  • Entrepreneur
  • Equilibrium
  • estimates
  • Even
  • eventually
  • every day
  • exactly
  • example
  • exceed
  • excluding
  • existing
  • exists
  • expect
  • expensive
  • experience
  • Exploit
  • exploited
  • expressed
  • extremes
  • Fall
  • favor
  • fear
  • feedback
  • Fees
  • Find
  • finds
  • First
  • fit
  • Fix
  • focused
  • focusing
  • follow
  • followed
  • form
  • from
  • function
  • fund
  • fundamental
  • funds
  • further
  • Furthermore
  • future
  • future growth
  • game
  • generally
  • generate
  • generated
  • get
  • Give
  • given
  • gives
  • Giving
  • Go
  • Google
  • governance
  • gradually
  • graph
  • graphs
  • Grow
  • grown
  • Grows
  • Growth
  • guide
  • happy
  • Hard
  • having
  • heads
  • help
  • helps
  • here
  • High
  • higher
  • Horizontal
  • Horowitz
  • How
  • How To
  • However
  • HTTPS
  • idea
  • implement
  • implementation
  • important
  • improve
  • in
  • Incentives
  • incentivized
  • inception
  • include
  • Including
  • Increase
  • Increases
  • increasing
  • independently
  • indicates
  • individual
  • influenced
  • information
  • Informational
  • inherent
  • insight
  • insights
  • instance
  • instead
  • interact
  • interested
  • interests
  • Invest
  • investment
  • Investments
  • Investors
  • issuance
  • Issuer
  • IT
  • join
  • joined
  • Keep
  • Key
  • Know
  • Lack
  • large
  • larger
  • leading
  • Leads
  • Leave
  • leaving
  • Legal
  • Level
  • levels
  • Leverage
  • Line
  • List
  • little
  • locked
  • Long
  • Look
  • losing
  • Low
  • made
  • Main
  • maintain
  • Majority
  • MAKES
  • Making
  • managed
  • management
  • many
  • Market
  • market research
  • Match
  • materials
  • Matters
  • max-width
  • Maximize
  • means
  • measure
  • mechanism
  • Memorandum
  • mentioned
  • might
  • millions
  • Mode
  • model
  • models
  • moment
  • Monetary
  • monetization
  • monetize
  • more
  • necessary
  • Need
  • needs
  • network
  • networks
  • Nevertheless
  • New
  • number
  • obtained
  • obvious
  • offer
  • offering
  • On-Chain
  • ONE
  • Opinions
  • optimal
  • Option
  • Other
  • Others
  • otherwise
  • Overcome
  • own
  • owner
  • particular
  • past
  • Pay
  • performance
  • perhaps
  • period
  • periods
  • permission
  • Personnel
  • phase
  • plans
  • platform
  • Platforms
  • plato
  • Plato Data Intelligence
  • PlatoData
  • please
  • portfolio
  • possible
  • potential
  • potentially
  • Practical
  • practice
  • precisely
  • Predictions
  • Predicts
  • preferable
  • preferred
  • price
  • private
  • Problem
  • problems
  • Profit
  • profitable
  • profits
  • progressively
  • projections
  • promised
  • prospects
  • provide
  • provided
  • publicly
  • purposes
  • question
  • range
  • Rational
  • Read
  • reasonable
  • reasons
  • recently
  • Recommendation
  • Red
  • references
  • referred
  • regular
  • regulatory
  • reinforce
  • relevant
  • reliable
  • remain
  • representative
  • research
  • researcher
  • resounding
  • result
  • Results
  • revenues
  • reviewed
  • safely
  • Said
  • Search
  • Second
  • Securities
  • sense
  • serious
  • serves
  • Services
  • set
  • setting
  • several
  • Share
  • shared
  • should
  • show
  • significant
  • similar
  • simplified
  • simplifying
  • situation
  • Size
  • Skeptics
  • slows
  • small
  • smart
  • So
  • sold
  • SOLVE
  • some
  • Sources
  • Speaks
  • spent
  • start
  • started
  • stay
  • straightforward
  • Strategy
  • strength
  • strong
  • subject
  • subscription
  • substantial
  • such
  • Take
  • targets
  • tax
  • The
  • the information
  • their
  • therefore
  • therein
  • Third
  • third-party
  • threat
  • three
  • threshold
  • Through
  • time
  • timing
  • to
  • token
  • Tokens
  • too
  • Total
  • traded
  • Training
  • typically
  • uncover
  • under
  • Universities
  • us
  • use
  • User
  • users
  • utility
  • Valuable
  • value
  • Vehicles
  • verified
  • views
  • Vote
  • Voting
  • Watch
  • Web2
  • What
  • What is
  • whether
  • which
  • while
  • WHO
  • will
  • willing
  • win
  • within
  • without
  • worried
  • would
  • years
  • You
  • Your
  • yourself
  • zephyrnet

More from Andreessen Horowitz

The biggest company in the world PlatoAiStream Data Intelligence. Vertical Search. Ai.

The biggest company in the world

Source Cluster:
Andreessen Horowitz
Source Node: 1754276
Time Stamp: Nov 11, 2022
What China Can Teach Us About the Future of TikTok and Video Search PlatoAiStream Data Intelligence. Vertical Search. Ai.

What China Can Teach Us About the Future of TikTok and Video Search

Source Cluster:
Andreessen Horowitz
Source Node: 1673141
Time Stamp: Sep 21, 2022
The New Learning Economy: It’s Time To Build in Education PlatoAiStream Data Intelligence. Vertical Search. Ai.

The New Learning Economy: It’s Time To Build in Education

Source Cluster:
Andreessen Horowitz
Source Node: 1668053
Time Stamp: Sep 16, 2022

A few of the things we’re excited about in crypto

Source Cluster:
Andreessen Horowitz
Source Node: 1773183
Time Stamp: Dec 15, 2022
Investing in Rewind PlatoAiStream Data Intelligence. Vertical Search. Ai.

Investing in Rewind

Source Cluster:
Andreessen Horowitz
Source Node: 1733402
Time Stamp: Nov 1, 2022
Investing in Cartography Biosciences PlatoAiStream Data Intelligence. Vertical Search. Ai.

Investing in Cartography Biosciences

Source Cluster:
Andreessen Horowitz
Source Node: 1582494
Time Stamp: Jul 19, 2022
Market Annealing: Getting to $10M ARR in Very Early Markets

Market Annealing: Getting to $10M ARR in Very Early Markets

Source Cluster:
Andreessen Horowitz
Source Node: 1786884
Time Stamp: Jan 11, 2023
Partner Bank Compliance and the Impact on Fintech (October 2022 Fintech Newsletter) PlatoAiStream Data Intelligence. Vertical Search. Ai.

Partner Bank Compliance and the Impact on Fintech (October 2022 Fintech Newsletter)

Source Cluster:
Andreessen Horowitz
Source Node: 1732888
Time Stamp: Oct 31, 2022
How to Build A Winning Paid Membership Program PlatoAiStream Data Intelligence. Vertical Search. Ai.

How to Build A Winning Paid Membership Program

Source Cluster:
Andreessen Horowitz
Source Node: 1733983
Time Stamp: Nov 2, 2022
Your First Biotech BD Hire PlatoAiStream Data Intelligence. Vertical Search. Ai.

Your First Biotech BD Hire

Source Cluster:
Andreessen Horowitz
Source Node: 1764913
Time Stamp: Nov 29, 2022
Regulate Web3 Apps, Not Protocols Part II: Framework for Regulating Web3 Apps

Regulate Web3 Apps, Not Protocols Part II: Framework for Regulating Web3 Apps

Source Cluster:
Andreessen Horowitz
Source Node: 1786156
Time Stamp: Jan 11, 2023
Investing in IDRx PlatoAiStream Data Intelligence. Vertical Search. Ai.

Investing in IDRx

Source Cluster:
Andreessen Horowitz
Source Node: 1604814
Time Stamp: Aug 2, 2022

About Us

  • Open Intelligence
  • Culture
  • Data Ecosystem
  • W3 Disruption
  • Team

Vertical Search & Ai

  • The Evolution of Search
  • What is Vertical Search
  • What is Vertical Intelligence
  • Ai Data Defragmentation
  • Data As A Service (DaaS)

Platform

  • Platform Features
  • Plato Analytics Reporting
  • PlatoAi NLP Engine
  • Sectors / Verticals
  • How Plato Works

Stay Connected

  • Governance
  • Register
  • Live Chat
  • Connect
  • Social

Account

  • Register
  • Packages
  • Enterprise
  • Listing
  • Partnerships
null
null

Copyright @ 2022 Plato Technologies Inc