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  • February 23, 2022
  • Article
  • Competition Policy International (online)

Can WEB3 Bring Back Competition to Digital Platforms?

By: Christian Catalini and Scott Duke Kominers
  • Format:Electronic
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Abstract

Like the early Internet, blockchain and Web3 applications promise a new wave of decentralization and competition—yet at the same time, it is unclear which of the dynamics that drove concentration in online platforms and services will remain in force under the Web3 paradigm. In this piece, we highlight three fundamental costs that Web3 technology can potentially reduce: the cost of verification, the cost of interoperability and portability, and the cost of composability. We then explore how reducing these costs may influence the design of digital ecosystems, as well as the resulting market structure and competition.

Keywords

Web3; Blockchain; Interoperability; Internet and the Web; Technological Innovation; Competition; Digital Platforms

Citation

Catalini, Christian, and Scott Duke Kominers. "Can WEB3 Bring Back Competition to Digital Platforms?" Competition Policy International (online) (February 23, 2022).
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About The Author

Scott Duke Kominers

Entrepreneurial Management
→More Publications

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  • Progressive Decentralization: A High-level Framework By: Jad Esber and Scott Duke Kominers
  • Why Decentralized Crypto Platforms Are Weathering the Crash By: Shai Bernstein and Scott Duke Kominers
  • Distributing a Billion Vaccines: COVAX Successes, Challenges, and Opportunities By: Eric Budish, Hannah Kettler, Scott Duke Kominers, Erik Osland, Canice Prendergast and Andrew A. Torkelson
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