Publications
Publications
- February 23, 2022
- Competition Policy International (online)
Can WEB3 Bring Back Competition to Digital Platforms?
By: Christian Catalini and Scott Duke Kominers
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; Digital Platforms; Interoperability; Internet and the Web; Technological Innovation; Competition
Citation
Catalini, Christian, and Scott Duke Kominers. "Can WEB3 Bring Back Competition to Digital Platforms?" Competition Policy International (online) (February 23, 2022).