What are public blockchains, really?

More than anything, public blockchains are coordination tools that rely on code rather than a trusted middleman. As internet-native communities use blockchains to collaborate, new types of social and financial networks are emerging that blur the lines between users and owners.

To capture and distribute the value generated by these networks, new business models are being experimented with that differ from those used by today’s largest internet companies. For example, when Facebook and YouTube began to privately collect our personal data in exchange for free access to their platforms, they monetized via targeted advertising programs.

But now, as crypto networks are inherently open-state, which weakens a protocol’s ability to monetize user data, how do platforms like Farcaster and DeSo capture and distribute value? As marketplaces like Magic Eden and others begin to waive platform fees and royalties, how should we be valuing them?

These are the sorts of questions that HiveMind is exploring. As a tokenized research network with aspirations of eventually becoming a DAO, we explore crypto-enabled coordination tools to better understand their utility and the new business models they are giving rise to.

As a guiding principal for our research, we believe firmly that tokens, NFTs, and other innovations in crypto are simply a means to achieve new coordination systems, rather than an end in themselves. Our first published article will dive into tokenized communities, how they take widespread coordination to the next level, and why many groups should consider tokenization.