We believe all of these problems can be solved by decentralizing social media in the same way Bitcoin and Ethereum are decentralizing the financial system. In particular, Bitcoin created a way to store transactions on a public ledger that no individual entity can monopolize, which has led to the disruption of the financial industry, and we believe this technology can now be extended, for the first time, to run a social network without needing to rely on a centralized gatekeeper. Bitcoin and Ethereum have shown that dominant platforms can be built around open code and open data, rather than around private companies that monopolize their data and benefit shareholders at the expense of everyone else. Bitcoin and Ethereum don't have data moats to protect. In fact, the more open they are and the more people that build on top of them, the more value accrues to Bitcoin and Ethereum holders. This open model for software is already disrupting financial institutions all over the world, from banks to exchanges, and we think, for the first time, this model can be extended to disrupt the social media giants and their outdated ads-driven business models. If we can start putting social media content into a public blockchain, rather than giving it to a handful of private companies to monopolize, we believe we can create an economy of scale around that blockchain that is powerful enough to rival, and ultimately surpass, what the traditional social media giants have created. In some sense, we can solve a collective action problem among independent publishers by making it individually rational for them to contribute their content to a new globally-shared pool that they can never be di-intermediated from and that, for the first time, isn't controlled by a single company.