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  • The blockchain industry, a leading force in the open-source movement, is revolutionizing traditional software business models. Unlike walled garden platforms, blockchains enable more open systems, fostering a new era of interoperability for the Internet.

  • Wallets are crucial in the emerging era of open-source software, serving as the human-readable interface for interacting with the decentralized digital world. As non-financial decentralized applications continue to proliferate, crypto wallets may evolve to resemble internet browsers for the decentralized web.

  • Web2 platforms derived value from their users by keeping them within enclosed ecosystems. In contrast, crypto wallets, as gateways to the open blockchain ecosystem, may find new, sustainable monetization methods. The blockchain's ability for users to own and move their digital assets freely may drive competition among wallets and decentralized applications, leading to more refined user experiences.

  • Web3's open-source nature reduces the moat for protocols and applications, making users highly fee-sensitive and able to switch easily to cheaper options. As fees decrease, the majority of value capture may shift to those who cater to the end users (the "Fat Wallet Thesis").

  • As the Internet of Things and AI agent phenomena continue to develop, future crypto wallet software may likely also cater to non-human machines and artificial intelligences.


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