POPA ReconCost of Trust 2.0
Cost of Trust 2.0 Value is captured by 2 mechanisms: • trust-intermediary rent compression (undercut a paid intermediary's fee/spread/margin) • enablement/zero-to-one (serve demand legacy structurally cannot, e.g. Polymarket, perps, EM stablecoin accounts) Four properties drive them (programmable bearer settlement + verifiable state → compression; structural neutrality + permissionless participation → enablement); centralized players can copy any one property but "cannot replicate all four without becoming, in effect, a blockchain" Winners cluster in financial infrastructure/base layers and…
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