A thought leadership piece arguing that blockchain infrastructure risks repeating historical patterns of monopolistic control unless the ecosystem prioritizes open, permissionless networks over vertically integrated private platforms. The author draws parallels to railroad monopolies and internet consolidation, advocating for Stellar-like open infrastructure as the solution.
The article presents a historical analysis of infrastructure monopolies—from 19th-century railroads to modern internet consolidation—and warns that blockchain is at risk of following the same pattern. The author argues that private companies building their own blockchains (Coinbase's Base, JPMorgan's Kinexys, Stripe's Bridge) are creating new tollbooths rather than open highways. While acknowledging these platforms provide genuine value, the piece contends that shareholder incentives inevitably lead to extraction, censorship, and lock-in. The author advocates for permissionless, open-source blockchains that prioritize protocol-level compliance and minimal fees over profit maximization. Using Stellar as a concrete example of near-free cross-border payments versus traditional 6.35% costs, the article argues that open infrastructure drives competition, innovation, and trust—and that the window to make this architectural choice is closing as switching costs compound.
