Blockchain technology is still in its early stages, and developers are working on several different projects. This reminds people of the early days of the Internet to some extent. In that era, several computer science research laboratories and wide-area networks of laboratory research across the United States began to gain people's attention.

Close behind is APRANET, which is widely regarded as the predecessor of the Internet. At that time, most of the early development around the technology was driven by the community and executed by developers who had a firm belief in the underlying technology and were passionate about it. It can be said that the same is true for today's blockchains.

Since the advent of Bitcoin in 2009, the cryptocurrency and blockchain communities have been closely connected. It is precisely because of this that the network effects that researchers and developers emphasized in the early Internet that played a key role are now also promoting the development of blockchain technology.

The network effect is called a positive result of the joint efforts of all members of the network. Network effects have played a vital role in the development of the Internet and the promotion of network technology to the masses.

At the beginning of this century, Internet technology has evolved from a small community-driven project to an economic moat for technology companies. The network effects of building this technology are now also helping to build profit-driven businesses and the global economy.

Facebook, the world's most popular social media network, is perhaps the best example of a corporate giant that network effects have helped to create. Mark Zuckerberg developed Facebook for the purpose of connecting students from all over the world.

Mark Zuckerberg's initial experiment in the student dormitory has grown into a company with a market value of more than $508 billion. It is easy to see how network effects play a key role in the growth of the company.

More and more people have started to use the platform after noticing that friends and family members are using social media networks. New users are very interested in exploring Facebook because it can bring a unique social experience.

Network effects also have huge benefits for the online market. A significant increase in the number of sellers offering the same product will force all sellers to offer competitive prices. This is very beneficial to buyers, because buyers can buy better products at lower prices.

On the other hand, if there are more buyers for a product, then the seller may charge a higher price than usual. So compared with the buyer, the seller is now in an advantageous position. Ebay and Amazon may be the two most prominent technology companies that use network effects to create commercial monopolies.

It has been observed that the network effects that initially helped these companies build are now also being used to improve profitability. Chris Dixon said that the growth of technology platforms that rely on network effects follows an "S-curve."

In the first few days of product launch, platform growth depends on the number of users. As the company grew and more and more users joined the platform, the growth curve began to flatten. In the later stage of the company's development, it only focused on creating more profits and pursuing the greatest benefits from network users.

He said:

When the company reaches the top of the S-curve, their relationship with network participants changes from a positive sum to a zero sum. The easiest way for the platform to continue to grow is to obtain data from users and also to compete with competitors for users and profits.

Historically, examples of this are Microsoft and Netscape, Google and Yelp, Facebook and Zynga, Twitter and third-party clients. Once the company enters the later stages of the S-curve, a key strategy will be to turn user data and target users into money through better personalized advertising recommendations.

Amazon and Facebook have come a long way since the early days. Both technology companies improvised on the smallest viable product initially launched.

Facebook initially claimed to be an online platform, but nowadays most of its revenue is actually derived from advertising.

These advertisements are customized by analyzing the collected data according to the user's preferences. Amazon started as an online bookstore, but now Amazon Web Services has the highest share of the company's revenue. Therefore, the network effects that established these companies are now being used by these companies to obtain monetary benefits.

It is reported that Facebook has leaked user's sensitive data to Cambridge Analytica (Cambridge Analytica). Founder Mark Zuckerberg was also called to a panel of US Senators to testify on related matters.

The important thing is that people have been worried that Facebook and some other social media sites will collect user data and then turn it into money or sell it to others. Since data breaches surfaced, privacy issues have become a topic of discussion.

Blockchain is also known as Web 3.0, and a new social networking platform is likely to appear soon. Such a platform will be decentralized, and its user data will be stored on the cryptocurrency blockchain. Network effects will once again help users build a new platform.

Blockchain technology has two advantages, one is immutability, and the other is no longer storing data on centralized servers.

In a research paper titled "Decentralized Blockchain Technology and the Rise of Lex Cryptographia", the researchers pointed out:

In a world composed of decentralized applications, encrypted communication channels, and autonomous agents, the traditional concept of Internet regulation needs to be re-examined.

If blockchain technology is more widely used, then institutions such as the central government and large multinational companies may lose the ability to control and shape the activities of different people through existing means.

Therefore, how to manage the establishment and deployment of this new technology and how to build a decentralized organization will be a concern.

The Internet may soon become a highway between users and blockchain technology. Users connected to the Internet can already use it to send and receive digital currency. Developers can build smart contracts and decentralized applications (dApps) on the Ethereum blockchain.

These dApps can be used with smart contracts to automate our daily work. A smart contract may automatically deduct money from your wallet when you take a taxi or go shopping in the supermarket.

Another essential feature of blockchain technology is that every node in the network can have a say in the governance of the blockchain.

Each token has the right to vote, and it can vote for the future development of the network. This is another good example of network effects being used to influence blockchain technology.

If the community does not reach a consensus, it may be able to fork from the mainnet. After the hard fork is generated, each new chain generated from the main chain will comply with a set of standard rules stipulated at the time of the fork.

The Ethereum community discussed the impact of the DAO being hacked. The founder is convinced that updates can be sent to all miners in the network to invalidate specific transactions. However, many people in the Ethereum community believe that this violates the immutable nature of the blockchain. It quickly became an ideological struggle, and finally, after the Ethereum hard fork, Ethereum Classic was born.

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