[csytan]

Businesses where the network provides the value: Facebook, AirBnb, Uber, Apple's iOS store, Google search/adwords, Shopify's platform etc.

These businesses profit by being the middlemen in transactions between two users. Bitcoin, for example, competes with traditional banking by cutting out the intermediaries, and their margins.

Ledgers are the simplest application. Next up will be platforms. They often have rather large margins (~20-40%) that are very attractive targets for competition.