[verdverm]

What makes Bluesky different is ATProto. The four core components (data hosting, app view, algo feed, moderation) are all separate, pluggable, and open for anyone to implement their own.

What that means is moving is easy, meaning competition is possible, without the need to migrate platforms and rebuild followings and the network. Beyond that, ATProto supports custom record types, so one can build all the social media application types (Twitter, Reddit, YouTube, Substack, ...) on the same social media fabric (ATProto)

I'm inclined to say the custom record type is a fifth core component that now exists thanks to ATProto. Monetization hasn't been widely discussed yet, Bluesky team has something besides ads in mind, but haven't publicly disclosed.