Every blockchain creates a social network around its applications, with network value growing exponentially with the number of participants in accordance with Reed’s Law. This value isn’t extracted by intermediaries or controllers, as with previous centralized models. Instead, it’s shared among participants, providing economic incentives for cooperation without coercion. Not all blockchains are created equal. There are three key characteristics that make scalable blockchain-enabled cooperation possible: openness, neutrality and immutability.