Protocols, sure, but then you still need to have HW running them, which enables platform building. Also, that HW (and bandwidth) has significant, non-zero cost

Protocols, sure, but then you still need to have HW running them, which enables platform building. Also, that HW (and bandwidth) has significant, non-zero costs, which again tilts the field in favor of those with the capital to pay for it, and they'll want to monetize their investment, which again means platform building.