Today's Superintelligence is a guest essay by @ccatalini - Founder of the MIT Cryptoeconomics Lab.

His argument： almost every moat you think you have is a lease. Routing. Distribution. Marketplace liquidity. Your app-layer feature set.

All of it gets weaker every single time the models improve.

Exactly one kind of network effect gets stronger instead. He calls it verification-grade， and it comes down to a question most founders never ask： who owns the measurement nobody else has？

Highly recommend you check out his article， link down below （Photo Christian Catalini）：