Fully agree that it’s a step in the right direction. The thing that gives me pause is essentially ‘if they want to be a co-op, why aren’t they just a co-op’?
I appreciate that in a full co-op dilution is a concern if they need external investors (e.g., Curiosity Stream) but you could have a structure with 50% co-op ownership and 50% capital ownership, so dilution as the platform expands would only affect the other co-operative owners.
It /is/ misleading to say or imply that it is a co-op, though. It isn’t. It may be a progressive company which provides very favourable terms to creators, but it isn’t a co-op.
I think the naive expectation would be that a hot state would be highly entangled and non-separable. The non-separability is what leads to decoherence when you do a partial trace. You can arbitrarily split any multi-part Hilbert space into a "system" and an "environment" and then trace out the environment. If they are highy entangled with one another then the resulting system-without-environment will be decohered.
I appreciate that in a full co-op dilution is a concern if they need external investors (e.g., Curiosity Stream) but you could have a structure with 50% co-op ownership and 50% capital ownership, so dilution as the platform expands would only affect the other co-operative owners.