The protocol exist, that’s the blockchain. The blockchain can operate with or without rewards mechanic.

That’s the beauty, one HF and there’s no “stupid inflation” anymore. Just remove the rewards pool and let the apps decide themselves if they want to operate any rewards or not.

What do you end up with?

Decentralized storage (database) and a “central userbase” (all accounts with their keys). You can then totally reduce inflation to only interest and witness rewards or just lower it, making room for new token utility for the base coin.

PS: Bluesky is a research project, there is no explicit intent to actually build anything at this point.