What I as layman understand: 
1. Enables the equivalent of taking your hdd from one computer and plugging it into another and all apps/network continue working as if nothing happened. You own not only your data but also the software that interacts with it.

2. In theory this allows network service models that rely less on centralized "megacorp" services. Yes, someone still needs to keep the computer/server plugged in, it could be you or third party you trust. And if you decide to leave you leave with everything not just plain html/docs that another platform can't take it

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