I have a different article that goes into this here: https://overreacted.io/open-social/#open-social
Also here: https://overreacted.io/a-social-filesystem/#links
TLDR: at the hosting layer, it's like <a href> links, but in JSON. Links can refer to other person's repo (even if it's hosted somewhere else). And then apps index everything, so they can present a coherent aggregated view (like a post thread).
Hah, well that's my bad for not reading articles I've saved, after reading those I remembered Puzzmo mentioned this recently and they, of course, got inspired by that second article: https://blog.puzzmo.com/posts/2026/03/02/atproto/