{"id":913,"date":"2018-07-30T12:42:03","date_gmt":"2018-07-30T12:42:03","guid":{"rendered":"https:\/\/blockchain-society.science\/?p=913"},"modified":"2018-07-30T12:42:03","modified_gmt":"2018-07-30T12:42:03","slug":"fat-protocols-union-square-ventures","status":"publish","type":"post","link":"https:\/\/blockchain-society.science\/?p=913","title":{"rendered":"Fat Protocols | Union Square Ventures"},"content":{"rendered":"<blockquote><p><a href=\"http:\/\/www.usv.com\/blog\/fat-protocols\"><img src=\"https:\/\/blockchain-society.science\/wp-content\/uploads\/litho\/c581102559774d30f51926e5a79cf6687879887786750d50771b6611d58ee8fd.png\" class=\"image-treated\" data-original=\"https:\/\/blockchain-society.science\/wp-content\/uploads\/2018\/07\/cz6Xrwn.png\" data-treated=\"https:\/\/blockchain-society.science\/wp-content\/uploads\/litho\/c581102559774d30f51926e5a79cf6687879887786750d50771b6611d58ee8fd.png\" \/><\/a>This relationship between protocols and applications is reversed in the blockchain application stack. Value concentrates at the shared protocol layer and only a fraction of that value is distributed along at the applications layer. It&#8217;s a stack with &#8220;fat&#8221; protocols and &#8220;thin&#8221; applications.We see this very clearly in the two dominant blockchain networks, Bitcoin and Ethereum. The Bitcoin network has a $10B market cap yet the largest companies built on top are worth a few hundred million at best, and most are probably overvalued by \u201cbusiness fundamentals\u201d standards. Similarly, Ethereum has a $1B market cap even before the emergence of a real breakout application on top and only a year after its public release.<\/p><\/blockquote>\n<p>Source: <em><a href=\"http:\/\/www.usv.com\/blog\/fat-protocols\">Fat Protocols | Union Square Ventures<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This relationship between protocols and applications is reversed in the blockchain application stack. Value concentrates at the shared protocol layer and only a fraction of that value is distributed along at the applications layer. It&#8217;s a stack with &#8220;fat&#8221; protocols and &#8220;thin&#8221; applications.We see this very clearly in the two dominant blockchain networks, Bitcoin and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[39,49,5],"tags":[],"_links":{"self":[{"href":"https:\/\/blockchain-society.science\/index.php?rest_route=\/wp\/v2\/posts\/913"}],"collection":[{"href":"https:\/\/blockchain-society.science\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blockchain-society.science\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blockchain-society.science\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blockchain-society.science\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=913"}],"version-history":[{"count":1,"href":"https:\/\/blockchain-society.science\/index.php?rest_route=\/wp\/v2\/posts\/913\/revisions"}],"predecessor-version":[{"id":915,"href":"https:\/\/blockchain-society.science\/index.php?rest_route=\/wp\/v2\/posts\/913\/revisions\/915"}],"wp:attachment":[{"href":"https:\/\/blockchain-society.science\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blockchain-society.science\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blockchain-society.science\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}