This article was written in August of 2016, so it's probably old news for many of you, but this was a great read.
Author: Joel Monegro
The Internet stack, in terms of how value is distributed, is composed of "thin" protocols and "fat" applications. As the market developed, we learned that investing in applications produced high returns whereas investing directly in protocol technologies generally produced low returns.
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's a stack with "fat" protocols and "thin" applications.
VS
Citation
quote and images from:
http://www.usv.com/blog/fat-protocols
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