http://avc.com/2016/07/the-golden-age-of-open-protocols
Great post on how open, decentralised protocols married with blockchains and baked-in programmable financial incentives are a new investing paradigm that will radically force VC's to rethink how they view and engage with the protocol layer from an investability perspective.
STEEMIT is a great, live example of what Fred is speaking about