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Fat Protocols | Union Square Ventures

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Note: see the 2020 follow-up post here: Thin Applications Here's one way to think about the differences between the Internet and the Blockchain. The

Note: see the 2020 follow-up post here: Thin Applications Here’s one way to think about the differences between the Internet and the Blockchain. The previous generation of shared protocols (TCP/IP, HTTP, SMTP, etc.) produced immeasurable amounts of value, but most of it got captured and re-aggregated on top at the applications layer, largely in the form of data (think Google, Facebook and so on). 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 ap

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