Information Technology Market Cycles (A Brief History)

Information technology evolves in multi-decade cycles of expansion, consolidation and decentralization. Periods of expansion follow the introduction of a new open platform that reduces the production costs of technology as it becomes a shared standard. As production costs fall, new firms come to market leveraging the standard to compete with established incumbents, pushing down prices and margins, and decentralizing existing market powers

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Placeholder Investment Thesis

We published the Placeholder investment thesis. A lot has happened since we first shared it with our investors in September 2017. It's a "summary" because each section is a subset of a larger body of work and thought which we'll expand via our blog posts as a market develops.

Fat Protocols

"The 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."

The Blockchain Application Stack

"Companies like Ebay, Facebook and Uber are very valuable because they benefit tremendously from the network effects that come from keeping all user information in centralized in private silos and taking a cut of all the transactions. Decentralized protocols on top of the blockchain have the potential to undo every single part of the stacks that make these services valuable to consumers and investors."