Nice analysis.

Some points:

Can you give an example of specific horizantal vs. vertical applications (I’m guessing BTC for the former and ETH for the latter, i.e. simple P2P payments as horizantal and dApp platforms for vertical).

Also, even with vertical layering, etc. one of the key issues with blockchain is its inherent inability to be properly scaled. So, taking that into account, what happens with your proposition? And how about non-blockchain solutions like the DAG (Iota)?

Lastly — we’re assuming that within these protocols their already will be an active user base — how do we acquire those initial protocol users as opposed to simply speculators (i.e. Tezos, Filecoin)?

Economist, Ocean Lifeguard, Founder of Austere Capital Advisory (

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