{ "docId": "019f6b8f-52dd-703b-97fe-389e7a00b8ad", "docSlug": "jarvis-placeholder-thesis-summary", "documentTitle": "Placeholder Thesis Summary", "authorId": "placeholder-thesis-summary", "authorName": null, "documentKindSlug": "deck", "documentKindLabel": "Deck", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": null, "orientation": null, "aspectRatio": null, "pageNumber": 7, "pageCount": 19, "prevPage": 6, "nextPage": 8, "slideType": "thesis_headline", "function": "establish_context", "density": "overcrowded", "nDataPoints": 0, "notes": "This slide outlines the core investment philosophy of the firm, focusing on the transition from centralized coordination to decentralized, token-incentivized networks.", "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019f6b8f-52dd-703b-97fe-389e7a00b8ad/7", "deckHref": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad", "deckJsonHref": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad.json", "deckAnchorHref": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad#slide-7", "components": [ { "bbox": { "h": 0.04, "w": 0.25, "x": 0.117, "y": 0.88 }, "kind": "other", "text": "2 http://steem.io\n3 http://usv.com/blog/fat-protocols", "attrs": null, "subkind": "source-note", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "282a7e11-e4e2-4186-9bbf-2973e912e837", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.117, "y": 0.483 }, "kind": "paragraph", "text": "We fund the development of decentralized information networks coordinated by a scarce cryptoasset – or token – native to the protocol. Our thesis is that decentralization and standardization at the data layer of the internet is collapsing the production costs of information networks, eliminating data monopolies and creating a new wave of innovation. Cryptonetworks accomplish this by replacing expensive, centralized coordination (e.g. PayPal) with universal financial incentives (e.g. Bitcoin). These networks introduce a new, natively digital asset class which shifts value away from equity in companies to tokens in decentralized networks³.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3ce0b32a-7f06-460a-83c0-857c649daca5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.117, "y": 0.702 }, "kind": "paragraph", "text": "Bitcoin and Ethereum are attracting an influx of new capital and talent, but the market is still immature and the opportunity remains fresh. Despite the liquidity of cryptoassets, underlying products and teams more closely resemble the profile of a risky and volatile seed stage startup than a publicly traded company.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3cf87c8f-4e4c-404d-b344-11581e0f5699", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.11, "w": 0.76, "x": 0.117, "y": 0.284 }, "kind": "paragraph", "text": "Crypto provides a new mechanism for organizing human activity on a global basis using programmable financial incentives. It’s an opportunity to design information networks which can achieve unprecedented levels of scale by decentralizing the infrastructure, open sourcing the data, and distributing value more broadly. What we’ve discovered is the native business model of networks – which, as it turns out, encompass the entire economy.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "42a6d895-5b8a-45c8-9ad1-dba6b33e8abf", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.117, "y": 0.093 }, "kind": "paragraph", "text": "Most of the use cases today involve compensating machine work (transaction processing, file storage, etc.) with tokens: the building blocks of decentralized applications. But the greatest long-term opportunity is in networks where tokens are earned by end-users themselves. For instance, Steem² is a social media network similar to Reddit, where users earn tokens (worth real money) as they add valuable content to Steem’s media blockchain. Now, thousands of users worldwide share in the financial value they help create as they interact online.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a02910b9-ee9e-48f6-921d-f5eddc16425f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.117, "y": 0.448 }, "kind": "title", "text": "3. How we invest", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a55fc007-eb7e-4e5e-84d5-432b5fde1899", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 7, "from": 7, "beatId": "7856719a-721d-4618-8785-83ef22cc1543", "arcName": "The Sequoia Pitch", "arcSlug": "sequoia-pitch", "beatName": "Market Size", "beatSlug": "sequoia-pitch-market-size", "evidence": "The section '3. How we invest' implies a discussion of market size and investment strategy", "position": 2, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "loops": [ { "to": 19, "from": 2, "name": "Golden Circle", "slug": "11-golden-circle", "bestFor": "Visionary leadership, brand positioning, mission statements", "matchId": "719d7c7d-4420-444b-abbc-3dadfdaa87f9", "evidence": "The deck's structure and content suggest a golden circle loop, with a why-what-how progression", "position": 0, "objective": "Why open standards and open source data drive investment returns", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "confidence": 0.7, "description": "Invert the typical pitch by starting with why you exist, rather than what you do" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }