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  "notes": "References Joel Monegro's 'Fat Protocols' thesis.",
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      "text": "5 https://usv.com/posts/fat-protocols",
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      "text": "Decentralized applications or 'dapps' serve more vertical use cases and cater to end-users. The range of potential applications is infinite: everything that is an information network could be implemented as a decentralized application.",
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      "text": "End users interact with these networks through a variety of independent user interfaces. Sometimes interfaces provide additional functionality, but typically do not have their own token.",
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      "text": "Infrastructure protocols offer a discrete service most directly useful to developers. The tokens within these protocols provide access to important components such as identity, compute, storage, bandwidth, transcoding, and so on.",
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      "text": "Financial value and investment returns are distributed as described in Joel's 2016 work on \"Fat Protocols\": tokens at the protocol and dapp layer where services are decentralized and the data is open source accrue significantly more value.",
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