Traditionally, we saw the internet stack value was more towards Applications i.e. "fat" applications and "thin" protocols. For example, protocols used mail transfer SMTP etc brought in value to the internet but got captured by Applications like GMAIL, AOL, YAHOO and other services because these applications made $Billions.

With the emergence of blockchain this has flipped the side with "fat" protocols and "thin" applications. Examples being the Bitcoin and Ethereum being clearly the dominant blockchain networks worth $Billions and we don't see any application at the moment being worth close to $Billion.

Nice Video @louisthomas & Thanks for sharing your view on Fat protocol theory and views on Ethereum. Cheers.