Now, which layer will be the best at capturing value? It is very difficult to say, but it’s important to specify a time horizon. I believe there is a significant chance in the distant future that the lower layers of the stack will become commoditized, modular components with weak value capture characteristics, and that the app/dapp layers that create a strong brand and seamless UX will own the customer and have greater ability to capture value. In the short- and medium-term, base layer protocols competing for the store of value use case (in which Bitcoin is strongly in the lead) and the global computer / smart contract use case (in which I believe there will be multiple winners across the decentralization/scalability spectrum) will likely accrue the most value