Another great piece by Fred Wilson (USV) about open protocols such as STEEMIT

http://avc.com/2016/07/the-golden-age-of-open-protocols

Great post on how open, decentralised protocols married with blockchains and baked-in programmable financial incentives are a new investing paradigm that will radically force VC's to rethink how they view and engage with the protocol layer from an investability perspective.

STEEMIT is a great, live example of what Fred is speaking about