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1/ What are going to be the types of protocols and token equities that will win on the chain?
2/ First, we have to examine what happened historically with the internet as it expanded.
3/ The consumer internet happened in two waves one in the 90s (google, yahoo, ebay, amazon) and one in the 2000s (fb, uber, airbnb).
4/ With the winners, the picks and shovels that fueled the gold rush also won (Cisco, Juniper Networks, Oracle)
5/ There was also a third class that won: Unix protocols that facilitated the internet: fab.cba.mit.edu/classes/961.04… 
6/ The internet companies that won dominated by aggregating the largest supply combined with metadata to facilitate discovery
7/ The internet facilitated media and metadata, which enhanced trust. This is known as the Aggregation Theory by @benthompson
8/ Note this is markedly different than the classic Disruption model espoused by Clayton Christensen.
9/ Disruption as defined by Christensen is focused on being lower cost and competing on different metrics than the incumbents.
10/ This theory is most appropriate for the b2b market, where items are sold as packaged goods not services.
11/ Netflix is an example of aggregation theory. Aggregate the some supply of premium content, attract more consumers, attract more content.
12/ Why is this relevant? As we discuss more and more application coins, we need to discuss what type of applications would get big.
13/ The question is what ICOs can bootstrap both the supply and demand from this as a marketplace.
14/ The most likely contenders in this is b2b marketplaces like on demand CPUs/GPUs, microservices, CDNs, file storage, DNS.
15/ The leading contenders in this space are Golem (On demand GPUs/CPUs) and Filecoin (DNS/Akamai/EMC), this is not to say they will win
16/ But it's an example of a company that can win in this space.
17/ There are consumer aggregation protocols like Steemit and Status, but in order to compete, their media and metadata has to be better.
18/ It's not obvious that there are any winners in the consumer Aggregation plays as of this moment.
19/ Notice I use application coin as a both b2b and consumer. Meaning I think Golem is more a Layer 2 play as defined by Metastable.
20/ The Layer 1 protocol plays are laid out here from Lucas Ryan: metastablecapital.com/cryptoasset-an…
21/ Layer 1 protocols are like $eth, $btc, $qtum, $neo There will be many layer 1 protocols as forking is simply a feature not a bug.
22/ But what about the OSI 7 stack and coins like Filecoin? Where do they fall?
23/ The clearest model is that filecoin and protocols like it will disrupt the OSI 7 layer.
24/ We are currently in the IP address days where everyone is using hash addresses and no one is using qualified domain names.
25/ People said that blockchain is the TCP/IP of money. This isn't quite true it's crypto addresses that is the IP address of money.
26/ Meaning that blockchain which is triple ledger accounting underlying bitcoin is separate from crypto and addressing.
27/ So if this is true, then Filecoin can be the DNS and FTP of the internet, but what about the rest of the protocols?
28/ The most popular protocols are SMTP, SSH, Whois, DNS, Kerberos, SNMP, and others.
29/ These protocols have the use of synching, asynchronous network calls, file transfer, email transfer, and host discovery.
30/ What among these will be wrapped and facilitated by blockchain? web.mit.edu/rhel-doc/4/RH-…
31/ That is one of the million dollar questions.
32/ In conclusion, there are 3 breakout coins: Layer 1 protocols, Layer 2 consumer aggregation coins, Layer 2 business aggregation coins
