•  
• Tweet
•  
•  
•        Print
•  
•        Email
•  
•         Track Keywords

The report argues that "blockchain technology is the foundation enabling the next evolution of the internet. It will propel our financial systems and commerce into the digital age, much as the previous generation of internet protocols revolutionized information and media."

It explains that "the core value proposition of blockchain protocols is that they provide 'decentralized trust', and this trust can be produced at a marginal cost of close to zero. Decentralized trust enables new, internet-native business models, which are close to frictionless and scale like social networks. Beyond disrupting the incumbent business models, this also enables many new use cases for which the cost of trust previously was prohibitive. As neutral technological infrastructure, there is no limit to how large such protocol businesses can scale as they have the same network effects as existing Internet protocols. As a result, protocol businesses are likely to become orders of magnitude more valuable than the business models we have known to date. They present a generational investment opportunity."

The report is entitled "The Satellite View" because this was how one leading Venture Capital manager, Lasse Clausen of 1kx, described Theta: "If we as a fund have a helicopter view, then Theta has a satellite view because they basically get the best intel."

Ruud Smets, CIO, Theta Capital, said, "There probably is no other field where there is such a stark contrast between the tangible progress by an incredible talent pool of builders on the ground and the distracting noise that more distanced observers must sift through. We think we have solidly turned the corner on the 2022/2023 crypto winter and are at the start of the industry's fifth price-innovation cycle."

Leading figures from the space who participated in the report include Haseeb Qureshi (Dragonfly), Vance Spencer (Framework Ventures), Lasse Clausen and Diana Biggs (1kx), Tarun Chitra (Gauntlet), Sriram Krishnan (a16z), Ben Forman (ParaFi), Balder Bomans (Maven 11), Michael Jordan (dba), Christopher Perkins (CoinFund), Tyler Spalding (Ampera Foundation), Alex Pack (Hack VC), Simon Forster (TP ICAP), Joseph Naggar (GoldenTree), Regan Bozman (Lattice), Ash Egan (Archetype), Dan Morehead (Pantera), Evan Fisher (Portal VC), Jason Kam (Folius Ventures), Nick White (Celestia) and Matt Walsh (Castle Island Ventures).

Theta Capital is the leading global investor in blockchain VC funds, having deployed $600mln in the strategy since 2018. It holds the pre-eminent annual blockchain investment event, the Legends4Legends charity conference, every year in Amsterdam. In 2023 the event raised over EUR 100,000 for the Alternatives4Children charity.