🔝 [Analysis] Top-down demand – Jill Carlson

There are all kinds of dependencies among products, platforms, and protocols, resulting in every layer of the stack being built at once. Good products rely on secure, friendly platforms. Secure platforms depend on sound, scalable protocols. Protocols hinge upon an asset that, itself, serves as a product. The flow of dependencies among these layers is circular, but the flow of demand through these layers is top-down. End users demand products. Products are built by developers. Developers demand platforms. Platforms are created by engineers. Engineers depend on protocols. This is significant because demand drives value. Fat protocol theory glosses over the top-down dynamic of demand. If a protocol accrues value — and keeps it — it is only because its products are delivering value.