I wrote this crypto thesis a few months ago in Feb 2023. While the thesis largely remains the same, I have made some refinements to my thinking, particularly in the areas of Privacy
The change is driven by the emergence of Zero Knowledge (Zk) proof based Layer 2’s. Zk proof based Layer 2 networks have emerged faster than anticipated and hopefully will gain momentum in the next few years. They hold the promise of solving the trilemma of security, decentralization and scaling while maintaining privacy for sensitive transactional data. Names that come to mind are Polygon (with their Zk EVM), Aztec network, ROSE (Oasis Network)- am sure there are quite a bit more of these, not had the time to research them all.