VSaaS Platform
What do you control? The infrastructure that compounds.
The Four Waves
VSaaS evolution—each wave multiplies revenue per customer:
| Wave | Era | Revenue Multiplier | What Changed |
|---|---|---|---|
| Wave 1 | Cloud | 1x | Brought services online |
| Wave 2 | Fintech | 2-5x | Owned the transaction |
| Wave 3 | AI | 2-10x | Turned labor into software |
| Wave 4 | DePIN | 5-20x | Own the data source |
The insight: When you own the sensors that generate the data, you control the moat.
The VSaaS + DePIN Stack
The fourth wave combines software with physical infrastructure ownership:
┌─────────────────────────────────────────────────────────────┐
│ VSAAS APPLICATION │
│ Workflow automation, AI copilots, dashboards │
├─────────────────────────────────────────────────────────────┤
│ DATA + AI LAYER │
│ Models trained on vertical-specific data │
├─────────────────────────────────────────────────────────────┤
│ BLOCKCHAIN LAYER │
│ Ownership, payments, attestation, compliance │
├─────────────────────────────────────────────────────────────┤
│ DEPIN LAYER │
│ Sensors, devices, physical infrastructure │
└─────────────────────────────────────────────────────────────┘
See DePIN for infrastructure patterns.
Embedded Finance
Beyond software subscriptions—capture value at every layer:
| Embed | What It Does | Revenue Model |
|---|---|---|
| Payments | Process transactions | 1-3% take rate |
| Lending | Provide working capital | Interest + origination |
| Payroll | Run employee payments | Per-employee fee |
| Insurance | Embed coverage | Commission |
| Compliance | Automate reporting | Subscription + transaction |
The math:
TAM (software only) = Industry × Software Spend
TAM (with payments) = Industry × Transaction Volume × Take Rate
Example: Restaurants
├── Software TAM: $10B
├── Payment TAM: $100B (10x)
└── Toast revenue: 83% payments, 17% software
Platform Integration Points
Your platform's value compounds through integrations:
| Integration Type | Purpose | Switching Cost |
|---|---|---|
| Data in | Industry-specific sources | Medium |
| Data out | Downstream systems | High |
| Workflow | Connected processes | Very High |
| Identity | User/entity management | Critical |
The app store model: Once you're the platform, others build on you. That's the moat.
PropTech Example Stack
Commercial Real Estate demonstrates full vertical integration:
┌─────────────────────────────────────────────────────────────┐
│ WORKFLOW AI (VSaaS) │
│ Henry.ai (decks), Dealpath (pipeline), VTS (leasing) │
├─────────────────────────────────────────────────────────────┤
│ DATA + PREDICTIONS │
│ Valuations, tenant screening, maintenance forecasting │
├─────────────────────────────────────────────────────────────┤
│ BLOCKCHAIN LAYER │
│ Tokenization, smart contracts, on-chain title │
├─────────────────────────────────────────────────────────────┤
│ DEPIN INFRASTRUCTURE │
│ Occupancy sensors, smart locks, environmental monitors │
└───────────────────────────────────────────────────────────── ┘
| Layer | What You Own | Value Capture |
|---|---|---|
| Sensors | Occupancy, environment, access | Data others can't access |
| Oracles | Real-time valuations, conditions | Predictions improve with scale |
| Blockchain | Tokenization, payments | Transaction fees, liquidity |
| VSaaS | Workflow automation | Subscription + usage |
Context
- VSaaS Principles — Strategic truths
- VSaaS Protocols — Implementation playbook
- Platform — Technical architecture
- DePIN — Physical infrastructure layer