An open letter to those building the new layers of infrastructure in web3.
Revisiting crypto’s genesis
The way that crypto started has always intrigued me. Especially when I think back on the past 7 years in the industry and the things that I’ve seen. Both as a retail degenerate, as well as someone who works behind the scenes. Though still a degenerate at heart.
What started as a decentralized, peer-to-peer, immutable network called Bitcoin, has grown into a huge ecosystem of innovations that leverage blockchain technology. Crypto. Magic internet money, if you will.
At times, I feel like we’ve forgotten where it all started. What are we actually doing here? Are we just looking for ways to multiply our cash in the shortest amount of time?
No, that’s not it. That can’t be it.
What is the goal?
The goal is to build upon Satoshi’s vision, and usher in a new era of distributed, decentralized networks and systems. It’s about ownership. Breaking down barriers.
Creating transparency where it is appropriate. Ensuring true privacy where it is wanted.
In the end, there is only one true goal:
Decentralization
How decentralized is crypto really?
If decentralization is the goal, how decentralized is this industry currently? Have we done a good job at truly breaking down barriers? While we’ve come a long way, there are still many roadblocks and gatekeepers in the industry.
Consider the average layer 2 experience, which is usually still controlled by a central entity. The power to verify, order, batch, and subsequently post user transactions to the L1, is solely controlled by the company who built the network. Censorship is possible.
Given that a large portion of transactional activity happens on L2’s these days, I’d say this is a problem that needs to be addressed sooner rather than later.