The Internet's Trust Crisis: What Web3 Left Unfinished
We forgot what we were supposed to build
In late 2017, my previous co-founders Jannis Pohlmann, Brandon Ramirez, and I spent six months on nights and weekends working through an idea which eventually became The Graph. We were trying to make open data usable while keeping control distributed. Ethereum had made transactions public, yet developers still needed servers and custom databases to make sense of what was happening onchain. We wanted open data to remain open all the way through the query.
I still think about those early sessions because the ambition reached beyond blockchain data. Many of us came into crypto believing the internet could support shared information people could inspect, verify, and use under shared rules instead of one company’s permission.
Crypto became exceptionally good, instead, at making dishonesty about money expensive:
- A borrower posts collateral;
- A validator can lose stake;
- A leveraged trader gets liquidated;
- A...
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