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Fortune
Fortune
Jeff John Roberts

Why an Ethereum founder says crypto is on the cusp of a 'broadband moment'

Since the collapse of FTX last November, the conversation around crypto has been dominated by dark mutterings about its demise or endless chatter about regulation. That's why it was refreshing to speak to Joe Lubin, one of the cofounders of Ethereum who is now best known for overseeing ConsenSys, which has evolved from a chaotic crypto incubator to a software company known for the popular MetaMask wallet.

Unlike many in the industry, Lubin is brimming with optimism. He still espouses the original gospel of Ethereum, which celebrates decentralized software projects and views blockchains as a vehicle for a new political and social order beyond the reach of Big Tech. In our recent chat, he told me he's untroubled by the fallout from FTX, which wiped out the likes of Voyager, Celsius, and other centralized crypto services.

"I don’t consider them real crypto companies. They co-opted our messaging to cheat naive consumers," says Lubin, suggesting the troubles of the last nine months amounted in part to a healthy cleansing.

He added that the demise of the centralized services has helped true crypto companies focus and rebuild, paving the way for "our broadband moment"—an analogy for when widespread fiber build-outs helped millions of consumers appreciate the benefits of the internet. To this end, ConsenSys is rebranding—replete with bright new colors—with the goal of expanding its services to go beyond a select group of developers and end users. Lubin says the new focus will be on making crypto tools ever easier to use and empowering people of all stripes to participate in building a new version of the web based around people, not data-gobbling monopolies.

A lot of what Lubin had to say echoes the theories put forth by venture capitalist and Web3 evangelist Chris Dixon prior to crypto's massive downturn. I'm not sure how much of this I buy—especially since governments and old-line tech companies seem as powerful as ever, and as much of the public has soured on crypto. For now, it might be more prudent for the crypto industry to focus less on Web3 utopias and more on ensuring that people stop getting robbed.

That said, Lubin made a strong case that crypto is on the cusp of a new breakthrough to follow the sudden rise of DeFi and then of NFTs. He says the area to watch right now is wallets, especially as companies like Coinbase start building "wallet as a service" tools intended to make it easier for firms of any kind to integrate crypto into their operations. This doesn't feel far-fetched given how giant brands like Starbucks, Nike, and Reddit are also quietly using crypto and NFTs behind the scenes.

In the broader picture, Lubin's sunny vision feels far-fetched in many regards, but if even a portion of it is true, then the crypto industry is indeed poised for another big leap forward.

A quick programming note: There will be no newsletter Monday or Tuesday due to the July Fourth holiday. So have a safe and happy Independence Day, and to those of you north of the border, happy Canada Day. Go enjoy some hot dogs.

Jeff John Roberts
jeff.roberts@fortune.com
@jeffjohnroberts

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