Builder Stories are Back to Represent Web3 Innovation when it Matters Most

Last year Consensys launched Builder Stories, a series featuring the latest web3 innovation through the stories of the builders creating it. To produce the series, we traveled the globe: from the UK, to Canada, Colombia, India, and the United States—to sit down with builders and document how they’ve been innovating, creating value, and empowering communities on Ethereum. 

The diversity of each story and the exciting technological use cases we uncovered to produce the series are a testament to how far the blockchain industry has come. And yet, this next iteration of the World Wide Web is already under threat from overzealous regulators who refuse to give it a chance, and it’s the people the Builder Stories feature who are now directly in harm’s way. 

To date, the U.S. Securities & Exchange Commission has engaged in an aggressive campaign of regulation by enforcement, suing Consensys and numerous other crypto companies for what they claim to be unregistered securities activity. Since the SEC is an American government agency, this means U.S. builders are now particularly at risk. 

To stand behind builders in the United States and across web3, Consensys is renewing the Builder Stories series, showcasing to policymakers and regulators exactly what's at stake for those working towards decentralized innovation. 

You may think you know the history of the World Wide Web—now meet the builders who are shaping its future, and learn why U.S.regulators must provide clear policy for blockchain innovation to foster, not fail. 

Empowering builders on the forefront of tech innovation in the US

The advent of the internet changed the world forever—connecting the global commons, and fostering creativity like we had never seen before. 

Starting in the 1990s, cypherpunks and PC enthusiasts tamed the “read-only web,” creating technological marvels like email and file transfer, while conquering vast geographical distances using nothing but open-source code. 

By the early 2000s, web2 had made users the creators of their own digital experiences. The “Social web” saw the dawn of near-instantaneous e-commerce, the ability to book medical appointments online, and in some places, even vote for elected representatives.  

Now we’re living through a new revolution. Thanks to the ingenuity of blockchain technology, the world has the chance to embrace web3—the next iteration of the World Wide Web. With this “read-write-own” internet, users can begin to take back their sovereignty. Just like it did when the internet was born, we know this will transform the way we create and share value forever.  

Underpinning the future of web3 is a community of talented founders we call builders. From the bustling streets of Bangalore, to the stylish neighborhoods of London, millions of these builders are returning the internet to its decentralized roots, developing Ethereum-based apps and platforms designed to give people more ownership over their digital assets. 

We all want these builders to succeed, but we also want U.S. regulators on our side to help ensure they do. Our mission at Consensys has always been to help steward the next wave of the decentralized web, and we work to make this success possible every day. It’s in our DNA. 

Over the years, Consensys has built the tools that empower these builders, with applications such as MetaMask—the world’s leading and most-trusted self-custody wallet—connecting people to the decentralized web. Through initiatives like MetaMask Learn, our open source products are already inspiring change in communities that need it most.

Disconnecting US builders from the next generation of the web and digital innovation

Mika Black is a builder committed to bringing that change to her own community. Based in Atlanta, Georgia, Mika is the founder of Anuu Way, a non-profit organization connecting underserved communities to decentralized financial innovation. 

“Web3 removes the boundaries, and inspires people to go seek out their tribe, and grow together,” she explains. “It’s empowering to the world changers.” 

But there’s a problem. While the US has no shortage of talent and technology available, today’s internet revolution is missing one key ingredient: productive government engagement. Instead, agencies such as the US Securities and Exchange Commission are actively seeking to prevent web3 innovation, while refusing to engage with the industry on productive regulation. 

Worse, real communities are being hurt by this decision—including those who need the technology most. 

Like so many others, Web3 builder, CEO and Founder, Tarik Moon, is no stranger to this issue. Inspired by inefficiencies in his native Bangladesh, Tarik started Affine Protocol to enable users to save for themselves and access capital. 

"Unclear regulations have forced many of us to geoblock the US population from our products, which could have benefitted underbanked users" he says.  

Talk to any number of builders and a pattern begins to emerge: projects across the ecosystem are targeted with punitive measures seemingly at random, ranging from exorbitant fines to expensive, multi-year legal battles. Although U.S. courts have  ruled against many of these unfair actions, the onslaught continues, disconnecting the U.S from the next generation of the internet while the rest of the world innovates. 

Even other countries have begun to take notice. With legacy internet giants earning exorbitant annual revenue (Google alone generated $304 billion in 2023), the EU, Japan, and Singapore have rushed to establish their own web3 regulation in a bid to capture future internet’s growth. It would be an economically ruinous error if the US failed to lead on this burgeoning industry like it did with web2 incumbents.  

More importantly, however, the current regulatory posture threatens the very livelihood of builders who have devoted their careers to web3, and risks undoing years of highly valuable work and innovation started in the US. 

“Finding the necessary grants to support our mission has been incredibly difficult, especially when focusing on Web3 and blockchain education,” Mika explains. “We’ve faced resistance from schools and tech organizations, often because of misconceptions about the value of this knowledge. Despite setbacks and the financial strain, I’m still hopeful that funding will eventually come through, but the question remains—at what cost to our future?”

Protecting US builders and their innovation through their stories

In an effort to amplify the voices of these intrepid founders, Consensys has committed to relaunching its Builder Stories series to shed light on what web3 means for people across America. 

Look out for stories showcasing their individual journeys into web3, along with the capabilities of this new internet—NFTs for music and visual arts, blockchain to improve supply-chain management in remote areas, web3 educational programs uplifting communities, and even new payment systems with global reach.

At Consensys, we believe that such innovations are just the next chapter in a 33-year story of web transformation—a story that must continue to be written in the U.S., as well as abroad. That’s because Web3 has always been about empowering ordinary people, and we’re proud to uphold this ethos through our coverage in the Builder Stories series. 

By highlighting builders nationwide, we hope that American policymakers will begin to understand the stakes involved, and to learn from the incredible people who are making the future of web3 possible. 

Learn more about Consensys’ role in ensuring clear U.S. regulation for web3 here.