This article analyzes ConsenSys and its founder Joseph Lubin, exploring how to determine if one has truly "entered" the Web3 industry—from grand ideas to specific tracks and individuals. The article introduces ConsenSys's iconic products (MetaMask, Infura, Truffle, Linea, etc.) and their extensive impact in the Web3 ecosystem, emphasizing their efforts to lower industry barriers through educational platforms like MetaMask Learn and ConsenSys Academy, support public welfare projects, and promote global blockchain regulatory standardization.
- From Web3 Ideas to Concrete Practice
How can you determine whether you have truly "entered" an industry? The best standard is whether you have shifted from broad directions to specific fields and individuals. Taking Web3 as an example, beginners are often attracted by its exciting ideas: decentralization, data sovereignty, creator economy, permissionless, borderless economy, etc. However, as you delve deeper into learning, your perspective will shift from grand narratives to specific tracks, companies, and even individuals.
Today, I want to share the first company and founder that deeply impressed me when I entered Web3—ConsenSys and Joseph Lubin. Many may not be familiar with this name, but when it comes to their products, every Web3 practitioner, whether individual users, developers, or institutional clients, will recognize them.
- ConsenSys: The Cornerstone of Web3 Infrastructure
ConsenSys's products cover almost every corner of the Web3 ecosystem:
Individual users: You may have used MetaMask (the little fox wallet), with over 100 million global users and 30 million monthly active addresses.
Developers: You may have deployed smart contracts through Infura (serving over 300,000 developers globally) or developed dApps using Truffle (one of the most popular development frameworks, supporting thousands of projects annually).
Security needs: Diligence provides smart contract audits, holding a 30% market share of global blockchain audits.
Layer 2 networks: Linea, a ZK-Rollup layer 2 chain, with a TVL of about $500 million, has enormous potential.
These achievements are impressive, but they are not enough for me to fully admire them. Exceptional people or companies are often praised for their accomplishments, such as CEOs, writers, or stars, but achievements alone are not why I admire ConsenSys.
- Why I Admire ConsenSys
Here are the reasons I truly admire ConsenSys:
3.1 Educational Contributions Lowering the Barriers to Web3
I first learned about Web3 through MetaMask Learn, a platform that explains complex concepts with simple animations and case studies. Later, I discovered that this was launched by ConsenSys. It also has a more in-depth ConsenSys Academy, offering free courses covering Ethereum basics, smart contract development, Web3 application design, and more, translated into multiple languages, benefiting emerging markets like India and Latin America, with over hundreds of thousands of students. Additionally, ConsenSys provides "stepping stones" for countless practitioners through online and offline lectures to help them enter Web3.
This impresses me: ConsenSys not only creates products but also strives to help more people understand and join Web3.
3.2 The Impact of Social Welfare
Through the BSI project, ConsenSys has supported over 50 public welfare projects covering healthcare, poverty alleviation, environmental protection, education, and more, using blockchain technology to solve real problems.
This impresses me: ConsenSys combines technology with social value, showcasing the social significance of Web3.
3.3 Promoting Industry Standardization and Regulation
ConsenSys actively participates in global blockchain regulatory discussions, having attended over 100 meetings in the past few years across the United States, the European Union, Asia, and more. It has submitted proposals to the U.S. President and sued the SEC, striving for a clear legal framework for Web3.
This impresses me: ConsenSys not only conducts business but also paves the way for the long-term development of the industry.
3.4 Restraint and Persistence
Despite the global user base of products like MetaMask, Infura, Truffle, and Diligence, ConsenSys has never issued a token, maintaining a low profile amidst industry fluctuations and focusing on infrastructure development. This commitment to the future and restraint in the present is admirable.
- Financing Strength: Dual Recognition from Traditional and Native Institutions
How has ConsenSys continued to develop without issuing tokens? The answer is: by doing valuable things, support naturally follows. ConsenSys has raised a total of $751 million, with a valuation of $7.1 billion, ranking among the top in financing within the Web3 industry. The lineup of investors is impressive:
Native blockchain institutions: ParaFi Capital, Coinbase, Dragonfly Capital.
Traditional institutions: JPMorgan Chase, HSBC, UBS Group, Microsoft, SoftBank Vision Fund.
In the Web3 industry, obtaining such substantial investments from traditional institutions is extremely rare, reflecting ConsenSys's stability and potential.
- Joseph Lubin: The Soul Behind ConsenSys
Why has ConsenSys been able to achieve all this? The answer lies in its founder, Joseph Lubin.
5.1 A Late Bloomer's Background
Lubin was born in 1964 in Toronto, Canada, to a dentist father and a real estate agent mother. As a teenager, he was passionate about squash and mathematics, gaining admission to Princeton University due to his outstanding performance, where he studied engineering and computer science. During his time at school, he met billionaire Michael Novogratz, who recalled, "Joe was one of the smartest among us, but he didn't emerge until he was 45; no one guessed he would become an industry leader." This showcases Lubin's late-blooming qualities.
Lubin worked at a computer company in New York and Goldman Sachs, but he describes himself as "never a Wall Street person, just a software guy." This low-key, pragmatic attitude has permeated his career.
5.2 The Birth of Ethereum and ConsenSys
In 2015, Vitalik Buterin launched Ethereum through a non-profit foundation, leading to disagreements within the founding team. One faction, led by Vitalik, advocated for a non-profit model; the other faction, including Lubin, hoped to promote industry development through a for-profit enterprise. Vitalik prevailed, and some founders left, but Lubin chose to stay, admiring Vitalik's idealism: "Vitalik doesn't care about material things; he just wants to change the world."
Lubin found his path and founded ConsenSys, a for-profit company providing infrastructure around Ethereum. He defined ConsenSys as a "software company," cleverly avoiding SEC regulation while concealing a larger ambition: to build a solid foundation for Web3.
5.3 A Low-Key Life with a Grand Vision
Today, ConsenSys is large, but Lubin remains low-key, wearing jeans and a T-shirt, avoiding the glamour of Wall Street. He enjoys a simple life with his fashion designer girlfriend, cooking, caring for pet turtles, and even not owning a private car. His lifestyle starkly contrasts with his vision for Web3.
- Lubin's Quotes and Insights
Lubin's few statements encapsulate his philosophy and provide insights for our understanding of Web3:
"I have never done Ethereum or anything for money in my life, but because I had the opportunity to build something profound that will change the world in the long term."
"History shows that people overestimate the short-term popularity of new innovations and underestimate their ultimate disruptive scale. The internet was like this, and so is blockchain."
"We are establishing new organizational principles and trust foundations for the Earth, which is a good thing for humanity."
Lubin's story tells us that entering Web3 is not just about learning technology or chasing trends, but about finding resonance and diligently cultivating it. The success of ConsenSys stems from a commitment to value, while Lubin's restraint and vision exemplify the best transition from concept to practice in Web3.
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