Gaining Trust
“Gaining Trust” – a cartoon that illustrates how blockchain is enabling new services to launch that bootstrap the availability of trust in a world where trust has historically been costly.
Trust is critical for business as it is “the lubrication that makes it possible for organizations to work,” according Warren Bennis, one of the pioneers in the field of leadership studies.
The worldwide trust economy is an add-on cost of business in web2 industries, for example the $600Bn auditing and accounting industry or the $30Bn title insurance industry.
Blockchain represents an alternative to these centralized organizations with their layers of professional guilds and government regulations, by trusting a neutral cryptographic technological system.
Ethereum is the pioneer in creating a marketplace for trust but suffers from limitations in data bandwidth and transaction speed to become the platform for trust-based applications.
To address this, one new platform is EigenLayer, which raised $50M in March 2023 and has attracted $900M in deposits, to provide a new middleware platform built on Ethereum.
EigenLayer’s marketplace for decentralized trust enables stakeholders to sell their trust to application developers, allowing developers to focus on building innovative solutions without the burden of establishing their own trust network.
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