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Cryptocurrencies mean more profits and speculative movements for almost all investors in this field. However, there are also those who believe in the story of blockchain-based internet, namely Web3. Compared to the early days of the internet, we are currently at an unimaginable level. And in the future, it is possible to reach another unimaginable level.
Web3 and Its Challenges
The Metaverse narrative, the benefits of NFTs, RWA, self-custody wallets, DeFi, and countless other crypto-related things actually represent parts of the early stages of Web3. At least the story constructed today tells us this. Web3Auth’s survey dated February 22 provides us with some perspectives on the Web3 narrative.
DappRadar’s content director Robert Hoogendoorn agrees with large audiences that the transition phase will not be easy. According to him, two major obstacles need to be addressed. The first is a simplified interface, and the second is the need to improve user experience.
“One of these has been significantly developed over the past few years, while the other may need some work. Did you know that 60% of American consumers use the same password for multiple accounts? The audience you want to include in Web3 is the same, and who will act surprised when MegaPepeBitcoinToken turns out to be a rug pull? This is just one of the biggest challenges ahead of us.”
Is Web3 Possible?
Yes, but considering the ease of making inferences by looking back at the past, we should think about this. Was Instagram possible in the internet era of 1999? When we look back from today, we see that it was not. Was a Twitter similar to today’s possible in 2005? None of them were because the foundation for it was not established in terms of both infrastructure and technological development capacity. Probably today, those dreaming of Web3 are burning with the desire to create today’s Instagram under the conditions of 1999, while there are many obstacles to overcome.
Most participants in the Web3Auth survey complain about security. Crypto has long been (and even the history of internet crimes goes much further back) seen as the wild west. The mainstream media coverage of FTX’s collapse injected great disappointment into people. The collapse of Three Arrows Capital in 2022 and other events created many victims. For example, how can you tell the participants of the Canadian Pension Fund, who lost most of their investment in the FTX collapse, about any technological benefits, potential, or future story and assure them that they are safe?
Some concerns and obstacles are as follows:
- Security
- High transaction costs
- Lack of information and education
- Lack of user-friendly interface
- Limited accessibility
- Interoperability
- Scalability
The BNB Chain Core Development Team says the following about the challenges in the Web3 story:
“The priority should be to continue improving the usability of existing technology to help transition from Web2 to Web3, rather than relying solely on breakthroughs. The path to the mass adoption of Web3 will likely be gradual and multifaceted, involving innovative technology, user-friendly interfaces, and education.”
