November 30, 2022
By Murtuza Merchant
The next version of the internet, known as Web3, is expected to fundamentally alter how we now access and use the World Wide Web. Before web3 is widely used, there are still issues that we need to fix.
For many users, transitioning from existing Web2 to Web3 projects might be difficult.
Depending on their region, bank, and type of device, many users may or may not be able to use particular Web3 projects, tokens, or Dapps.
In other words, there are restrictions on entry.
It would be like asking someone who is only experienced with swimming to jumping into the deep end if you asked them to use the money for tokens and custodial services for crypto wallets.
This won’t take place.
A lot of Web3 initiatives fall short in terms of usability.
Take into account how easy it is for the majority of Instagram users to utilize the website independently.
Compare this to the quantity of new Opensea wallet users that have asked for support.
The goal of one layout is to boost user engagement and happiness, but not that of the other.
A better user experience will probably increase Web3 adoption.
Although it is encouraging to see so much work put into creating decentralized products, it is important to remember how important user experience is.
The concept of “interoperability” is used to describe how multiple blockchain networks may function together.
Several Web3 initiatives are now being developed on various blockchains.
Until it is possible to securely move assets between blockchains, users owning assets on one blockchain are unlikely to want assets on another.
Bridges that were supposed to link the chains and promote cooperation have also fallen short.
The majority of people cannot access them because they are risky, slow, and unreliable.
Blockchains’ inability to scale has frequently been mentioned as a major obstacle to the mainstream implementation of Web3 technology.
Unfortunately, a long-term solution to the blockchain’s scalability trilemma has yet to be found.
A public blockchain may only concurrently provide for two of the three necessary characteristics (security, decentralization, and scalability), according to the scalability trilemma.
Many Web3 protocols prioritize scale over security and decentralization, endangering users.
These projects may be able to offer transactions that are quicker and less expensive as a result, but they ultimately revert to a centralized model.
The lack of decentralization in key Web3 technologies has led to numerous security flaws.
The goal of this post was to investigate a number of key issues with Web3. Web3 will present some difficulties, but strategies are being developed to help overcome them.
Although Web2 has issues, as more people tried to fix them, more people started to use them.
The same will hold once communities and developers begin addressing the issues related to Web3 adoption
About the author
Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.