What are the biggest challenges with the adoption of Web3?
Web3 has the potential to revolutionize the way we interact with each other and conduct business. However, despite the numerous benefits it offers, there are still significant roadblocks to its widespread adoption. From scalability to security concerns and lack of awareness, the challenges facing Web3 adoption are daunting. Look at this graph:
🙶By 2026, about 2 billion people worldwide “will spend at least one hour a day in the metaverse to work, shop, attend school, socialize or consume entertainment,” per McCann Worldgroup. By that same year, the total value of the virtual goods market in the metaverse could be as high as $200bn
These stats might seem amusing, but what lies beneath the surface? What is the actual struggle companies or individuals are facing to adopt Web3? Time to roll up our sleeves and talk specifics.
Roadblocks to Web3 adoption:
1. The Scaling Dilemma
Web3 is the future of the internet, and its potential is enormous. The decentralized nature of Web3 applications offers unparalleled benefits, but it's not all sunshine and rainbows. One of the biggest challenges with Web3 adoption is scaling! To put it simply, Web3 is not yet ready for mass adoption. While blockchain technology is scalable, the current infrastructure cannot handle the volume of users and transactions that a mass-market platform would demand. The problem is that Web3 technology needs to be decentralized and scalable, and these two requirements can conflict.
From Viral Success to Network Congestion: The Story of Cryptokitties and Ethereum's Scalability Struggles:
To understand the issue of scalability, let's take a look at Cryptokitties. Cryptokitties was a game built on Ethereum, that became incredibly popular. The game allows players to buy, breed, raise, and sell virtual cats using Ethereum tokens. The problem was that the game quickly became so popular that it clogged the Ethereum network, causing transaction times to slow down and fees to skyrocket. At its peak, Cryptokitties accounted for 25% of all Ethereum traffic, which indicated that Ethereum was not yet ready to handle mass-market applications.
How does Layer 2 adoption solve the Scaling Dilemma?
This is where Layer 2 solutions come in. Layer 2 solutions are a way to increase the scalability of blockchain technology by building additional layers on top of existing blockchain networks. These layers can process transactions more efficiently and cheaply than the underlying blockchain while maintaining the security and decentralization that make Web3 so valuable. Layer 2 solutions are a critical puzzle piece for solving the scaling dilemma.
2. The UX Challenge: Making Web3 User-Friendly
It would not be true to say that Web3 is all about decentralization. Rather, it’s also about a seamless and intuitive user experience (UX). But this is not an easy task, as Web3 applications often involve complex user processes such as managing private keys, interacting with smart contracts, and navigating multiple networks and protocols.
Onboarding: Many Web3 applications require users to create and manage their private keys, which can be daunting for newcomers. Moreover, there is no standardization in the process, making it difficult for users to switch between applications or networks.
Transparency: While transparency is one of the core principles of Web3, it can also lead to information overload and confusion for users. For example, a decentralized exchange may show users multiple prices and liquidity pools without clear guidance on the best option for their needs.
Complexity: Web3 applications can involve multiple networks, protocols, and interfaces, confusing users. Moreover, many applications are still in the early stages of development, leading to bugs, errors, and security vulnerabilities.
To overcome these challenges, Web3 developers and designers must prioritize user-centric design principles such as simplicity, clarity, and feedback. They must also collaborate closely with the community to gather feedback, conduct user testing, and iterate on their designs.
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3. Lack of Awareness: The Challenge of Educating the Masses on Web3
Despite the growing popularity of Web3 technologies, there is still a significant lack of awareness and understanding of their potential among the general public. Here’s how:
Many people still don't know what Web3 is or how it differs from Web2 or traditional systems.
The technical complexity of Web3 can be intimidating for people without a background in blockchain or cryptography.
The decentralized nature of Web3 can be difficult to understand for those used to centralized systems.
Lack of mainstream media coverage and education on the benefits of Web3 can contribute to the lack of awareness.
The lack of clear regulations (standardization, as discussed earlier) around Web3 can make it seem risky for users and businesses to invest in.
To address this challenge, education, and awareness campaigns are needed to educate the masses on the benefits of Web3. This can be done through various channels, such as social media, educational videos, podcasts, and online communities. These campaigns should aim to make the benefits of Web3 more accessible and understandable to the average user.
4. The Need for Interoperability
In simpler terms, interoperability refers to the ability of different blockchain networks to communicate and work seamlessly. Blockchain networks cannot share data and functionality without interoperability, which limits their potential applications.
One Asset, Multiple Metaverses: The Importance of Interoperability
Let's take an example from the metaverse. Imagine you have a digital asset, like a virtual land, in one metaverse. But your friends started to hang out in another metaverse. Using the same land or other assets in ‘another Metaverse’ would be impossible without interoperability. You would have to sell the asset in the first metaverse and buy a similar asset in the second. This is not only problematic but also time-consuming and costly. Hence, interoperability allows for the seamless transfer of assets and data between different metaverses, making it easier for users to navigate and engage with the metaverse ecosystem.
The need for interoperability is further highlighted by the fact that over 1,000 blockchain networks exist. Without a way for these networks to communicate and work together, the potential of blockchain technology will never be fully realized.
Bridging the Gap: The Role of Cross-Chain Bridges in Web3 Interoperability
One of the most promising solutions is using cross-chain bridges, which enable the transfer of assets and data between different blockchain networks. For example, the Polygon network allows for interoperability between Ethereum and other networks, allowing for seamless transfers of assets and data. Another solution is the development of standards such as ERC-1155, which enable the creation of interoperable tokens that can be used across different applications and networks. With the continued development of these solutions, the interoperability challenges can be overcome, paving the way for greater adoption of web3 technologies!
Web3 Development: The Missing Piece of the Adoption Puzzle
The best way to increase the adoption of any technology or innovation is by building interactive applications that help improve people’s lives. Hence, developers have to come up with solutions that solve a big pain point. Web3 technology promises to revolutionize how we interact with the internet, but its adoption has been slower than expected. But what’s the reason behind this? Let’s find out!
Current State of Web3 Development:
The demand for Web3 developers is growing rapidly, but the supply is limited. Web3 industry lacks skilled developers. Either they are self-taught or have no experience at all!
According to a recent report, the total market size of Web 3.0, including blockchain, NFTs, Metaverse, and other technologies, is expected to reach 81.5 billion dollars in 2030.
And if you are hiring a Web3 developer, it will be a rough and tiring journey with risky outcomes. But we’ve got you! Check out our detailed blog for solutions to your biggest hiring problem!
How Web3 Development Can Drive Adoption:
A strong emphasis on pushing the boundaries of web3 development can help create user-friendly dApps that attract a wider audience.
By building secure and scalable DApps, Web3 development can increase trust and confidence in the technology.
Web3 development can also enable interoperability between different blockchain networks, making it easier for users to switch between applications and networks.
By prioritizing Web3 development, we can build user-friendly, secure, and scalable DApps that can drive the adoption of this revolutionary technology.
But Don't Let These Roadblocks Hold You Back from Web3 Success!
You might be tired of reading about the roadblocks coming in the way of Web3 adoption. Navigating the Web3 landscape can feel like trying to find your way through a dense jungle with no map or compass. But the good news is, there is a solution to these challenges, and it comes in the form of Go 3.0. Let's look at how Go 3.0 can help you overcome obstacles to Web3's success.
From Roadblocks to Milestones: Go 3.0's Solution for Web3 Success
It's time to recap some of the roadblocks. From the lack of standards to interoperability issues and security concerns, finding the right talent to build your Web3 application. This is why we've built Go 3.0 so you can connect with experienced developers and designers who can help you overcome these roadblocks.
Our pool of top Web3 developers is skilled in building secure applications that prioritize the safety and privacy of your users' data. So if you are a Web3 company looking for talent, Go 3.0 has got you covered! Schedule a free 30-min discovery here and tell us all about it!