There’s still a long way to go
Web3 is a skyrocketing concept of a new Internet with millions of followers, thousands of DApps, and DAOs. The third-generation web promises true freedom and great earning opportunities — thanks to blockchain, cryptocurrencies, and NFTs.
However, there are also naysayers tagging the Web3 idea as a romantic utopia. They invoke blockchain market disunity, decentralization impossibility, mass misunderstanding, etc. Many arguments are just a mix of buzz and ignorance but there are still some Web3 weaknesses we should overcome to evolve.
- Blockchain trilemma
Every advanced user is familiar with Vitalik Buterin’s theorem. He says that one of the three most important features of an ideal network always suffers. It’s about decentralization, scalability, and security.
We are used to high-speed Internet, interbank transfers in a couple of seconds, absence of commissions. The major blockchains on which Web3 is built are not up to such demands: many crypto users still have to pay high commissions and wait an hour for confirmation. Definitly, this is not the aim. The security challenge is no less acute: dozens of hacks, thefts, and leaks have happened just in the last months. And the issue of true decentralization is still one of the most painful for blockchain enthusiasts.
We have discussed this crucial problem many times, #MetaHash and other projects have offered various solutions for several years — but globally the difficulties remain.
- Systems disunity
Currently, there are a huge variety of blockchain projects that use different algorithms for hashing, transaction recording, etc. — just like people speak different languages. While the ability of blockchains to communicate is the key to the Internet of the future.
What does interoperability mean in practice? Once blockchains created by different companies and industries can contact each other, the users get a chance to transfer their assets and data easily, quickly, and cheaply.
As a famous musician and artist Mike Shinoda tweeted
Such deep cooperation sounds like a metaverse dream and may overturn all the user experience one day. At the moment the needed infrastructure is rapidly developing, from ecosystems of Layer 2 blockchains to cross-chain tools such as bridges, oracles, and atomic swaps. But global interoperability is in its infancy.
- Digital ignorance
On one side of the “barricades” are crypto-activists, on the other are technically illiterate people or passive users, those who are satisfied with Web2 or who do not even have access to it. They can hardly understand the basic concepts, not to mention the fact that the UX/UI design of many blockchain services leaves much to be desired, and the reputation of high-tech concepts is spoiled by hyping scammers.
In other words, it is realistic to build technical solutions but it is much more difficult to engage the masses.
- Conservative resistance
In fact, this is one of the problems that Web3 solves: centralization and censorship recede into the past, and decisions are made by common consensus. However, until then, the most centralized institutions as corporations and states will oppose independence.
Some detractors make harsh laws, some follow the rule “if you can’t beat it, lead it”. For example, giants like Meta or Google create their metaverses to dictate their terms. For example, Meta is going to charge a commission of up to 50% for the resale of items in their universe. Unfortunately, this approach negates the benefits of the Internet of the Future and slows down progress.
As you can see, enthusiasts have to solve several daunting problems at once, so that users can freely combine all the benefits of technologies. Without it, Web3 will be just an advanced version of Web2, not a disruption.
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