Web3 Mass Adoption: 5 Hurdles We Need To Solve
Advocates have long been awaiting the widespread adoption of Web3, as many believe it will enhance the digital world as we know it. But the Web3 space is raising many questions and providing very few answers. Some wonder if there’s any real value in Web3. Others even claim it’s a fad. So perhaps the most pressing question is what’s keeping it from delivering on all its promises.
Let’s explore the top 5 reasons why Web3 hasn’t taken off yet, and how we might solve them.
1. Regulatory Framework
A consensus around regulation in Web3 is probably the biggest missing piece of the puzzle. The waters are split between those who advocate for a truly decentralized Web3, with no government or central authority interference and those who believe that the space could benefit from a set of rules and standards defining its essential aspects.
As it stands, Web3 regulation is all over the place. Existing regulatory frameworks apply inconsistent treatment to crypto transactions and fail to provide clear guidelines. On top of that, authorities worldwide are trying to use traditional legal standards for Web3, making it evident that most governments still don’t understand the nature of this unparalleled ecosystem.
This uneven and uncertain regulatory framework interferes with the work of promising Web3 projects. Instead of advancing their vision and launching exciting technologies to the market, they end up caught in a tangle of confusing rules. So, many projects that could really appeal to users and provide cool utility never actually see the light in full form.
A more united front is needed to address and overcome the issue of regulation around Web3. Still, as a nascent technology, it will probably take some time before all the pieces fall into place.
2. Real Utility
Another key issue hampering greater adoption is the lack of utility. People are having a hard time understanding how they can benefit from Web3 as it stands. Right now, too many promises have been made, but the space has delivered on few of them. And this happens in almost every dimension of Web3: NFTs, crypto, the metaverse, DeFi, etc. These all suffer from a severe case of “A lot of pain, no gain.”
But trust us, utility is coming. Sure, it may not be coming as fast as we all want it to. But we’re walking down a path of trial-and-error that will eventually uncover the real and exceptional value behind Web3. It’s only a matter of time before utility becomes so evident and tangible that the mainstream takes a genuine interest in it.
The NFT space, although very criticized, is probably the most advanced in terms of utility. Non-fungible tokens are already being used in multiple ways, providing unparallel value, for instance, as secure alternatives to traditional event tickets. They are also doing wonders for the gaming industry and the creator economy.
“Life without social media seems strange to us now, but it’s only been mainstream since the early 2000s. A world without NFTs will seem just as bizarre in another twenty years. Everyone, regardless of age, should take advantage of the technology in front of them today.” — Yonathan Lapchick, CEO of Suku
To solve the utility issue and create real traction, Web3 needs that the serious organizations involved, which there are many, to go above and beyond to build better tools and the necessary infrastructure to turn promises into reality. It’s time to make incentives clear to get people on board.
3. UX and UI
The Web3 user experience (UX) and user interface (UI) are definitely two major hurdles. It’s safe to say we’re around the Windows ’98 era of Web3: it’s far from being intuitive and user-friendly, and its look and feel just don’t seem right. The ecosystem overall, especially the tools, is complex and frumpy, slowing down adoption and retention significantly.
We see metaverse platforms bringing back pixelated graphics that look like they were designed in 2000. Immersive virtual experiences require uncomfortable and expensive VR headsets. Crypto wallets demand users to jot down 24 words to protect their wealth and encourage them to send assets to impossibly long addresses — which aren’t precisely user-friendly.
It’s all just incredibly cumbersome and confusing for users. Even those who find the Web3 space interesting sometimes feel discouraged by the complexity, friction, and poor design of dApps, wallets, and exchanges, to name a few.
So, while the focus on building decentralized products is excellent, developers and creators should strive for a seamless and user-friendly experience that feels kind of like Web2. A good user experience is critical to ramping up adoption, so it deserves immediate attention.
Ultimately, using Web3 should be as easy as logging into social media, messaging on WhatsApp, or sending an email.
4. Interoperability and Collaboration
Interoperability is a hot topic in Web3 as well. It refers to how blockchains interact with one another; without it, the space risks fragmentation and further delay in adoption.
Web3 projects are based on diverse blockchains. And more often than not, users cannot transfer their assets from one chain to the other. This has led to a spike in tribalism in Web3, with groups avidly supporting one project and combating the rest. A more united front among all those who believe in the sweeping potential of Web3 could help ensure faster adoption.
Greater interoperability would enable users to interact with or transfer assets between blockchains and ecosystems in the same chain. And this is essential because siloed assets and tools are not convenient. Imagine being able only to email your friends who also use Gmail and not those who use Hotmail or being able to only connect to specific wi-fi protocols…
So, to foster adoption, Web3 needs more collaboration between projects and interoperability across blockchains, making it easy for users to transact and interact seamlessly regardless of the blockchain they use.
5. Security and Privacy
Most people still don’t feel Web3 is safe or private enough. And to a certain degree, they are right. Scams are frequent, and the idea of anonymous transactions that everyone can see feels, looks, and sounds odd.
There are currently few security measures to protect data stored on a public blockchain. Also, there’s an established belief that Web3 privacy and anonymity only protect criminals. We’ve seen many crypto scams and theft cases where criminals shield themselves behind the cryptography of privacy protocols. This is far from appealing to law-abiding citizens.
So, to foster wider adoption, Web3 projects need to lay the right security foundations, change the narrative around privacy being only for criminals, and remind people that scams are not unique to Web3.
It’s essential to strike a balance between the wonders of transparency and anonymity and the need for a secure ecosystem.
Some Parting Words
Since it entered the scene, we’ve seen peaks in expectations in Web3 that, just like with any other technology, are likely to wane down with time, eventually revealing the unique value proposition of this new set of technologies and bringing the very much desired mass adoption.
We went through the same cycle when the internet came out. It was challenging to wrap our heads around it. It took time. But eventually, it became a natural and seamless part of our everyday lives.
We’re convinced the same will happen with Web3 — and we believe, sooner than you think. That’s what Suku is all about.
We’re early, but not for long.
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