- Web3 has received a lot of hype from cryptocurrency proponents as the next evolution of the internet built on a foundation of blockchain technology, but thus far, adoption has lagged due to the complexity of onboarding into Web3 and a lack of tools to help users with the process.
She noted that the seamless and hassle-free nature of Web2 is due to centralized ownership and control, and said end-users “pay a hefty price for this convenience as centralization increases counterparty risks like manipulation, censorship, de-platforming, and so on.” “The complexity of blockchain-based platforms is due to how the components interact,” she said. “That’s why simplifying Web3 processes requires a holistic approach, with a series of related efforts. Developing user-friendly interfaces and streamlined onboarding processes are the two most important requirements. The onboarding part is especially crucial because a rough experience here can be pretty much a deal-breaker for most potential users.
“Thanks to emerging Layer-2 solutions and ‘Smart L2’ platforms like Metis, Web3 users can now access fast, secure, and cost-effective digital transactions across sectors and use cases,” she said. “General computing capabilities have also improved significantly in recent years, as have core aspects like privacy, security, and above all, scalability.”
“The same applies to budding content creators and so on,” she added. “Unlike Web2 digital forums, the metaverse must truly be a community-oriented digital realm where anyone can thrive as long as they put in the effort, irrespective of legacy.” “In the past four decades of using the internet, it’s clear how we fail miserably at keeping passwords safe,” she said. “And the stakes are much higher in Web3 since losing seed phrases could mean losing your entire portfolio. The entire responsibility of not making mistakes is on the users, which isn’t altogether desirable.”
“The problem with regulatory uncertainty is that businesses don’t know what to expect,” Sinelnikova said. “They don’t know for sure what’s right or wrong, either. And this ultimately hurts the end-users and investors who put their funds into projects that suddenly get taken down, often without clear justifications.”