Why Web3 Is Not Mainstream By Now?

1. Technical Complexity and Barriers

Problem:

Web3 is decentralized and facilitates blockchain and cryptocurrency. These terms seem daunting, intimidating, and complex to non-tech-savvy and technically illiterate netizens. A lack of proper, inexpensive guidance in non-English media acts as a huge barrier to the understanding and adoption of Web3, as a Forbes article has stated that only 30% of Indians speak English.

Solution:

Bridging the language divide is crucial for mass scale integration and acceptance of Web3 in India. This will be possible when Web3 companies heavily invest in hiring developer advocates and tech influencers to publish tutorials in multiple vernacular languages besides English, to capture the market potential.

2. Scalability Challenges

Problem:

Blockchain networks struggle with successfully processing extremely high global transaction volumes, but blockchain is a fundamental block powering Web3. As long as blockchain networks are not adequately boosted, scalability will continue to remain a challenge.

Solution:

The blockchain networks should consistently pitch in for more funding, showcasing their growth potential concisely to attract the best investors in the market, for an aggressive infrastructure development in lesser time. They can present their networks at national & international conferences and events while pitching for funding, that will give the networks good publicity among all the right people who need to know about the networks.

3. User Experience Issues

Problem:

Multiple Web3 applications’ user interfaces significantly differ from that of Web2, intimidating tech illiterate and non tech savvy users and thus negatively disrupting their user experience, hence decelerating the migration rate to Web3.

Solution:

Detailed video tutorials using simple, lucid language will help users in understanding the interface better. Additionally, the availability of FAQs, round-the-clock free AI support and trained, free & easy to access human support over in-app messages and calls will ensure the user has someone to ask for help, when all else fails.

4. Lack of a Killer App

Problem:

There has been till date no app built on Web3 which is massively popular globally. While Web3 apps like Everledger, DTube, Steemit, Brave Browser are popular among Web3 fanatics and developers, almost no average netizen is even aware about any of these apps.

Solution:

Releasing a killer, phenomenal, record-breaking app built on Web3 which gets at least a 50% download rate among the netizens worldwide will truly accelerate their transition to Web3. Marketing them in simple language in mainstream & social media is pivotal for Web3 to penetrate further into the market.

5. Regulatory Uncertainty

Problem:

As Web3 is built on a decentralized model, any government or regulatory body will not be able to control it. Hence there are concerns that the lack of monitoring and regulations can be exploited to spread among netizens hate speech, misinformation, obscene content. This will pose a major global challenge of concern, with little legally enforceable solutions.

Solution:

Striking a balance between Web3’s decentralization and compliance to laws of each country that it operates in is crucial for it to gain favor and acceptance with governments. For a start, all Web3 software need to have foolproof, legally enforceable identification systems and transaction history records.

6. Trust and Security Concerns

Problem:

In continuation of the above point, it will be difficult to tackle cyber bullying, cyber defamation, harassment leading to safety and security concerns of the netizens. This builds up to trust issues, and can even damage the camaraderie in online communities, say developer communities.

Solution:

Regular security audits, in addition to easily accessible, legally enforceable, transparent records of each user’s digital footprint are essential to build trust among everyone in the Web3 community. Web3 app makers need to build customized working models for every country they operate in as per the country’s Constitution, court order histories and society values in order to be truly legally accepted and find success.

7. Powerful Network Effects of Web2 Platforms

Problem:

Web2 platforms like Google, Instagram, and Facebook owning Meta, Twitter and more operate on centralized models, placing tremendous power in the hands of these tech giants. They influence and lobby around to minimize the loss of their power and authority over the global tech ecosystem.

Solution:

Web3 platforms need to up their PR game and make their public image as more accessible to the average netizen not fluent in English, break down their technological model and business logic to as simple words as possible such that even a 5 year old can understand.

8. Limited Education and Awareness

Problem:

As stated in Forbes, a 2022 Harvard Business Review poll revealed that nearly 70% of the respondents—comprising over 50,000 individuals—are unaware of Web3. In addition, around 41% of netizens are tech illiterate and not tech savvy, so grasping the concepts of Web3 becomes difficult for them.

Solution:

The benefits of Web3 should be marketed in both mainstream & social media in easy-to-understand language in as many as vernacular languages as possible besides English, to cater to and address as many audience demographics as possible.

9. Ongoing Infrastructure Development

Problem:

The blockchain networks powering the Web3 landscape need adequate funding to process at least 500 millions if not 5.44 billions of transactions per day, because the estimated number of people using Internet all over the world currently is 5.44 billion, as per a report on DataReportal. Currently, the major blockchain network Bitcoin can process approximately just 1 million transactions per day, while another major blockchain network Ethereum can process approximately just 1.7 million – 2.6 million transactions daily. So, there is a huge demand-supply gap that needs to be bridged in order to facilitate a seamless transition from Web2 to Web3 worldwide.

Solution:

The blockchain networks should consistently pitch in for more funding, showcasing their growth potential concisely to attract the best investors in the market, for an aggressive infrastructure development in lesser time.

10. Resistance to Change

Problem:

The concept of Web3, the technologies powering it, the key companies supporting it, its user interface and operations – all are a 360° change from Web2. Concluding from the above points, at least 50% of the netizens worldwide do not have adequate learning and guidance for the much required all-round understanding of Web3. Naturally, they become resistant to a change from Web2 to Web3.

Solution:

Extensive, curated marketing campaigns should show in both mainstream & social media of how Web3 apps can solve problems that were hitherto very difficult / impossible. The ads should be in simple language, with subtitles and dubbing for as many languages as possible, to increase awareness among netizens all over the country and the globe.

11. Interoperability Challenges

Problem:

The concept of Interoperability connects the different blockchain networks to one another in the Web3 ecosystem, for communication, data sharing and synchronization. However, inadequate scaling of the blockchain networks pose a huge challenge in seamless interoperability on a regular basis today. Also, a lack of centralized regulations mean some regulations of one blockchain network does not agree with the regulations of another, making an overall harmony problematic.

Solution:

All blockchain networks need to abide by some common guidelines for information interchange and communication, just like how the World Wide Web (WWW) set common guidelines for all websites to conform to during launching Web2 in order to provide a better, consistent user experience across different browsers.

12. Monetization Model Transitions

Problem:

As Web3 is not centralized unlike Web2, the huge, almost monopolistic of the current tech giants over the Web2 market will very significantly diminish during the transition from Web2 to Web3. Then, the monetization model will become dependent on blockchain networks like Bitcoin and Ethereum. Also, many current Web3 apps’ monetization models are not-so-transparent and too technologically complex for an average netizen to understand.

Solution:

Transparent business models with clear pathways to break down the technological complexity will encourage more users to migrate to Web3 monetary transactions all over the world. Web3 app inventors need to work with lawyers and innovators of each country they wish to operate in, to build legally accepted and enforceable monetization models that are accepted by the central & state governments, to gain mainstream user acceptance.

Web3 is the most advanced version of the World Wide Web in existence and has a lot of hype and potential usefulness globally. It is acclaimed to be the next big revolution in the history of technology, a game-changing milestone that will change the lives of billions around the globe. Unfortunately, Web3 is not used mainstream on a large scale even today, although it’s been a whole decade since this term gained recognition & traction in mainstream media. This article will explore the key challenges behind why Web3 is still not used by around 76% of the global population, in today’s era.