Opinion: Let’s cease postponing the progress of web3 development if we desire increased adoption.
Disclaimer: The opinions expressed in this article are solely those of the author and do not reflect the views and opinions of the editorial team at crypto.news.
In each technological cycle, there comes a crucial moment when a gradual realization turns into an “aha” moment, sparking a widespread market shift towards a new model, platform, or archetype. This moment is rapidly approaching for web3.
Web3, driven by the ideals of transparency, reliability, and efficiency that the internet was originally intended to embody, is set to redefine how we engage with the digital world.
Since its introduction into everyday language, web3 has made significant progress, evolving from a conceptual idea to a tangible, albeit young, ecosystem of cutting-edge technologies and applications that have attracted billions in investments. It’s no wonder that major companies and global brands like JPMorgan, Google, Disney, and Goldman Sachs, among others, are increasingly taking notice and exploring ways to incorporate web3 principles into their existing business models to optimize operations and enhance the customer experience.
The potential for this new digital era to completely transform the way users, developers, and brands interact is significant. However, it would be premature to claim that web3 has achieved ubiquity.
We can already do a lot within the web3 ecosystem today, such as trading digital art and participating in community voting on proposals. Yet, when it comes to communicating with others in the web3 space, we, as web3 natives, often revert back to web2 platforms, undermining the very user experience we aim to improve.
For web3 to grow and realize its full potential, we need to stop relying on its predecessor and start focusing on building a sustainable, reliable, and secure web3 infrastructure that can onboard the next billion users and retain them.
During the early stages, developers were primarily focused on building without much consideration for onboarding millions, let alone billions, of users. The existing blockchain technologies that underpin the web3 ecosystem often posed constraints and limitations, making it challenging for tech innovators to develop and implement scalable solutions. Overcoming these obstacles and establishing a simple, essential, and secure infrastructure for web3 was never going to be easy.
However, with collective dedication and increasing strategic investments in infrastructure development, we are witnessing tangible progress towards achieving a complete end-to-end web3 experience. This progress includes improvements in user experience, the onboarding process, and security and trust.
Innovations in web3 messaging structures, for instance, open up new intuitive possibilities for seamless communication through applications that eliminate the need for centralized web2 services like email, social media, or text messages. Instead, web3 utilizes peer-to-peer networks to connect individuals directly, securely, and on their own terms, reducing vulnerability to hacking, surveillance, and censorship.
The potential applications of web3 messaging are extensive and offer significant value and opportunities to attract more people to the web3 space. This can lead to the emergence of novel communication methods and unlock new dimensions of interaction across various sectors, rendering traditional apps obsolete.
The upcoming year will be a tipping point for web3 projects aiming to position themselves favorably for the next wave of growth. To unlock web3’s true potential and achieve mass adoption, developers and leaders in the web3 space must prioritize infrastructure refinement instead of constantly pushing it aside.
We have the opportunity to make substantial progress towards realizing the true potential of web3 this year. Let’s prioritize it and seize this opportunity.
Read more:
Web3 needs to take a step back before moving forward in 2024 | Opinion
Jess Houlgrave
Jess Houlgrave joined WalletConnect as the Chief Operating Officer in August 2023. In this role, she leads the go-to-market, operations, finance, legal, and people departments. With a background spanning finance, private equity, and blockchain technology, Jess has been involved in the crypto space since 2015. Prior to joining WalletConnect, she served as the first crypto GTM and strategy lead at Checkout.com, a global fintech company with over 1,700 employees and 19 offices worldwide. Jess is also a founder and trustee of the Foundation for Art and Blockchain and a member of the Bank of England CBDC Engagement Forum. She holds an MA in economics and management from the University of Oxford and an MA in art business from Sotheby’s Institute of Art.
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