Lately, there’s been no shortage of talk about the transition to Web3, a new digital frontier powered by blockchain and accessible via decentralized applications (dapps). But while many of the products created thus far are groundbreaking — offering verifiable digital ownership and access to new financial instruments — they still haven’t managed to galvanize mainstream adoption yet.
To reach critical mass, the blockchain industry needs to ensure that platforms and services are easy to use as their current-gen counterparts.
We aren’t there yet
The current landscape of the internet is still very much grounded in Web2 architecture. While users can access a range of services, each requires its own unique username and password and third-party platforms are typically still needed to process payments. While this model has ostensibly worked well enough for the past two decades, it’s been mired by the centralized control of big tech companies, which thrive on selling user data.
In Web3, services will all be interconnected and interoperable. Users will be able to transfer assets and value across virtually any platform. Often, they’ll even own these platforms and, importantly, their data.
Some of the groundwork for this future has already been laid down with the rise of smart contract platforms and, by extension, dapps. But, issues remain.
Take Ethereum, for example; despite its popularity, the network is struggling with some severe limitations. For one, current levels of throughput, around 15 transactions per second, simply aren’t enough to support the type of traffic that worldwide adoption would bring about.
Continue reading: https://venturebeat.com/2022/05/01/what-it-will-take-to-implement-web3/
To reach critical mass, the blockchain industry needs to ensure that platforms and services are easy to use as their current-gen counterparts.
We aren’t there yet
The current landscape of the internet is still very much grounded in Web2 architecture. While users can access a range of services, each requires its own unique username and password and third-party platforms are typically still needed to process payments. While this model has ostensibly worked well enough for the past two decades, it’s been mired by the centralized control of big tech companies, which thrive on selling user data.
In Web3, services will all be interconnected and interoperable. Users will be able to transfer assets and value across virtually any platform. Often, they’ll even own these platforms and, importantly, their data.
Some of the groundwork for this future has already been laid down with the rise of smart contract platforms and, by extension, dapps. But, issues remain.
Take Ethereum, for example; despite its popularity, the network is struggling with some severe limitations. For one, current levels of throughput, around 15 transactions per second, simply aren’t enough to support the type of traffic that worldwide adoption would bring about.
Continue reading: https://venturebeat.com/2022/05/01/what-it-will-take-to-implement-web3/
