The following is a guest post by Bakrom SaydulloevProduct leader at Mercuryo.
Statistics work in a funny way. When experts feel the need to prove the growing acceptance and awareness of Web3, they oversimplify the concept by saying, for example, “more than 90% of people have heard of crypto, yay!” And yes, it actually is WHERE. But if you dive deeper, you will also see that only 8% are actually familiar with the concept of Web3.
A16z predicts Web3 will reach a billion active users by 2031, at about the same speed as the Internet – fifteen years after its launch. But this prediction is far from true.
The initial issues associated with the introduction of Web3 have also not seen any substantial resolution. The real-world applications that demonstrate how Web3 can benefit everyday people, not just industry enthusiasts, are still few and far between.
Netizens often associate Web3 mainly with money and things like NFTs, marketplaces and the metaverse. As the buzz around these terms wanes, perception is following suit – some believe that Web3’s relevance has diminished.
Web3 adoption is not growing nearly as fast as many in the industry seem to believe. One reason for this is its ridiculous complexity, both in word (terminology) and in action (user experience). No wonder Ethereum’s Vitalik Buterin say More improvements are needed to make the network inclusive.
Web3’s dependence on Web2 is more important than we realize. And the trajectory of Web3’s mass adoption depends on the lessons we learn from the experiences of our predecessors.
Web3 people need to relax
The problem is that Web3’s complexity and inability to connect with regular users are hindering its growth. And Web3 ride-or-die enthusiasts don’t make it any easier.
Think about the everyday act of paying for something online with a bank card. It works seamlessly – whether via payment card or Apple Pay. You enter the CVV or simply use facial recognition and the payment is completed. It has a known pattern of doing things that are important to end users. Take ChatGPT for example: a seemingly complex AI technology, but when presented in a familiar chat-like format, it doesn’t put people off. Instead, it seems more accessible.
Web3 lacks this kind of uniformity; there is no standardized approach that can be considered familiar and easy to understand. Some enthusiasts might say this goes against the core principles of Web3 and blockchain. But honestly, it comes across as gatekeeping.
These same enthusiasts would advocate for wider adoption, but their actions do not reflect their words. The lack of transparency, coupled with a sense of exclusivity, creates significant barriers to Web3’s adoption by the general public.
Blockchain’s anonymity is all well and good, but it doesn’t mean much to a typical breadwinner trying to provide for his family. Security issues, the possibility of falling for scams, and losing hard-earned money are all factors that make Web3 unattractive in the eyes of many. It is fair to say that security cannot thrive under total anonymity.
Isolating Web3 from Web2 and thwarting their integration seems counterproductive to me. If anything, it hinders progress towards a more seamless digital ecosystem. Instead, I can see Web3 as a system that builds on the foundation of Web2, allowing for the preservation of established frameworks while integrating the transformative aspects of decentralization. This would ensure continuity, a smoother transition and continued innovation.
By merging the best aspects of both domains and leveraging Web2’s superior user experience, clear regulatory framework and robust infrastructure, we are paving the way for a more inclusive and resilient digital landscape.
More use cases are the answer
The Web3 scene is still figuring out how to make the user experience resonate with regular users. But Web2 has already discovered that.
To address this challenge in the Web3 landscape, companies must actively create more use cases and bridge the gap to make Web3 seem more accessible. Take for example the recent development of Trust Wallet SWIFTwhich introduced account abstraction.
This innovation eliminates the need to remember keys and passphrases by integrating trusted, reliable Web2 technologies such as PassKey, which uses a mathematical representation of your biometric data to access your wallet.
There is room for improvement regarding terminology; moving away from lesser-known terms like “keys” and “gas costs” could mark the next step toward a more inclusive Web3. The common people long for tangible use cases and practical applications in their daily lives. So it seems to me that demonstrating a real simplification of this technology is the way to go.
Without a commitment to inclusivity, our community is in danger of shrinking, and we will not see the widespread adoption and growth of the Web3 market.
It is a timeless story in which wisdom is drawn and learned from the missteps and lessons of the past. In our case, learning from those who paved the way with Web2 is a logical step in the evolution of Web3, ultimately saving us time and resources. So let’s use it wisely.