Current Challenges of Web3!

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The internet we know is in the midst of a tectonic shift. The web is being rebuilt on the foundation of decentralized technologies, and it's happening faster than most people realize. But while many see this change as an exciting new chapter in the story of how information flows online, others are worried about what could go wrong along the way — especially if they're not involved in building out this new technology stack or don't have experience with blockchain development or programming at all.

In this article, we are going to discuss some challenges that come up when working with Web3. LFG!

Accessibility

If you've been following Web3 culture for a while, you know that public blockchains are for everyone.

For example, the Ethereum ecosystem is an honest, transparent community that welcomes all people regardless of their gender identity, race, religion, or creed.

However, if we're being honest here, not everybody has access to a smartphone with a decent data plan and even fewer have high-speed internet at home (or any Internet service provider). What's more likely is that these users will have limited bandwidth or no access at all because they live in rural areas where local governments don't prioritize infrastructure investment.

As such, most people will never experience Web3 because it's only accessible through expensive hardware such as smartphones and computers with fast connection speeds not everyone has those things!

Privacy/Security

People want to know their information is secure and that they can control it. As consumers, we don't want anyone stealing our data or using it in ways we don't approve of. In fact, data privacy and security are some of the most important elements to consider when developing web3 apps.

Web3 systems should be private. They should use encryption technologies to ensure that messages are encrypted before being sent from one party or service to another. This prevents anyone from reading them along their journey across the internet.

All user keys should never be stored on any server or node in the network, with users instead having full control over where their keys are stored. This means that even if a hacker were able to compromise a node or server hosting user keys, they wouldn't be able to use them because those servers would only have access to encrypted versions of those keys which aren't tied back directly into them (and thus can't decrypt them).

These are huge concerns in Web3 as of now as we have seen so many hacks have taken place in the past decade. They will not stop but we need a robust system first to handle most of them.

Regulation

The fact that regulation is important for the security and safety of the users, and for the growth of the industry, should be obvious to all. But what about adoption? Could there be a way in which regulations might actually help push Web3 into mainstream usage?

Crypto will not get adopted by everyone without the support of governments and banking bodies all over the world. We are still largely dependent on them and investors need their vote of confidence before getting into an unregulated market.

Scalability

Scalability is the ability to grow and expand. It’s what allows a company to stay competitive, as it grows from a small startup into an established enterprise. Scalability is also important for blockchain technology because it means that the product being offered can meet the needs of its customers on an ever-growing scale.

If it can’t keep up with demand, then those who want to use your product won’t be able to do so, which would be devastating for anyone hoping to build their own business off of yours. That’s why scalability has been one of the major challenges facing Web3 development teams—and why there are several companies working on solutions right now!

User Experience

As you can imagine, the current user experience of Web3 hasn’t been particularly intuitive. There have been countless hurdles to overcome when trying to use Ethereum or any other blockchain-based platform. For starters, it’s difficult for non-technical people to get involved with this new technology because of its complexity and steep learning curve. Not only do you need a basic understanding of how blockchains work but also about cryptocurrency and trading tools like wallets and exchanges (which themselves require some technical knowhow).

Then there are all the steps needed just to get set up on these websites: creating an account; downloading software/wallets; setting up permissions; sending funds between accounts; interacting with smart contracts and that’s just the tip of the iceberg! The fact is we have not yet created an easy way for people who aren’t technically inclined to jump into Web3 without feeling overwhelmed by their options or overwhelmed by lack of them.

Web3 Is A Mindeset

Web3 is more than just technology, it’s a mindset that requires a new way of thinking.

Web3 is not just about blockchain; it’s about integration and user experience of the internet. The challenge in building an application on top of blockchain networks is that we must first evaluate what problem we are trying to solve and then find the best way to do so at scale with minimal resources required by developers and users alike.

This means our applications need to be built in such a way that they can integrate with different blockchains seamlessly while still providing the same functionalities to users without requiring them to go through multiple steps every time they want something done.

Conclusion

I hope that this article has given you a better understanding of what Web3 is and why it's important. As the builders of the future, we need to be aware of these challenges so we can create viable solutions for them and get ready for mass adoption.

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