Today we can observe a large number of applications and developer whose work is based on blockchain. Web3 was not “invented”: it simply happened. The combination of cryptocurrencies, NFTs, metaverse, and of course different blockchains, gave birth to a new network. A new way of understanding the Internet as we know it.
Strongly challenged by the more traditional, the new network has nonetheless developed thanks to those who see in the new network several opportunities for the future.
From decentralization to the speed of transactions, from the most total freedom in promoting content to the ability to develop potentially anything.
This is the Web3 dominating the attention of crypto traders around the world. But why has it not yet outclassed the old Web2? The answer is not long in coming.
The 5 blockchain limitations to Web3 development
There are 5 reasons holding back the ultimate expansion of the blockchain world, and we will see them all:
1. Scalability, first hurdle
For the uninitiated, this is the No. 1 concern of developers. Scalability worries everyone and it also often affects the price of cryptocurrencies. How? Quickly stated.
Scalability is the ability of a network to process more transactions per second and is obviously the core around which a blockchain revolves.
Unfortunately, for now it seems that scalability is a problem for many applications. If there are too many people making payments the network can slow down tremendously, even to the point of crashing.
You will understand well that it is impossible to think that Web3 can overtake Web2 if it cannot first support the huge amount of transactions that the whole world makes on a daily basis.
2. User experience in Web3
And what do the users think about it? Unfortunately, they are certainly not happy about it. Another limitation that is slowing down the on-chain world is UX (user experience).
Of course, talking about UX means taking into consideration the relationship between us users and the system we are using. Are we satisfied with it? Is it something that is effective?
When these questions turn to Web3 the answers are not largely positive. In fact, often interacting with blockchains, or dApps, requires other software or special education, making everything more complex.
3. Web3, user accessibility
Obviously then, classic browsers do not make things any easier. If we think of Google, or Yahoo, rather than Mozilla Firefox, these browsers do not support new applications and systems based on digital assets very much.
This does not make it easier for users to access the Web3. Given the fact that most Internet users take advantage of classic browsers, without integration that facilitates access to the cryptographic world, there will never be a spotty spread.
The only ones who will access the on-chain news will be a few experts or the most curious who know where to look. That has to change, of course. How else will the cryptographic network get its rightful place?
Read also: Top 5 tech companies involved in the Web3
4. Costs still high
How much does it cost to use Web3? The answer is not just one, but we will not go into more detail than we have to.
Just think that in 2022, transactions on Ethereum (the most famous blockchain for smart contracts) had a gas fee as high as $62! It is not easy to imagine having to pay that much for a transaction, especially if we make transactions on a daily basis.
Sure, the average for Ethereum dropped to $34 and sometimes it was possible to pay as little as $5, but these are costs that still need to be brought down if you want to win over users.
Will new crypto-based software want to break down the walls of Web2? They will have to start discounting fees.
And let’s not forget that more and more people are starting to take an interest in asset tokenization, which could give more reason for crypto companies to lower their costs and push more and more users into their ranks.
5. Trust: Web2 or Web3?
Last limitation, but unfortunately a huge problem in the industry. We have talked about it before, but until companies can create a way to reassure investors, Web3 can never surpass Web2.
Crashes, high volatility, bankruptcy-these are the things that the blockchain world has been most on everyone’s lips about.
Today we are talking about Proof of Reserve, third parties to check the balance sheets of crypto companies, but will that be enough?
For now, it seems not, and we certainly cannot believe that things will improve unless this climate of distrust gives way to greater user protection.
It seems close now, but Web3 still has these 5 problems that limit it in no small measure. Hopefully, the limitations will be resolved because the time is ripe and the Web awaits this now iconic digital revolution.