Web 3.0, its adoption, prospects and obstacles

Web 3.0 will come to stay and will impact a number of industries including finance, fashion, law, IoT and other fields. The extent of the changes is to be assessed. However, its adoption will not be smooth and rapid with major hurdles such as technology cost, scalability, user experience and accessibility.

Dmitri Shichov

iOA LABS CEO

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Web 3.0 – many people believe this will change the way our data is stored and processed. But are we ready for it? Is the necessary technology already available? And finally, will Web 3.0 stay or is it a temporary trend that will pass in a few years?

Opinions range from strong Web 3.0 proponents, to middlemen, and finally, to those who deny that the concept is viable. But some things are indisputable.

Web 3.0 is supported by Elon Musk, Mark Zuckerberg and Mark Cuban. These people have already created products that have been tested for generations.

Blockchain, NFTs and cryptocurrency are the hot topics of recent years and fall under Web 3.0.

It’s a burgeoning technology that could change the way we store, share and own data.

Web 3.0 will affect all areas of our lives, including finance, fashion, art, legal, hospitality and others.

Sectors to be impacted

As I mentioned, all sectors will be affected. How? For now, the majority of developments are difficult to predict. But we can make assumptions.

The financial sector

Cryptocurrency and blockchain, the main components of Web 3.0, are currently changing the way of managing finances. Many users around the world enjoy trustless peer-to-peer transfers. The most promising crypto projects are already addressing scalability and energy efficiency issues. DeFi is changing the world of lending. Even if the resistance of the traditional financial system is strong, and we understand the reasons, Web 3.0 is on the move in this sector. It’s only a matter of time before it starts to prevail.

fashion industry

Here, I would have to talk about Web 3.0 in connection with the metaverse. Many brands build their communities in metaverses. They create virtual shops, sell virtual branded items, allow users to dress up their avatars, and more.

Source: https://metamandrill.com/metaverse-brands/

It’s not just a game. These activities reduce consumption levels and contribute to the protection of the environment. Instead of buying real items, users get virtual ones to dress up their avatars. As a result, fewer things have to be made and thrown away, and therefore fewer materials contaminate nature.

In addition to environmental benefits, Web 3.0 makes luxury items accessible from anywhere in the world. There is no need to search for a physical store, but instead you can log into a metaverse and get the desired items.

Data processing and storage

Users now rely on central servers to store and manage their personal data. Thus, if one submits personal information to create a Facebook profile, the data provided is stored on the company’s servers and processed by the company. The same thing happens everywhere. These companies are making billions of dollars from our data. How? They sell information to advertising agencies.

What do we regular users get from this revenue? With Web 3.0, users will own their data and process it independently. This means that all profits will belong to the users. Sounds good, doesn’t it?

internet of things

The Internet of Things (IoT) has already made our lives easier. But with the adoption of Web 3.0, this technology is supposed to move to a qualitatively different level. It will be decentralized, and the main benefits stem from this feature:

The entire network will be managed by community members.

Users will be able to manage the data collected by their smart devices: decide what data to share with whom and at what price.

Users will contribute to different aspects of the IoT network: providing computing power, space, connectivity, etc. In return, they will be rewarded according to their contribution.

Something else

This technology will impact everything. But for now, it is still difficult to imagine the magnitude of the impact. To a large extent, it also depends on us – the developers, the community and all indifferent people.

The transition will not be easy or quick

Is everything going to be okay? I doubt it, and there are reasons to. Leave the technology. The underlying infrastructure required for its adoption is very complex and can take up to a decade to build. But even when we do, other factors are delaying the arrival of Web 3.0:

Cost: we already know it with the blockchain. Even though the main attraction of blockchain was free transactions, over time this technology has become very expensive.

Scalability: It takes time to confirm a transaction in a decentralized network. This happens because each transaction must be broadcast to the entire network. It is time consuming and requires huge amounts of computing power. According to Intel, we need 1,000 times more power to run Web 3.0.

User experience: Existing web browsers do not support Web 3.0. To access Web 3.0 applications, you need to install MetaMask for Ethereum, Phantom for Solana, etc. You can’t just go straight to Web 3.0. For mass adoption, Web 3.0 must be easier to navigate and access.

Accessibility: current devices are not made for Web 3.0. Thus, even before the launch of Web 3.0, a massive upgrade of servers and user devices is required. It won’t happen right away.

Automobiles took 50 years to be adopted by the masses. For the Internet, only half that time was needed to spread to the masses. That’s why I expect Web 3.0 won’t lag too far behind. Many talented teams, including ours are working to accelerate the adoption of Web 3.0 and to make this technology last.

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