5 Problems Web3 Must Solve

As we all know, cryptocurrency adoption is not that high. So, what needs to change if you want to drive Web3 mass adoption?

Why do you need to drive Web3 adoption? For a more open Internet. After all, Facebook has shown us why a top-down, centralized internet is bad for us.

In our view, for Web3 to truly enter the masses, rather than just a household name, five key issues need to be addressed:

  1. dApps for mobile devices
  2. real everyday use cases
  3. Mass Market Education
  4. Reasonable supervision
  5. Enhance user experience

1. Building dApps based on mobile devices

Since 2016, mobile traffic has surpassed that of PC, and will increase by more than 60% by 2022, a month-on-month increase of 5%, while the number of mobile devices is still growing.

A lot of people in the web3 space ignore the fact that most internet users are on mobile devices and mobile dApps haven’t even existed yet. If the Web is to have any chance of reaching mass users, it has to be built on mobile devices.

Problems

This summer, Solana Labs announced the Solana Mobile Stack and Saga. Mobile Stack is “an open-source software toolkit for Android that enables Android Web3 applications on Solana through the Seed Vault secure escrow protocol that facilitates instant signing of transactions, while linking private keys with wallets, applications, and Android operations systems are separated”.

Saga is an Android phone built for Web3 that allows users to access decentralized applications. It is expected to enter the market in early 2023, which will be a big step for dApps to go to the masses.

2. Real day-to-day encryption use cases

Over the past few years, countless applications have been built as “Web3 versions of ____”. While this isn’t inherently wrong, the decentralized version of its Web2 product isn’t actually better and doesn’t take advantage of Web3 technology.

A lot of people are just trying to catch up with the market without really using any Web3 tools to add new features.

Currently, the real use case that is still visible is cross-border payments. First, the cryptocurrency market operates 24/7, and transfers happen almost instantaneously, faster than banks; second, because it does not depend on any bank or government, you can freely send any amount of assets without having to pay middlemen Fees; finally, it’s more transparent and you can see where the money is going. These advantages are not available in the Web2 world, and are the convenience that Web3 brings to users.

3. Mass market education

It’s human nature to be afraid of what we don’t understand. We know this, but we still can’t help but be skeptical and downplay new ideas. In 1999, people thought it was stupid to send money with “PayPal”. In 2008, video games were considered a “waste of time,” and now it’s a $2 trillion industry.

What’s annoying right now is cryptocurrencies. If you are reading this, you must have heard the usual slams from haters, “It’s all a scam”, “NFTs are just jpegs”, “Cryptocurrencies are just used to buy illicit stuff on the dark web.” Although industry insiders know these It’s a naive point of view, but mass users don’t know it.

Of course, the Web3 community as a whole can better promote its brand to the outside world. Getting users to Web3 is an industry-wide pressure that we must take seriously.

But it’s not easy. Imagine if you don’t know a language other than your native language, then you won’t be able to really integrate into the crypto community and understand what everyone is talking about in DC groups and Twitter.

“What do I need to do? What do I do with these passwords? Why am I the only one here who doesn’t know how to check the NFT I just bought?”

Education is very important. If more people understood what was going on, they would be less afraid and more likely to try and enter new territory.

4. Reasonable encryption supervision

Regulation is here. On June 7, 2022, the Lummis-Gillibrand Act was introduced to create a regulatory framework for digital assets. Here are some key elements of the bill:

  • No tax on transactions under $200 to encourage everyday spending
  • Stablecoins must maintain 100% reserves
  • Cryptoassets should be considered commodities, not securities
  • People have the right to self-custody of their digital assets

While it’s still early days, some form of regulation is on the horizon. While this may upset those in the DeFi world, clear regulation would be a good thing for mass adoption. This is related to the lack of education on the subject, but it is safer for users to invest their funds in regulated assets.

Especially after the collapse of Terra, the outside market still considers the cryptocurrency market to be the “Wild West.” Proper regulation would help improve the perception of the crypto market by some users, who at one point viewed the space as a scam.

5. Enhance user experience

Problems

While crypto products are getting better every day, the overall user experience is not yet optimal. Issues to be resolved include interoperability issues, unwieldy interfaces, no mobile dApps, and more. Most importantly, the learning threshold for external users remains high.

While many guides and Youtube videos are leading people through all kinds of learning, we’re talking about mass adoption here, and until it becomes intuitive, we still can’t see your favorite aunt sending you any NFTs at Christmas .

So, it starts with the gateway into the Web3 ecosystem – the wallet, everyone needs at least one wallet to start exploring Web3. However, the operation process of related products is not friendly to ordinary users. Therefore, only improving the user experience and providing users with easy-to-use crypto wallets can help more people enter Web3.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/5-problems-web3-must-solve/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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