The sluggish uptake of Web3 serves as a warning for tech visionaries. It’s intriguing how data can be misleading at times. When it comes to demonstrating the increasing recognition and understanding of Web3, experts often simplify the notion excessively. For example, they might claim, “A fantastic 90% of the population has even heard of crypto!” This statement is indeed correct. However, if we delve deeper into the statistics, we’ll also discover that only about 8% of the populace truly grasps the concept of Web3.
According to A16z, web3 is projected to reach a billion active users around 2031, following a similar trajectory as the internet’s growth in the 15 years after its inception. However, some may question the authenticity of this growth, suggesting it’s more driven by market speculation and fear of missing out on crypto gains, rather than widespread adoption. The web3 community itself could be a contributing factor to this perception.
Web3 people need to chill down
The crypto community played a pivotal role in driving the expansion of web3 technology from its early beginnings. Joining this group meant being among the first to embrace cutting-edge tech innovations.
Currently, the atmosphere in the community is dominated by elitism, making it off-putting for new members who aren’t as proficient in technical matters.
Focusing too much on intricate technological debates and advancements has caused us to undervalue accessibility and user experience. Rather than releasing numerous L1/L2 protocols repeatedly dealing with similar concerns, we should emphasize cooperation and wider acceptance instead.
Although we’ve made significant strides in technological development, we haven’t succeeded in making technology more user-friendly and welcoming for all.
Advocates of web3 urge more regular people to join the crypto and web3 community, but their behaviors don’t match their rhetoric. The absence of trust and transparency, along with an elitist atmosphere, makes it a daunting prospect for wider adoption.
In our community, many people choose to remain anonymous on platforms like X-Twitter and Discord. While this isn’t problematic in itself, it may not appeal to those with different priorities, such as a family breadwinner. For these individuals, concerns about safety, potential scams, and the risk of losing all their earnings make the current focus on anonymity unappealing. Security cannot thrive in completely anonymous environments.
The exclusive gatherings and costly conferences targeted mainly towards the tech-elite in the web3 community add to the problem. While industry meetups draw large crowds from among those already familiar with web3, there is a noticeable lack of events specifically designed for newcomers.
Currently, we are in need of more people who can act as evangelists to help us reach a larger audience. Although figures such as Vitalik Buterin are inspiring, we need many more individuals to effectively grow our community.
‘Adoption over innovation’ as the new slogan
In our community, it’s crucial to consider a shift in strategy, focusing on making web3 technology accessible to a larger audience before concentrating on further innovation. The allure of simplicity in traditional web2 methods can be hard to resist for many users, even with the potential benefits of web3 being clear.
In simpler terms, most mobile banking users aren’t required to understand the complexities of their transactions behind the scenes, they simply want a smooth experience. Similarly, for web3 technology to gain popularity, it isn’t essential for average users to grasp every technical detail about the “blockchain trilemma.” Instead, user-friendly web3 solutions that function effectively and address real-world challenges are what matters most.
The value of technology lies in its practical application. Therefore, it’s time for an upgrade of the antiquated international money transfer systems from the 1970s, with a priority given to solving current issues instead of dwelling on potential future advances. Instead of trying to supplant SWIFT, we should work towards assimilating our advancements into its infrastructure.
Partnering with prominent payment companies such as Visa and Mastercard allows us to create solutions with the potential to impact billions of users. Additionally, working with governments can help clarify the concept of web3 and demonstrate its capabilities in solving current challenges.
To ensure widespread use, focusing on product-market compatibility, user-friendly designs, and accessibility is essential during this important time for web3. As we move beyond the initial excitement, the next few years will determine whether web3 becomes a reality for the masses or remains an intriguing yet impractical concept.
Bakhrom Saydulloev holds the position of C-level executive and heads the product team at Mercuryo, a globally recognized payments infrastructure company. With a 13-year tenure in Fintech, he currently oversees the development of financial products for this platform, which enables fiat and crypto businesses to access various financial services through API integration. Armed with a Master’s degree in Computer Sciences and Entrepreneurship from the University of Warwick and additional studies at Harvard, Bakhrom’s educational background significantly contributes to his success as both a product expert and business development specialist.
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2024-04-21 16:42