What do people get wrong in Web3

Understanding Web3
May 9, 2023

If you're a customer trying to navigate this confusing world, you may feel like Alice falling down the rabbit hole - everything is strange, unfamiliar, and sometimes downright frustrating.

Web3, the decentralized web, is an exciting new frontier in the world of the internet. It offers the promise of a more secure, private, and truly open web, where users are in control of their own data and can interact with each other directly, without intermediaries. However, Web3 is not without its challenges. Here are the top 5 challenges that Web3 currently faces:

1. Long onboarding process:

It's like trying to get into a fancy club with a bouncer who has a list as long as the Great Wall of China. Onboarding onto Web3 can feel like trying to get into an exclusive club - there are so many steps and requirements that it feels like you'll never make it through the door. But just like a fancy club, once you're in, the rewards are well worth the effort.

2. Complex authentication:

Once you've finally made it through the onboarding process, you'll need to authenticate yourself every time you want to access your Web3 accounts or applications. This typically involves entering your private key or recovery phrase, which can be a cumbersome and error-prone process.

3. Blockchain Native Wallets:

Once you've finally managed to get through the onboarding process, the next step is usually to set up a blockchain native wallet. This is essentially a digital wallet that allows you to store and manage your cryptocurrency and other digital assets. However, if you're not familiar with the intricacies of blockchain technology, setting up a wallet can be a real pain in the butt.

4. Blockchain interoperability:

Each blockchain platform is its own separate network, and it can be difficult or even impossible to exchange information or assets between them. This is known as the "blockchain interoperability" problem. Many blockchain platforms use their own proprietary tokens, and they don't always play nice with other platforms. This lack of interoperability can be frustrating for customers who want to use their assets on multiple platforms.

5. Scalability:

Web3 is still in its early stages, and many platforms are struggling with issues of scalability. As more users join the network, the demand for transactions and data storage increases exponentially. This can lead to slow transaction times, high fees, and other technical difficulties.

About Author

Praneet Sinha

Co-founder & CEO of MoonGate with 5+ yrs of building products in the space Web2 and Web3

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