Referred to as the third iteration of the World Wide Web, Web3 is based on the concept of verifiable digital ownership. Unlike the current version of the internet, Web3 users have the ability to own and maintain all of the information, digital collectibles, financial assets and more.
Web3 is built on decentralized Blockchain technology, the platform that underpins cryptocurrencies such as Bitcoin and provides them with unprecedented control over data, privacy, and security. Although cryptocurrencies have faltered in recent years thanks to the FTX scandal, blockchain technology is still going strong and will most likely play a central role in the growth of Web3.
The Web3 concept is already several years old and has reached the tipping point where future waves of adoption will originate from different channels compared to past waves of Web3 adoption. During the recent All-In summit, Coinbase CEO Brian Armstrong alluded to the fact that, unlike the first waves of adopters, new adopters are less willing to deal with the complex user interfaces typically associated with Web3 technologies.
Unsurprisingly, most of the consumer base isn’t very tech savvy, especially regarding new and complex technologies such as Web3, and would rather deal with simple and easy-to-use interfaces. Consequently, the nascent blockchain industry should strive to provide simple user interfaces to facilitate smooth Web3 user journeys and accelerate Web3 adoption among the general populace.
Web3 allows users to own and maintain all their information via noncustodial wallets that are entirely within their control. As such, users can choose to provide different internet protocols with “read-only” access to the contents of their wallets at their discretion. The utility these wallets provide is incredible, especially in emerging or restrictive countries where people do not have free access to the financial system.
Unfortunately, even though cryptocurrencies are steadily gaining regulatory approval, users still find it difficult to move and access on-chain value as the user interfaces connecting blockchain to traditional banking technology are extremely underdeveloped despite the banking industry’s massive size. Cryptocurrency wallets allow users to do anything they could do with traditional bank products, but since they have trouble transmitting value within the existing framework, Bitcoin’s attempts to position itself as a reasonable mode of payment have all but failed.
As such, people typically use crypto wallets to secure volatile funds. To ensure blockchain and cryptocurrency use accelerates, associated companies will have to invest in easy-to-use interfaces and provide smooth and seamless experiences for their users.
Entities such as Horizon Fintex are investing in the development of interoperable tools leveraging Web3 and Wall Street expertise to enable secondary trading and capital formation. Such efforts can go a long way toward bringing Web3 to more people.
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