Web3 Is Inevitable, Just When? And How To Be Ready For it?
Thanks to blockchain, Web3 is mediator-free; the data that powers it is duplicated and shared among all devices interacting with it, from mainframes to mobile phones. Let’s see when will it go mainstream and how can we adapt to it?!
Web3 is inevitable but…
The core of Web3 is a revolt against our data being held by someone else. Our networks and data become completely portable on Web3. The experience becomes more democratic when the data is made more accessible, and this could lead to the end of the curated social experience monopolies currently held by companies like Meta, the owner of Facebook, Twitter, Netflix, and Amazon.
In theory, changing our website habits shouldn’t cost anything, but in practice, the situation is very different. Most people involved in Web 3 activities are fairly technically savvy, much like at the beginning of the web. Non-fungible tokens (NFTs), the decentralized finance (DeFi) ecosystem, or any other type of self-organized business, including decentralized autonomous organizations, are not used by the great majority of the population (DAOs). We must navigate a challenging and steep learning curve.
Web3 is currently held back by scaling issues, energy costs, and compute power.
Blockchain was designed from the beginning to allow free transactions without the addition of “value add” fees from middlemen. However, running a blockchain is proving to be quite energy-intensive, therefore most decentralized apps only place a very little amount of code there to reduce energy expenditures.
Although there have been advancements in power generation and application monetization, they currently pose significant obstacles to the creation, adoption, and maintenance of these new networks.
The issue of scalability is another. Response times are more likely to slow down as a decentralized network grows larger. Every transaction must go through the entire network, including all of its nodes and devices, so as the network grows, latency and the need for computing power also increase.
According to chip manufacturer Intel, Web3 will require more than 1,000 times our current computer power but we may get 10 times as much in five years.
Quantum computing is far behind in terms of investment priorities for most businesses, according to our most recent Pulse study. Quantum computing is the focus of investment for less than 1% of technology leaders. The hyperscaler and social networking companies, including Microsoft, Google, and IBM, are, however, very much thinking about quantum.
Exhibit 1: A low priority for the IT leadership is the implementation of quantum.
Moore’s law predicts a 20-year delay, yet there is quantum technology.
Moore’s law predicts we will reach the level needed for a fully functional Web3 in 20 years, which is 1,000 times today’s processing power. That timescale might go along much more quickly thanks to quantum computing. Three years ago, Google’s experimental quantum computer was 158 million times quicker than the quickest conventional supercomputer at the time at doing calculations.
In addition to upending practically everything else you can imagine, a quantum leap would instantly provide the power needed for Web3.
The main impediment is poor user experience, but that can be changed.
The biggest obstacles to the introduction of Web3 might not be cost and scalability. Most likely, our perception of it will be what prevents its acceptance. An intuitive, user-friendly interface is far from what Web3 offers.
There is a lot to learn, as anyone who has set up their cryptocurrency wallet or played with other blockchain delights can attest. Additionally, Web3 might not be accessible using your current web browser. To experience even the fundamentals of this new paradigm, you’ll need a variety of plug-ins and extensions.
Exhibit 2: The evolution of the web and its future.
There is no opposition from the current Web2 stars.
The fact that Google Cloud and other companies like Facebook (Meta) are investing in Web3 shows that the current “winners” of Web2 won’t stand in the way of Web3. This is significant since they now have access to and ownership of data due to the Web2 infrastructure, and they must give it up in order to provide Web3. The fact that Google’s connectivity-focused cloud business is currently growing faster than its data-driven advertising arm may be an indication of this new reality.
Exhibit 3: Concentrate efforts and resources where there is the highest chance of producing value.
The Verdict: Web3 is on the way. Start honing the abilities that will enable your business to thrive in a decentralized environment.
Calculations and estimates differ. In five or twenty years, Web3 might be widely used. Bill Gates said, however, “We usually overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.”
For the HFS perspective on how Web3 coincides with and promotes the expansion of the HFS OneEcosystem, first catching up with our prior POV, Web3 can finally achieve the internet’s promise of a democratized experience.
Next, improve your skills. To really understand DeFi, try putting up a wallet to accept payments. Before the gold rush begins, consider purchasing an NFT domain for your website’s URL, wallet payment address, and universal username.
Please take a moment to review Exhibit 3, our fast guide to which blockchain-enabled initiatives offer the most value creation potential for businesses in the near future, for our guidance on which Web3 domain is most nearing readiness for “prime time”