Web3, the latest advancement in the digital world, has completely changed the game for tech-savvy engineers. However, for everyday internet users, understanding Web3 and its complex terminology can be incredibly difficult. The slang used in Web3 conversations, such as gas, gwei, private key, seed phrase, public key, ERC-20, BEP-20, L1, and L2, is enough to make the average person’s head spin.
Imagine needing to receive a cross-border payment when the banks are closed, and your friend, who is not proficient in Web3, is supposed to send you the money. They would have to navigate through the intricacies of Web3, and it is highly unlikely that you would receive that payment anytime soon. It’s like being told by a doctor that you have ventricular tachycardia during a symptomatic spell without any explanation or understanding.
Web3 has been on the cusp of a major breakthrough, eagerly anticipated for its mass adoption and integration into everyday consumer culture. However, its complexity has hindered its progress. Consumers are attracted to simplicity, and Web3 is anything but simple.
Part of the problem lies in the fierce rivalry within the Web3 space, which results in a shorter time to market and often neglects user experience (UX) and onboarding processes. NFT marketplaces, in particular, are cluttered and confusing for newcomers to Web3. The process of bridging between different wallets, the uncertainty of gas fees, and the high slippage make it a far cry from the simplicity of transferring money between traditional banks.
Web3 introduces a level of volatility that is not found in the regular tech space. Instead of focusing on creating simple programs that are inclusive and user-friendly, developers are primarily catering to the hardcore Web3 users. However, this approach limits the potential reach and transformational impact of Web3 technologies.
Furthermore, Web3’s security measures, which give users complete control over their funds and assets, make it unforgiving and expensive when mistakes occur. Unlike Web2, where transactions can be reversed or verified through transaction limits and name checks, Web3 transactions are irreversible. Users must navigate the jargon and choose the correct wallet type, whether TRC20 or ERC20, with no room for error.
These hurdles have made Web3 technologies appealing mainly to the native-hardcore Web3 users. However, in order to achieve mass adoption, Web3 needs to become more approachable and user-friendly. One way to address this is by choosing familiar and understandable vocabulary. Switching terms like private key, seed phrase, and dapp to password, backup, master password, and app, would make Web3 more relatable to everyday users.
Additionally, irreversibility is a significant concern for potential users. Implementing account abstraction, social recovery, and two-factor authentication (2FA) can help Web2 users feel more secure when it comes to Web3 transfers.
The good news is that breaking the ice with a mass audience is possible. Just as developers meticulously handle other core elements of a tech product, Web3 needs to prioritize UX and ease of use. Properly addressing irreversibility issues is essential, as mishandling them can be as fatal for a project as a flaw in code.
Web3 has the potential to offer real-world value and convenience to everyone, especially in tokenization and decentralized finance (DeFi). The ability to obtain loans using cryptocurrencies instead of traditional banking methods is just one example of the possibilities. However, the pace at which Web3 becomes accessible to all will depend on how approachable and user-friendly it becomes.
In conclusion, Web3’s complexity has been a major hindrance to its mass adoption. By simplifying language and prioritizing user experience, Web3 can break through the barriers that have prevented it from reaching everyday consumers. It’s time for developers to shift their focus from catering solely to hardcore users and embrace a more inclusive approach. Web3 has the potential to transform industries and improve the lives of many, but it requires a user-friendly, accessible ecosystem to achieve its full potential.