There is no doubt web3 will redefine the future of internet, but many challenges are yet to be overcome for massive embracement. FeverTokens is firstly about bridging the adoption gap, geared towards enabling smoother, safer and more efficient transitions to web3 and Blokckchain-based apps. Let's have a look at some of the main challenges lying ahead!
Before diving into the challenges, let's recall a few of the benefits that are pushing business embracing web 3.0. Web 3.0 refers to the third generation of internet applications, which promises further decentralization and leverages Blockchain-hosted smart contracts to enhance consumer privacy, control and benefit over data and web interaction. We might be just scratching the surface here, but here are a few advantages of web3:
- Users can control who uses and profits from their personal or business data.
- Dependencies and reliance on centralized platforms / intermediaries can be significantly or completely reduced.
- Organizations and individuals can create more robust, accessible and secure apps, with highly efficient customer journeys.
- Business can implement token ecosystems that are enabling custom financial logics and directly built-in their applications.
- Users digital identities can be encrypted in their own personal wallets and hardware (e.g. mobile phone, computer, etc.), and they can directly login and interact with the Blockchain and smart contracts.
Obviously, we are at the early stages of web 3.0 development despite the many advantages and opportunities we can think of. There are still many limitations such as the high complexity of Blockchain technologies, the poor understanding of web3 and smart contract implications (e.g. gas fees management, tech development requirements, crypto transactions, etc.), the talent shortage, unclear regulation systems and the lack of simple web3 integrations at the enterprise level.
Eliminating intermediaries and central control also transfers more responsibility on users' side. Full decentralization requires users to be able to secure their own wallets, being as well extremely careful and aware that Blockchain approvals and transactions are not reversible.
All of this means that more headway will need to be made at different levels, especially from the education perspective in order to level-up the crypto-literacy required to switch from regular web2 apps to web3. Technology providers such as FeverTokens have a key role to play in order to lower the barriers and allow most businesses as well as creators operate web3 apps seamlessly and securely.