What are the challenges facing Web3

Web3: Exploring the hurdles and obstacles in the development of Web3 technology

Blockchain technology is still in its early developmental stages, which presents a number of challenges for Web3. Here are some key issues that need to be addressed.

Scaling

Blockchain platforms currently struggle with scaling due to their limited throughput. This needs to be improved in order for blockchain-based applications to reach mass adoption.

In its current form, blockchain is not able to handle large amounts of data quickly enough to be practical for many real-world applications. This has led to a number of proposed solutions, each with its own trade-offs and risks.

One of the biggest challenges with scaling and Web3 is ensuring that all nodes in the network can stay synchronized with each other. This becomes increasingly difficult as the number of nodes grows larger. There have been some proposed solutions to this problem, but none of them have been fully implemented yet.

Another challenge related to scaling is handling data storage efficiently. As more data is stored on the blockchain, it becomes necessary for node operators to prune old data that is no longer needed in order keep their disks from filling up too quickly. Unfortunately, there is currently no standard way of doing this and different implementations often conflict with each other which makes matters worse.

Interoperability

There is currently no easy way for different blockchain networks to communicate with each other, which limits the potential of this technology.

The challenge with blockchain interoperability is that each blockchain has its own native protocol or token.

For example, Bitcoin uses the BTC token while Ethereum uses ETH. This means that in order for two different blockchains to interact with each other, they need some kind of bridge mechanism so that their respective protocols/tokens can convert into one another without losing any data or value in the process.

The most common way to achieve this conversion is through a decentralized exchange (DEX). However, DEXs come with their own set of problems such as high fees, slow speeds, and low liquidity.

Usability

The current user experience offered by most blockchain platforms is poor and often very technical. In order for mainstream users to adopt this technology, there needs to be a major improvement in usability.

Currently, most decentralized applications (dApps) offer a very poor UX compared to traditional centralized apps because they require users to unlock their wallets every time they want to make transactions or interact with smart contracts. This is not only cumbersome but also confusing for many people who are not familiar with cryptocurrency wallets and how they work. There are various projects working on solving this problem but until  better UX designs become mainstream, adoption of dApps will likely remain slow.

Security

Despite being touted as one of the main advantages of blockchains , security remains a major concern . Hackers have successfully stolen large sums of money from popular exchanges and wallets, highlighting the need for better security protocols.

While the decentralization of Web3 means that there is no single point of failure, it also makes it harder to secure against attacks. There have been a number of high-profile hacks on decentralized exchanges and other platforms built on top of Ethereum, which has raised concerns about whether these systems can be trusted with users’ funds.

Governance

Because there is no central authority overseeing the network, it can be difficult to make changes or reach consensus on important decisions. This lack of governance could potentially lead to forks in the chain (when different groups start using different versions of the software), which would fragment the network and reduce trust in the system overall.

On the technical side, one challenge is that there is no real standard for how governance should work on a decentralized web. This lack of standards means that each project or organization can end up developing their own unique solution, which can lead to compatibility issues down the road. Additionally, because decentralization is still a relatively new concept, there are bound to be unforeseen challenges that arise as we continue to explore its potential.

From a social perspective, another challenge related to governance is getting people to actually participate in decision-making processes. In traditional centralized systems, participation is often low because individuals feel like their vote doesn't matter or they don't have enough information about the issue at hand.

With decentralization comes more responsibility for individuals to stay informed and engaged in order make sure that decisions are being made in their best interest. Failure to do so could result in some very undesirable outcomes (e.g., someone else making all the decisions).