5 Reasons Why Web 3.0 Will Fail?

Do you really need to waste your time learning Web 3 if it is just a failed idea?

 

Intro

For the majority of people, Web 3.0 sounds like one more buzzword used to promote crypto scams or get a piece of hype. For others - it is decentralized web applications where a network of people control theri own slice of the internet. Where the data is managed with samrt contract and crypto, rather than owned by Google, Meta, and Amazon. The idea looks quite romantic but is implementation realistic enough? Or it will reamin only in the dreams of the crypto subculture and never become mainstream. We are going to answer this question, but first, let's look at the downside of Web 3.0 perspectives.

 

1. Web 3 is Chaotic

The mina feature of Web 3.0 is decentralization, which menas the web application is strored in a blockchain. The owner is all participants of blockchain, and they decide on the product changes throught the consensus.

 

The main point is that there is no single authority that takes reponsiblility for the data. There are no laws or regulations to define what a program or content can be published. It will be a huge headache to control it and find who will be responsible for harassment and scam content. The regulation is far away from technologies and it will make more scammers find out new ways to abuse the system.

 

 

2. Web 3 is Hard to develop

The Web 3.0 applications are colled DApps, or decentralized applications. The codebase will be distributed across the blockchain and the data stored in peer-to-peer networks. There are more isseus coming from this architecture:

 

- The consensus approach is slowing down development;

- The application will depend on the particular blockchain that may have soem issue;

- Depending on third-party tools that provide services to build the app (such services are still very new and didn't prove themselves in logn run);

- Debuggin and testing problems.

 

3. DApps are not actually decentralized

Technically - yes, DApps are residing in blockchain and fueled with crypto, but soem had to create this blockchain campaign and launch the token. If your take a loock at the stats:

You will notice that a large part of the blockchain industiry is controlled by vulture capitalist and silicon valley insiders. If your are planning to build your Web 3.0 app in soem of the blockchains, be aware that it can be shot down anytime by the manipulation of some limited group of people who own the mojr crpto market.

 

4 No benefit for mainstream business

Therretically, any web application can be built using the Web 3 stack. Well, cryptocurrency, blockchain, decentraliztion sound great, but what is the point to convert your business to a decentralized application, it is equal to giving away your assets for no reason. THere is no clear understanding of why everyone has to do it, for example, banks. Too many people are working in the financial industiry, and making life on it, and suddenly, they have to give up their job and business. Blockchain technology is powerful and perspective, but it will take time to find the best use of ti.

 

5. Crypto crush will ruin all Web 3 perspectives

Cryptocurrency (tokens) = are the main source of paymnet for any transcations in the blockchain, and there is no way Web 3 can exist without it And crptocurrency doesn't bring any otehr values, you can not buy a house or car using crypto or NFT. It makes the crypto market quite fragile. Ironically, it exsits only because of groups of enthusiast and spectualtors. On the other hand, the price of some cryprocurrencies is skyrocket without any meaningful reasion. Such a bubble can explode at any time, and a domino effect wil make Web 3 fade in the past.

 

Conclusion.

There are still alot of isseus to solve in Web 3 to make it more human-friendly. For some people, it will be a major argument to exclude such technolgies from their life, because such a future will never come tru, and they will be right. For others, it will be a huge opportuinity to make this future closer and take a benefit of it. SOme msarkt human said: "Pessimusm sounds smart, but optimism makes money."

 

And if it goes mainstream you will be glade that you stated early.