Blockchain towards mass adoption: the ‘Web3’ revolution

Comparison with Artificial Intelligence

Let us now take a step back. If blockchain has proven to have numerous advantages and potential, why is it not spreading more rapidly and not yet being widely adopted? To answer this question, it may be interesting to make a comparison with another revolutionary technology that is emerging and can certainly play an important role in the evolution of Web3: artificial intelligence (AI). AI has already achieved significant widespread adoption because of its ease of use and its integration into tools and services used on a daily basis. As complex as the technology is in itself, users do not have to engage in complicated paths or use tools such as crypto wallets to benefit from its potential, but can enjoy its benefits in a simple and straightforward way. Some popular examples that encapsulate great user benefits are virtual assistantssuch as Siri and Alexa, chatbots such as ChatGPT, and recommendation algorithmssuch as those of Netflix or Amazon. 

In addition, it is common to observe companies that, in order to demonstrate that they are at the forefront of innovation, incorrectly focus more on communicating the fact that they are using blockchain technology, rather than on the benefits that users can gain from it. In contrast, in the field of Artificial Intelligence, there is more emphasis on the purpose rather than the means. This implies that users do not necessarily have to understand the complexity of Neural Networks or other underlying technologies, but can use the services and benefit from them in an immediate and intuitive way. The Blockchain world has much to learn in this respect, but it is taking steps in the right direction. 

Web3’s future 

The spread of cryptocurrencies such as Bitcoin and Ethereum, along with NFT projects, has made blockchain technology one of the most promising trends in the technology industry in recent years. However, following the events of the past year, the enthusiasm around this innovation has been significantly diminished. In order to fully understand its evolution and actively participate in its growth, however, it is not only important to analyze the past and present, but also, and more importantly, to turn our gaze toward the future. In this chapter, we will explore the possible directions in which blockchain technology might evolve, and the opportunities it might offer in the context of the emerging Web3 concept. 

What is the future of blockchain technology? What are the next steps toward mass adoption? In this context, one of the key terms that is emerging is precisely that of “Web3.” This now-popular Web3 can be defined as a decentralized and more democratic version of the current Internet, which uses blockchain as the determining tool. The name derives precisely from a contrast to Web2, in which data and content are instead centralized in a small group of companies often referred to as “Big Tech.” The term Web3, initially coined in 2014 by Ethereum co-founder Gavin Wood, has actually gained considerable popularity only in recent years, growing exponentially in 2021. 

It is this increase in the frequency of use of the term “Web3” that I believe represents an important steptoward mass adoption of this technology. The adoption of the Web3 concept makes blockchain technology more accessible and appealing to the user, stimulating curiosity and interest. This is because, given the not-always-positive reputation of the crypto world and the difficulty of many users in approaching new technologies, the use of innovative terms such as “Blockchain,” “Crypto,” and “NFT” often risks having the opposite effect of the desired one, scaring and driving away customers and users. Web3, on the other hand, draws on a concept known to the vast majority of people, the famous “Web”: a tool that is accessible to everyone, used for information research, communication, and the daily exchange of content in a global and instantaneous manner. 

But as much as the use of more user-friendly terminology is critical, it is certainly not enough for achieving mainstream. To achieve mass adoption and increase the popularity of Blockchain, NFTs, and Web3, it is necessary to focus on two factors:

1. Communication of the benefitsthese tools can provide.
   
2. The elimination of complexityat the level of terminology and usage.
   

First, it is essential to carry out a “rebranding” of the Blockchain world, as the distorted and often negative portrayal in the mainstream media of this technology as a source of fraud, scams and speculation can discourage users from approaching it. As such, it is necessary for companies and enthusiasts to focus on the benefits and innovative aspects of Blockchain and Web3 in order to highlight its positive potential. Second, it is essential to eliminate the technical difficulties that prevent the strengths of these technologies from reaching the end-user and business experience. This means on the one hand reducing the overuse of terminologies that are still too distant from consumers, and on the other hand replacing and addressing mechanisms native to the crypto world that make the experience complicated and often inaccessible, such as crypto wallets, gas fees, and seed phrases.

In concrete terms, there is still a strong gapbetween the Web3 world and the end user, which results in an obstacle for the deployment of blockchain-based applications and the creation of value in their ecosystem.

To overcome this barrier, it is therefore essential to get closer to the user by adopting a hybrid approach, also known as “Web 2.5.”This approach involves using the tools already popular and well-known in the Web2 world, such as using credit cards to make online purchases, combining them with Web3 infrastructure such as blockchain networks. For example, the introduction of ERC-4337on Ethereum and Coinbase‘s new Wallet as a Servicefor overcoming the need of wallets on the users side, are good examples of how adopting a hybrid approach can help facilitate the use of blockchain applications and make the technology more accessible.

Final thoughts 

In conclusion, Web3 represents the future of the Internet, in which the use of decentralized technologies such as blockchain enables the creation of more secure and transparent applications. In this regard, many companies are beginning to adopt blockchain technology and integrate Web3 capabilities into their products and services, and we are slowly witnessing a revival of the crypto market. 

However, mass adoption will take time and effort, as this technology is still poorly understood by the general public. Indeed, as of today, it is clear that many of the companies joining Web3 do so only with the intent of not risking being left behind, but large-scale adoption will require positive rebranding and increased awareness of the upsides offered by these innovative applications. 

Nevertheless, the benefits offered by Web3 are undeniable, and its large-scale adoption could lead to an increasingly decentralized future, where end users will finally have more control over their own data and online interactions. Therefore, continuing to focus on the benefits of blockchain technology and its potential while trying to rebuild the user experience could be the key to accelerating its mass adoption and creating an increasingly innovative future.