Summary
The article highlights the complexities and vulnerabilities of web3 and emphasizes the need for the industry to do better in terms of mainstream adoption and user-friendly solutions. It discusses the risks and challenges of web3 compared to traditional finance and identifies the need for improved security and user support. The article suggests the development of a hybrid system that balances self-sovereignty with assisted asset management and calls for the industry to address these critical problems.
Introduction
In the midst of technological advancement and the growing popularity of cryptocurrencies like Bitcoin, the article raises concerns about the complexities and vulnerabilities of web3. It urges the industry to stop comparing itself to web2 and to acknowledge the areas where it is failing in order to build real solutions for mainstream adoption. While acknowledging the positive aspects of web3, such as its community spirit and user-focused technology, the article points out the echo chamber effect in discussions about blockchain and highlights the interdependence of web3 and web2.
Main Points
The article highlights the risks and challenges of web3 compared to traditional finance. It emphasizes that web3 cannot exist without the traditional web infrastructure and raises concerns about the potential impact on web3 if major web2 services go down. The article also points out the complexities and vulnerabilities of the web3 space, citing incidents like the vulnerability of the Ledger Connect Library. It discusses the anxiety associated with web3 transactions, particularly in areas like gaming websites, where users have to second-guess the legitimacy of platforms and the security of their assets.
The article discusses the need for a balance between self-sovereignty and user support in web3. It suggests the implementation of solutions like dynamic key sharing, social recovery, and multi-party computation (MPC) to enhance security and user experience. However, it acknowledges that these solutions are not enough and calls for significant evolution in the web3 account systems. The article also mentions decentralized approaches to KYC and data control, but highlights the challenge of achieving widespread adoption for such platforms.
Conclusion
The article concludes by stressing the importance of addressing the critical flaws in the web3 ecosystem to achieve mainstream adoption. It calls for the development of user-friendly and secure systems that provide a web3 environment where users do not have to risk their entire digital wealth. The article urges the industry to focus on solving the root problems and not just building new applications and platforms. It emphasizes the need for human-readable transaction simulations, clearer on-chain protocols, and safer asset management strategies. The article encourages the industry to pivot where necessary and to prioritize the safety and inclusivity of web3.