Challenges facing the adoption of Web3 

May 5, 2023
Yuliya Prokopyshyn


View profile

The past couple of years have shown us that the blockchain technology undoubtedly has a potential to revolutionise many aspects of our lives, from the way we interact with each other to the way we conduct business. However, the blockchain technology has to overcome a few barriers to reach its full potential, one of, if not the most significant ones, are user adoption and understanding. 

I well remember my first experience with the blockchain technology, being a trainee solicitor who was thrown into a growing blockchain team and not being able to understand a single thing. I was fortunate enough to have an experienced team who was willing to educate me on various legal and technical aspects on this fast-evolving space. That said, I still had to spend numerous hours googling what terms “smart contract”, “private key”, and “digital assets” meant and trying to understand which part of that information was reliable, and which was a misinformation.  

This reflection brings me to my point that entering Web3 space can be extremely difficult for beginners because of the entry barriers, namely user accessibility, lack of educational resources and jargon surrounding this space. For instance, there are a lot of Web3 platforms that only allows you to use them once you link your digital wallet to it and only make purchases by using crypto currencies. However, if you have never used a digital wallet before, you will likely experience some frustration while trying to find the right digital wallet, then setting it up, and by the time you will be ready to use the platform, you will likely be annoyed enough to ditch the whole idea all together.  

This experience might have been easier if the jargon surrounding the Web3 was not so confusing. Let’s take NFTs as an example. If I told a Web3 beginner that I’m planning to buy an NFT that is recorded on a blockchain, I don’t think our conversation would go far. However, if instead of using the Web3 terminology, I explained to them that I want to buy some unique virtual art that will be recorded and stored on distributed digital ledger as it will allow me to prove its ownership and easily sell and transfer it to other individuals, I’m sure I would have sparked some interest there. 

While we have come far from when I was trying to find some information on the blockchain technology, there is still some lack of educational resources available to newcomers who are keen to learn about Web3 space. That said, if you have a drive to learn about exciting world of Web3 and how blockchain technology can elevate your virtual experience and help you with your day-to-day work, breaking into this field quite possible, especially if you are follow these tips: 

  1. Don’t be scared of jargon – While it would be easier for Web3 beginners if we called a “smart contract” a “self-executing code deployed on a blockchain” to avoid any further question, it’s not very practical in reality. Hence, start from learning the Web3 terminology – this will likely make this space way less scary as it appeared from the outset. 
  1. Don’t get the lack of technology understanding to off-put you – This might be the most common mistake that many professionals make. You do not need know how to code or perfectly understand how the underlying technology works in order to transact in digital currencies, access Web3 platforms or even work in this field. 
  1. Use the educational resource provided by the Web3 companies – While trying to google every single Web3 related question might seem like the way to go, there is still a lot of misinformation floating around. Instead, try using some of the resources provided by Web3 companies (there are many free out there). Not only this will give you some reassurance that you can rely on that information, but also makes it easier to have everything in one place.  

Believe it or not, but the Web3 space is much more inclusive than you might think. Once you manage to brake through its entry barriers, you will likely experience a fascinated decentralised word of limitless opportunities and become one of the key blocks to the Web3 mass adoption. 

To find out more about our Crypto team click here. 

To receive all the latest insights from gunnercooke to your inbox, sign up below