Will Web3 go mainstream?
By MYBRANDBOOK
The concept of Web3 has captivated investors and the tech industry for more than a year now. In some respects, Web3 is a successful re-brand of blockchain technology, a similarly hot trend that attracted growing levels of venture capital investment for several years until 2018, when funding levels faltered. That all changed in 2021: Investment into web3 startups suddenly zoomed up to $23.7 billion, according to startup market intelligence firm Pitchbook, and celebrities and musical artists have been lining up to back all things crypto.
Skeptics of Web3 and blockchain say Web3’s ideals of being truly decentralized don't work in practice.
In an interview, UK-based Dan Hughes, founder of Web3 startup Radix DLT and a cryptographer who spent years single-handedly designing his own version of blockchain technology, spoke about the technical challenges of Web3 and said that it could take up to a decade for it to go mainstream.
Hughes said one of the biggest challenges that could stop Web 3 from going mainstream is that it may be too “difficult or risky to use", which may not allow a lot of people to engage with it.
Further, he said that there were also regulations to consider. If the regulations go too far, that might be the final nail in the coffin. He also said, “My gut feel is five to 10 years. And by mainstream, I'm thinking of a billion users. This space is moving extremely fast. I've been part of a lot of cutting edge technologies in my time and this is by far the fastest moving space I’ve ever been involved in. A year here is 10 years everywhere else."
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