Over-Simplification Is Critical For Web3 Adoption To Really Kick In
Web3 exists in dog years, with one year feeling more like seven. Between the various hacks, ecosystem collapses, and bleeding-edge tech upgrades, it’s easy to forget that Web3 has only been around for a relatively short period of time. Those living in this anomalous bend in the space-time continuum may easily be forgiven for forgetting that Web3 hasn’t yet reached true lift off.
From a mainstream perspective, Web3 is still in its beta phase.
Despite Web3’s rapid growth, we are still living in a world that exists in relative isolation from the mainstream, non-crypto public. With all the noise, the concern is not if we are living in an echo chamber, but how to get out of it. For new entrants to this space the flood of information can feel overwhelming, for others, the feeling of being ‘too late’ may keep them from entering the game.
Make no mistake, Web3 has already begun to establish itself among the mainstream. For the past couple of years, the word ‘crypto’ entered the public consciousness largely through memes and the odd Elon Musk tweet, but for this industry to stretch beyond meme coins and media buzz we need to strip it back to its simplest form.
Simplification and Standardisation
Web3, Blockchain, or Crypto are all-encompassing terms for an industry that is actually made of dozens of sectors. And these sectors are expanding and creating sub-sectors. These sectors connect and collaborate, forming a cohesive whole while maintaining their distinctive characteristics. Tendril-like, they expand and grow; making up a thriving and interconnected network.
Of course, with a living, breathing, evolving industry - nobody can be expected to be a true expert for long. We need to step away from overcomplicating everything and make it just a little more relatable.
We also need to stop wrapping everything in Web3 branding. There is much to be said for a show don’t tell approach. This might mean people are able to perform transactions without any discernible difference from traditional methods, or it might mean being able to play your favourite game without having to think about the underlying infrastructure behind it. This is where the industry needs to focus its efforts.
For true adoption to occur, Web3 technologies must be as user-friendly as traditional platforms. The fragmentation of different ecosystems, protocols, and tokens overcomplicates entry for the average user. Streamlining these processes and creating a uniform experience across various blockchains will be instrumental in making Web3 more accessible and user-friendly.
The average user doesn't need to understand the intricacies of blockchain; they simply want a seamless experience.
This requires the elimination of any distinction between Web3 transactions and those conducted through conventional means. The end-user should experience a transaction with the same ease, whether it's for $4 or $65. The bridge between the two worlds must be seamless, requiring no specialised knowledge or complex processes.
Opening the Floodgates of Capital
Institutional involvement in the Web3 space is (and will continue to be) huge for global adoption. Currently, Web3 is not fully accessible to institutional investors. First and foremost, It is not fully regulated yet which makes institutional involvement risky. However, once the floodgates open, and particularly with the approval of ETFs for cryptocurrencies, we can expect a surge of institutional capital flowing into the Web3 market. This influx of capital will not only strengthen existing projects but also lays the foundation for new ventures to thrive.
Of course, as companies and enterprises seek to harness blockchain technology, the need for comprehensive, clear-cut regulations is critical. These regulations, when properly articulated and implemented, will serve as the foundation for mainstream regulation to flourish. Without which, the financial element of the industry will be severely limited.
Ultimately, I believe that adoption hinges on simplification and standardisation. Most people do not care what technology is being used as long as they get their jobs done, and they are able to do the things they normally do. As the industry continues to evolve, it is imperative that we recognise and prioritise simplification. Given how niche (and yet broad) the Web3 space currently is we can’t expect to convert the masses by simply telling them that they should convert. Instead, we need to show people that Web3 can make life easier, and not more complex.
Leave religion to the philosophers and theologians, and the Web3 drama to the bloggers and journalists. Our role, as leaders in the space, is to innovate, and to turn this innovation into practical and easy to access experiences and use-cases.
Damir Horvat
