Field Note #60. On "Main Web3 Challenges"

Source: Qin Wang et al., "Exploring Web3 from the View of Blockchain," avail. online at arXiv (June 2022)

The Main Idea.
Wang et al. map the current Web3 development and adoption challenges to the application, system, and economy (+ legal) domains.

(1) Application Level (User)

  • Challenges include (a) composability (particularly back-end composability), (b) high switching / migration costs from Web2 apps, and (c) self-custody / key recovery difficulties for the "average" user.

(2) System Level (Blockchain)

  • Challenges include (a) scalability, (b) interoperability, and (c) security.

(3) Economy Level (Markets, Incentives)

The Details.

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