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)
➡️ Continued from part 1 (Field Note #35) and part 2 (Field Note #39)
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)
- Challenges include (a) diminishing rewards as participation increases and (b) cost (gas, fees); see also Field Note 15: On "Metatransactions & User Experience."
The Details.