This is my full response to a Wharton Business School article entitled: “Why Web3 Won’t Go Mainstream — Yet“
I’m in agreement with the article. From my perspective, AI is the first pillar of Web 3 to gain mass adoption. People understand generative AI and benefit from it immediately, and it’s going bananas right now. Crypto is also a pillar, but it’s going through a winter and subsequent consolidation. Metaverse is struggling, but will consolidate and grow with time. I believe that in order to realize the egalitarian vision of Web 3, companies must employ trustless reward systems, as well as revenue sharing models. Web 3 gaming with play-to-earn models will drive mass adoption, and this is an important step in ensuring that everyone who is willing to participate can reap the benefits of decentralization.
To address the usability and security challenges that currently plague the space, user experience designers and usability engineers should be brought in. Additionally, simple texts can be used to demystify transactions and flag dangerous ones. Crypto wallets can offer timely information about the potentially malicious nature of contracts users are interacting with, and educational resources can help safely onboard more users into the space. Web 3 companies should also be transparent about their trustless systems and how they split revenue.
It is not enough to just talk about equality and egalitarian systems; people should ask tough questions about the trustless nature of Web 3 and point out any discrepancies between what is being preached and what is being practiced. Only then can Web 3 become the new paradigm and reach its full potential.