The internet’s influence on our lives grew as it evolved. It shaped everything from what we read to what we wear. As the internet evolves, so too does our world. The new version of the internet is creating a lot of confusion among users. Web3 is the name of the third iteration of the internet. It is a free-source platform that does not require any intermediaries.
Web 3.0 is a concept that has existed for many decades, but it has gained traction only in the last few years due to NFTs, cryptocurrency, and blockchain. The Web3 concept is a new one for internet users and developers around the globe. It is because of this, that its adoption and application have become complicated, which has caused Web3 developers enormous challenges. We have listed here the top Web3 challenges developers still face, even though this powerful trend has been evolving rapidly.
Top 10 Challenges Facing Web3 Developers
1. Centralization Issues
Web3’s entire story is based on its reputation for being decentralized. This domain supports smart assets, cryptocurrencies, NFTs, and the metaverse. To make this technology more trustable, developers have integrated centralization protocols in different spheres. Even though customers may use decentralized applications to achieve their goals, the success of these applications is largely dependent on central infrastructure.
2. Web3 is Currently a Mess
Web3 is mostly managed by multiple parties. Blockchain technology allows all participants to agree on product changes. This means that there is no single authority responsible for data. There are no regulations or laws that dictate what content should be published. Although the internet has many laws and regulations that are based on content moderation and Web3 is still in its infancy, thieves and scammers might be able to take advantage of the system.
3. Lagging Application Development Pipeline
The process of integrating Web3 applications is slower than that of Web2. To speed up the process Web3 developers maintain client-side SDKs that are available for application developers. This development cycle is time-consuming and exhausting for both the protocol and application developers.
4. Web3 can be used as a Single-Platform Domain
5. Web3 has poor UX and UI ratings
Although users may be imagining a more advanced internet experience, they won’t expect a poor user interface or user experience. This is a major problem with Web3 applications. Web3 applications have been used by big tech companies like Google and Facebook. They are designed to be user-friendly and easy to use. This new domain is still in its infancy and has yet to grasp the importance of creating a platform that allows decentralization, offers security and is also user-friendly.
6. Complexities Surrounding Efficient Domain Scalability
When it comes to Web3 adoption and blockchain, domain scalability remains a major concern. A public blockchain will only be able to fulfill two of the three options: security, decentralization, and scalability. Many protocols had to abandon critical functions in order to avoid creating a domain of uncertainty and insecurity.
7. Increased Cryptojacking
Web3 has been made available to scammers for cryptojacking. The scammer simply steals the victim’s processing power and uses it to generate their crypto tokens. This also compromises the privacy and security of the developers.
8. Rug Pulls
A rug pull is when a malicious developer leaves a crypto project and robs all funds generated through that cryptocurrency. Web3 is mostly handled based on a decentralized model, so fraudsters can take advantage of the process to steal investor profits and create defense barriers.
9. Interoperability Obstacles
Interoperability refers to how different blockchain networks interact. Web3 users are less likely than others to think about owning assets on different blockchains. As long as asset transfers across blockchains remain insecure or impossible, Users have complained of feeling insecure and slow speeds, dependable applications that are not accessible to the general public.
10. Has Little to No Mainstream Businesses
Web3 may not be the only problem. Business leaders and business leaders recognize that Web3 has no real advantages in streamlining business processes. While businesses continue to embrace cryptocurrency, blockchain, and decentralization technologies, the Web 3.0 platform has not provided significant opportunities for them.