Given the technology’s initial widespread recognition and global participation, one might assume that achieving full adoption would not be a hurdle.

The web3 user’s experiences can be daunting, making it somewhat challenging even for the “tech savvy”.

The technical expertise required to navigate a web3 Application is tedious, even a seemingly minor mistake could result in loss of funds.

What could possibly have gone wrong?
Why has web3 not been fully adopted?

The Problems

1) Security breach
It is not everyday you wake to news of hackers absconding with money in traditional banks.
But welcome to web3, where you wake up and get served news like “the database of Mixin Network’s cloud service provider got hacked for $200m” as if it were breakfast in bed.
The risk is so high.
You find yourself bracing against the volatility of cryptocurrency while simultaneously tussling cyber threats from hackers

2) Loss of Password = loss of tokens
If you lose your password, the only way to gain access to your wallet is through your seed phrase which is found in your wallet. If you do not have your seed phrase saved somewhere else, then your tokens are gone.
Initially, the idea behind non-recovery password was to secure users funds, and due to the decentralized nature of the blockchain, prevent a single entity from storing users passwords. In the long run, it has become clear that this is a deep flaw, which is enough to scare people.
Imagine losing the money in your bank account forever, because you forgot the password to your debit card and there is no means of recovering it.

3) Gas fees
In web3, you pay for everything because every call to the blockchain requires gas fees. Firstly, you receive tokens in your wallet, then to transfer the tokens out, you need gas fees.
Gas fees are in Ether, and Ether is expensive. Users do not want to be burdened with the task of sourcing for gas fees for every transaction they carry out. They will rather the fees be deducted from the available tokens in their wallets.

4) Government policies
When the government of a nation doesn’t support an innovation, it can have an adverse effect on the adoption and reception of that innovation by the people.

Lack of government support results in a decrease in people’s confidence and trust in the authenticity of web3, which inadvertently limits funding and investment.

With SEC’s increased regulatory measure further heightening the doubt surrounding the future of web3.

It’s evident that the government wants control, but fortunately web3 is decentralized

The solution

The web3 community is aware of these issues, and as front-liners, they get the most hits. It became clear that a solution was needed, and so they came up with a plan or what they call – a proposal.

The proposal proffer solutions to:

1) Gas fee

It does not remove the payment of gas fees, because gas fee is needed to incentivize validators who help keep the network secure.
Instead, it allows someone else to cover the gas fees on behalf of the user. Additionally, users have the option to pay gas fees with other tokens (not just Ether).

2) Eliminates seed phrase as a password recoverable method, and Introduces other password recovery methods such as: biometric verification, recovery through trusted third party .e.t.c
It makes sense because the Seed phrase comprises 12 different words. If a user cannot remember a password, how much more seed phrase?

While the proposal does not solve the security issue, Web3 companies should increase their budget to enable more hiring of security auditors, aiming to reduce the frequency of crypto hacks.
This is a major issue in web3, as there is a need to gain users’ trust once again. Users need to have confidence that their funds are safe,

They are different Improvement proposals to bring the much needed changes to the blockchain, aiming to give us the web3 of our dreams.
A Technology, where an average user can hop on and carry out transactions seamlessly, without the knowledge of the underlying processes involved.

Web3 should be simplified for users. It should be a technology for both the young and old.