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Most people behind the hype of Web3 are trying to make a quick dollar. However, Web 3.0 is a certainty although it is still a distance off.
If you want to participate long-term and strategically, it is important to understand the challenges of the underlying infrastructure upon which the new virtual world is being built.
When blockchain was first envisioned, one key attraction was costless transactions. It turns out to be very expensive and energy-intensive. However, there is a huge shift towards using more eco-friendly methods of natural gas, hydroelectric, wind and solar projects rising to power crypto mining.
At a granular level, there is a shift toward decentralised apps that use very little code on the blockchain to restrict transaction costs, and startups work on ways to monetise the network to offset those costs.
In a decentralised network, transactions become slower because every transaction has to move through the entire peer-to-peer network, or it requires high "gas fees" to speed up transactions.
The leading microchip manufacturer in Intel states that we'll be at 5 - 10 times our current computing power over the next five years. For Web3, we need to be at 1000 times. Software innovation is also occurring faster, but the gap is still huge.
There is a very steep learning curve involved in Web3. Your existing web browsers don't support direct access to Web3 experiences. Instead, you need several browser extensions or plug-ins for the essential benefits.
Web3 needs to become much easier to access and navigate for mass adoption. And then educational content and training about getting started are still needed.
Elon Musks' Starlink is still trying to bring internet connectivity, i.e. Web 1.0 and Web 2.0, to the developing world.
We also need mass-scale hardware upgrades to servers and end-user devices as the current mobile and IoT devices are not ready for the Web3 revolution.
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