Challenges and outlook for Web 3.0
Web3 is still in its “infancy” and has to overcome significant challenges. For one thing, the speed of data transfer is still much too slow. For example, a wire transfer over the Web2 based Visa network is much faster than a Web3 based Bitcoin transaction. Furthermore, decentralization must still be viewed critically. This is because Web3 is still heavily dependent on the intrastructure of Web2. Crucial innovative structures and processes still need to be created to implement the vision of a practical decentralized Web3. In the medium term, it is quite likely that decentralized protocols will coexist with centralized platforms, but that these will gain more and more market share. Just as the transition from Web1 to Web2 was a creeping innovation process, so too will the emergence of Web3. Here, too, only those technologies and business models will prevail which prove superior to the others.