Will Web3 Take Many Years to Go Mainstream?

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Web3 represents the future of Internet, where users operate in a decentralised manner

With non-fungible token (NFT) becoming the Collins Dictionary's word of the year, and decentralised finance (DeFi) trending in mainstream media, 2021 has been a significant year for cryptocurrencies. To a large extent, this has been due to the economic repercussions of COVID-19, as many people sought new methods to diversify their income and a shift to work-from-home allowing them to pursue new interests. As a result, many chose to invest in cryptocurrency. While these may imply that the mainstream adoption of cryptocurrencies is well underway, there is one initiative in particular that has the potential to propel crypto into everyone's daily lives: Web3.

The concept of Web3 enthralled investors and the tech industry in 2021. Web3 represents the future of the internet, where users operate in a decentralised manner rather than relying on major commercial enterprises or centralised government organisations, with a focus on community.

That brings us to the question: How soon would it take for Web3 to go mainstream? In an interview with Bloomberg, UK-based Dan Hughes, founder of Web3 startup Radix DLT and a cryptographer who spent years single-handedly designing his own version of blockchain technology, spoke about the technical challenges of Web3 and said that it could take up to a decade for it to go mainstream.

He said one of the biggest challenges that could stop Web 3 from going mainstream is that it may be too “difficult or risky to use”, which may not allow a lot of people to engage with it. “The majority of people involved in this space at the moment are quite tech-savvy and willing to take on risk. But when you are talking to Bill the