With non-fungible token (NFT) becoming the Collins Dictionary’s word of the year, and decentralized finance (DeFi) trending in the mainstream media, 2021 was a significant year for cryptocurrencies. This was in large part due to the economic impact of COVID-19 as many people sought new methods of diversifying their incomes and a shift to work from home, allowing them to pursue new interests. As a result, many chose to invest in cryptocurrency. While this may mean 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 captivated investors and the tech industry in 2021. Web3 represents the future of the Internet, where users operate in a decentralized manner rather than relying on large commercial enterprises or centralized government organizations, with a focus on the community.
Which brings us to the question: how soon would it be before Web3 goes mainstream? In an interview with Bloomberg, Dan Hughes, UK-based Dan Hughes, founder of Web3 startup Radix DLT and a cryptographer who has single-handedly designed his own version of blockchain technology for years, spoke about Web3’s technical challenges and said that it will be a decade before it becomes mainstream.
He said one of the biggest challenges that could prevent Web 3 from going mainstream is that it might be too “difficult or risky to use” that many people might not be on it. “The majority of people currently involved in this space are quite tech savvy and willing to take risks. But when you talk to Bill the plumber at the local pub, he’s not really interested in understanding all the technical complexities currently required to use this stuff, he doesn’t want to worry about the risk of it being stolen or losing his keys,” he told Bloomberg during the interview.
He added that there were also rules to consider. If the regulations go too far, it may be the final nail in the coffin.
On big hopes for Web 3, he said it was a choice. He said that as individuals, a lot of people didn’t have many options until recently. He cited the financial system as an example, saying that before Bitcoin, someone would be stuck if they were “undesirable to the financial system” and unable to have a bank account. They had very few options to manage and invest their money or increase the value of that money by starting a business.
Now, he said, people had many choices when it comes to money. Besides Bitcoin, there are infinitely many other cryptocurrencies. People can choose to earn a return on those cryptocurrencies, lend it to others, or start a business within the DeFi ecosystem. He stated that Web 3 was a continuation of that decision, adding that if someone were a content creator and generated videos, they wouldn’t have many other options besides YouTube or Twitch to showcase their works. “With Web 3, you have a lot of choice across a wider spectrum of your life,” he said.
Finally, when estimating when Web 3 could go mainstream, he said, “My gut feeling is five to ten years.”