We need to do better. Web3 has to realize its promises in 2024.

In the brisk wind of technological advancement, where the sails of Bitcoin billow with the promise of new highs and institutional adoption, lies a sea fraught with hidden icebergs – the complexities and vulnerabilities of web3, along with the underlying arrogance that we are always better than web2.

As I am about to sign off for the holidays, I want to leave with a call to action for 2024.

“Stop comparing ourselves to and competing with web2.

Stop thinking web3 exists in a vacuum, and accept the areas where we are failing so that we can build real solutions that won’t falter on mainstream adoption.

We can do better. We have to do better.”

I love this space. The community spirit in the attempt to build a better system is unrivaled. The technology is devastatingly powerful and user-focused rather than geared toward corporate greed. However, all too often, I find myself concerned about the echo chamber in which we discuss blockchain, web3, and Bitcoin.

Crypto does not exist in a vacuum. It is not the answer to everything web2 and cannot exist without the traditional rails upon which the world is currently built. If Cloudflare, Amazon, or Microsoft go down, so do many web3 front ends. I pray we continue to move toward a world where this is no longer the case, but at least for now, day-to-day web3 needs web2 more than web2 needs web3.

Moreover, blockchain promises a world of self-sovereignty, enhanced security, and streamlined interactions with a new ‘internet of value.’ I want to point out that we’re a long way off from delivering that right now.

The realization of the excitement for 2024 requires a critical self-reflection.

As the year draws to a close and we step into 2024, a likely pivotal year for the crypto industry, it’s time to shift our focus away from the shortcomings of web2 and traditional finance to the challenges inherent in web3. The blockchain world is buzzing with anticipation, particularly with changes in crypto accounting requirements, major institutions predicting an all-time high new Bitcoin, and the likelihood of U.S. regulatory acceptance of a Bitcoin spot ETF. These developments, while bullish, overshadow a critical conversation: the inherent risks of web3, especially in comparison to our everyday financial interactions.

Consider a simple act like buying a can of Coke at a local shop. It’s a transaction free from the anxiety of losing one’s entire bank balance. Despite past threats like credit card cloning, safeguards like…