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Web 3.0 can very well be worth $81.5 billion by 2030 as predicted by Emergen Research. It can even be bigger, or for that matter, smaller. Such speculative figures go well with boom cycles when hype and mania predominate. But they often matter much less to those focusing on the bigger, more long-term picture.
One can’t accurately predict where Web 3.0 will be in the next 10-15 years. It’s still too early for that. Web 3.0 has immense potential and can indeed do wonders that are presently impossible to even imagine. It’s thus pretty reasonable to say, for now, that a bright future awaits Web 3.0.
Yet, Web 3.0 can achieve its full potentialand foster the promised future only by addressing certain vital concerns now and here. These are better security, better education and above all, realistic expectations i.e., the keys to ensuring Web 3.0’s mass adoption.
Focusing on and strengthening the above aspects will help innovators endure (and overcome) the ongoing bear market. And they’ll take Web 3.0 to new heights possibly way beyond current forecasts.
It’s better to be safe (and secure) than sorry
Security threats are currently among the greatest challenges facing innovators and users in Web 3.0. Projects make tall claims, promising steep gains to investors who pour in millions of dollars.
But ultimately, it’s the hackers who fill their bags by draining money out of bugs and loopholes. Not to forget scammers, frauds and rug pullers running riots in ‘permissionless’ markets.
Technological limitations are one of the reasons for Web 3.0’s current security crisis. Web 3.0 solutions inherit certain attack vectors common in Web 2.0, such as social engineering attacks like phishing, DNS exploits, etc. But despite that, these systems don’t have adequately robust cybersecurity frameworks to mitigate such risks.
Web 3.0’s foundational principlesi.e., decentralization and transparency further complicate the process, presenting a security trilemma. The biggest problem, however, is the approach that many Web 3.0 project owners and developers currently adopt.
They strive for easy and quick adoption, focusing more on promotions and marketing than on building secure, reliable and sustainable systems.
Though budding projects generate substantial capital from various sources, including institutional investors, they often allocate inadequate cybersecurity budgets. This…