What is necessary for Web3 to fully replace Web2?

Web3 is the buzzword that’s on everyone’s lips — but when you put the mania aside for a moment, there’s a burning question that needs to be asked: Can these projects fully replace Web2… and what stands in the way of this happening? 

The likes of Google and Facebook have made a killing during the Web2 era, amassing billions of dollars in profits and a profound influence over the shape of the internet. But their continued influence is far from guaranteed. The 30-year history of the web is littered with the collapses of once-indestructible companies… MySpace being a notable example.

Amid countless concerns over how the data of users is harvested and used, plus fears that content creators aren’t being properly compensated for their hard work, Web3 is positioning itself as a democratizing force that puts power back in the hands of the public. Even the Web2 giants themselves see the potential of this new approach — it’s been almost a year since Facebook changed its name to Meta and declared plans to focus on the Metaverse. 

While the vision and ambition of Web3 startups is to be applauded, there are challenges that must be tackled. Critics rightly point to the vast energy consumption of some blockchains — especially those based on a Proof-of-Work consensus mechanism. They argue that creating a level playing field online can’t be at the expense of the environment. And with a dizzying number of DeFi protocols and cross-chain bridges falling victim to eye-watering hacks, with billions of dollars lost, there are safety issues to take into account as well. 

For Web3 projects to achieve their full potential, the infrastructure they rely on needs to have fully decentralized data management — and that means eliminating a reliance on centralized cloud providers such as Amazon Web Services. Owners need to be in the driving seat too, and blockchains have to be immutable, affordable and more eco aware. Ticking all of these factors is no mean feat.

Big ideas, worrying teething troubles

The Metaverse has been touted as a $1 trillion opportunity by JPMorgan — a silver bullet that could revitalize the music industry and reinvent the way we work and play. But before virtual worlds truly go mainstream, tricky security and privacy challenges must be overcome. A lack of interoperability risks standing in the way of adoption, too. And while the internet was pretty clunky in the early days, Metaverses have a long way to come before they’re usable and intuitive. The…