Web3’s flaws = opportunities

Web3's flaws are your opportunities.

New technology takes time to evolve. There's usually a hot debate about whether it's the future or not. But where other people see problems, builders see opportunities. This sounds a lot like web3 - let's dive in.

Takes time and costs more

Every transaction on web3 costs money and takes time.

Any change on web3 counts as a transaction. It cost me $47 in transaction fees (excl. purchase fees) and took me 3 days to set up my web3 domain. Initiatives like Solana, Polygon and Avalanche are trying to solve these problems. The time component will be solved. Cost is tough - I don't think users will pay $0.002 (Polygon's fee) to publish their tweet or post.

It's technical

Setting up on web3 is daunting and scary. Everything is linked to a key that is stored on your wallet. Your wallet is installed on your phone or your computer. If you lose it, you need your secret phrase. Hardware wallets are trying to solve this, but we can do better. In the current form, web3 won't scale to a billion people.

Are you even web3?

Many web3 companies are not truly web3.

OpenSea and Coinbase operate in web3 but are centralised platforms. Great companies, but governed centrally with the ability to take unilateral actions (see this post for details). Web3 rests on decentralisation, and there is room to build on these principles.

Looking for opportunities in web3

Focus on the intersection of the above, and problems you can solve for users.