Learn: The Web3 Paradox: Why Scaling Usage Alone Won't Lead to Mass Adoption?

Web3 has the potential to revolutionize the internet as we know it. However, to truly thrive and reach mass adoption, several key challenges need to be addressed.

This was originally published on Finance Magnates, written by Michael Pearl

Currently, a significant portion of the attention and resources in the industry are focused on scaling the usage of web3 technologies, such as reducing gas prices, increasing speed, and improving network bandwidth. Layer 2 blockchains, such as Starknet and Polygon, are making great strides in addressing these issues.

However, while solving the usage challenge is important, it is only half of the equation when it comes to making web3 more attractive to developers and users. The other half is the challenge of building on the blockchain, and more specifically, the limitations and complexity of the smart contract development process.

The Problem with Web3 Development

In web2 companies, optimizing and upgrading a product typically involves making changes to the codebase and rolling out those updates in real time. This process can be relatively quick and cost-effective, as it does not require the same level of scrutiny and security measures as in the case of web3 projects.

On the other hand, the development process for smart contracts in web3 projects is much more involved and time-consuming. From coding the contract to auditing and testing it to deploying it on the blockchain, each step requires a high level of attention and resources. This is because smart contracts are immutable, meaning that once they are deployed, they cannot be changed. Therefore, it is crucial to ensure that the contract is coded correctly and meets all the necessary security standards before it is deployed.