A new evolution of the internet is incoming. A future that's decentralized, open, and secure. Today, the internet is controlled by a few tech behemoths. They store the world's data in "the cloud" - an elegant way of describing centralized servers in the basements of Palo Alto office buildings. Web3 promises to overthrow the system in favor of a future where the network is owned by all.
In this article, we'll explore how quickly people are adopting web3 along with its obstacles and the solutions to overcome them.
Web3 Adoption vs. the Internet
In 1993 the world wide web made its public debut when the first internet browser and editor were released. Suddenly, international barriers to communication were lowered. The WWW was quickly and rightly identified as a revolutionary technology... for nerds. The internet remained a niche technology for the better part of a decade. Not until 1998 did the internet's adoption accelerate. By 2001, eight years after its public launch, 50% of Americans were connected online.
It's 1998, baby!
Today, web3's adoption is eerily similar to that of its centralized predecessor. Take a look at the image posted by Twitter user @TheCryptoLark showing the near-identical user adoption of the two technologies.
To the untrained eye, the similarities might seem random. But you, my friend, know better! By analyzing history, we can see the future.
What does history tell us about the growth of web3?
Venture Capital
The World Wide Web: Venture capital firms capitalized on the hype by pumping billions of internet startups. Even though the bubble burst in 2001, the headlines captured users' imaginations. Soon, over half the population was using the technology.
Web3: Today VCs are just beginning to capitalize on the hype. In 2021, roughly $33 Billion was invested in web3 startups. That number is expected to have nearly doubled by the end of 2022.
Improving the way we live and work
The World Wide Web: In the early days, the number of internet companies that made an actionable difference in the lives of their users was limited. By 2001, many startups reached product-market fit and legitimately improved the way we live and work. Google (1998) made the world searchable. Napster (1999) revolutionized file sharing and music. Myspace (2003) connected us to our friends.
Web3: Ever since Bitcoin's launch in 2009, blockchain technology has mainly been applied to financial markets. That trend continues today with innovation coming in the form of Defi (Decentralized Finance). However, startup founders and enterprise companies are finding new ways to apply web3 to everyday life.
Nifgen, a DropChain partner company, for example, is using the power of web3 to connect content creators with their audience.
Ease of Creation
The World Wide Web: Building products on the early iterations of the internet was highly challenging for most users. Creating even a simple landing page in the mid-90s required a deep understanding of HTML and CSS. Today low-code and no-code solutions like WordPress, Webflow, and SquareSpace deliver the same result in minutes.
Web3: This is where our history books reveal blank pages yet to be written. Today, building web3 products is still prohibitively difficult for both builders and users.