Where is the future of the Internet? Is Web3 really "dead"?

A few years ago, Web3 was the headline of the technology circle——

• Decentralization!
• Blockchain drives everything!
• Digital assets belong to you!

It was once considered the "ultimate magic weapon" that would completely rewrite the Internet. But today, Web3 is still far from its promise of popularization.

What is Web3? (A quick overview for those who are confused by the hype)

Essentially, what Web3 pursues is: a decentralized network .

• User data is no longer in the hands of big companies. DApps (decentralized applications) run on blockchain networks, giving you more control over your information.
• Log in with your crypto wallet instead of your email password;
• Data is distributed and stored rather than on a single server;
• Application operations are performed through tokens and smart contracts instead of paying bills to giants.

Imagine writing the registered name into a smart contract on the blockchain - it sounds cool, but the reality is far more bleak than imagined.

Why hasn’t Web3 exploded yet?

1. User experience is terrible. You just want to log in in a few seconds? But Web3 requires you to install a wallet, buy cryptocurrency, sign transactions, and pray that the "mining fee" does not hijack you. Ordinary people are not interested in decentralization, they just want "direct use".

2. “Miner fees” are ridiculously high. Have you ever tried to issue an ERC-20 token, but ended up paying hundreds of dollars in fees? Think about it, if PayPal asked you to pay $100 first to transfer $10, would you still use it?

3. Regulatory chaos and different attitudes in different countries, SEC raids, bans in some countries, and KYC (identity verification) requirements have made the original intention of "freedom and decentralization" become confusing.

4. Countless scams and bubble projects 90% of Web3 projects are just scams:

• Hype altcoins that skyrocketed overnight;
• NFT art that suddenly disappeared;
• DeFi platforms frequently suffer from security vulnerabilities. These tragedies make people feel more like betting in a casino rather than embracing the new generation of the Internet.

5. Big companies are not buying it yet Google, Apple, and Meta are still clinging to the Web2 business model - controlling data and collecting traffic dividends. Before they find a way to make a profit, they will naturally not rush to embrace Web3.

Is Web3 really going to be sentenced to death?

Although the popularity has declined like a roller coaster, it does not mean that Web3 is completely "dead". It is just that it is in a kind of cooling-off period - similar to JavaScript in the early 2000s, which was once ridiculed and then rose strongly.

To reignite the spark, Web3 still needs to solve three major problems:

1. Improve user experience  - allowing ordinary people to easily get started without advanced technology;
2. Reduce transaction costs  - let transaction fees no longer be the exclusive property of the wealthy under the "armor";
3. Explore real-life scenarios  — go beyond NFT speculation and find entry points that truly change the industry.

How should we view Web3?

For developers, it’s fine to learn blockchain technology, but don’t expect it to replace traditional Web development immediately. In the short term, Web2 will still be the mainstream, while Web3 needs a “ChatGPT moment” to impress the public.

Web3 is not dead, it is just going through a  self-questioning of its identity and value . When a Web3 product that is truly superior to Web2 is born, we may usher in its spring.