Achieving mainstream Web3 adoption is a key goal for the blockchain community. We believe strongly in the revolutionary power of this technology, but how do we share its potential with the world? There is no one-size-fits-all solution, so blockchain advocates need to tailor their sales pitch to different audiences in order to kickstart mass adoption from the ground up.
In a little over a decade, cryptocurrency has risen from an obscure corner of the dark web to a significant focus of many investors and institutions around the globe. Compared to traditional financial systems, however, Web3 still remains an afterthought.
On one hand, the lack of clear crypto regulations in countries such as the U.S. remains a major hurdle. The legal gray area around Web3 currently limits the amount of overall investment activity. While constituents in the U.S. can call their representatives and urge them to pass common-sense laws around cryptocurrency, what else can people around the world do to push the blockchain world forward?
A holistic approach to growth
There are actually many areas where Web3 supporters can make a difference. In particular, private individuals and businesses can join forces to raise awareness of what blockchain is really about. Education, development and onboarding are all very powerful tools that can bring us all one step closer to a more vibrant and decentralized world.
To increase awareness, we need different strategies for reaching different target groups. Growing this emerging digital industry isn’t just about finding more users, but also onboarding more companies and more professionals who can build useful applications. If builders of all kinds start working together more, the sky is the limit for Web3.
Attracting developers: Offer fair rewards
Coders play a huge role in the path to blockchain mass adoption. Talented programmers lead to more quality dApps that help bring Web3 to life. However, the search for reliable Web3 developers is very competitive. While blockchain startups might not be able to pay the same salary from day one as Web2 tech giants, they can get creative in other ways, such as offering token allocations and performance incentives.
Grants and hackathons are also important. These events can present a perfect opportunity for promising young coders to show off their talents and secure some funding. Make sure to provide meaningful prizes so that if a hackathon participant delivers a promising minimum-viable-product, they can tap into the resources necessary to continue working on their idea. Overall, a modest investment in community builders can pay dividends down the road for the growth of Web3.
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Empowering businesses: Help them think differently
While it may be fun to create branded NFTs as collector’s items, this is only one of many ways that blockchain technology can drive value for companies. NFTs, DeFi and GameFi are just scratching the surface of the vast potential of Web3, and there is still a huge opportunity for companies of all sizes to get in early on the blockchain revolution. For example, any businesses that process credit card payments can potentially downsize their overhead costs by integrating Web3 solutions.
Industries like real estate, logistics and medicine could also be the next use cases for decentralized technology. Consumer brands can even use crypto rewards as the foundation for next-generation customer loyalty systems. But whether you are a local entrepreneur or a multinational corporation, it’s not as easy as it looks to successfully transition to Web3.
Crypto veterans need to help support and educate new businesses with the experience and know-how needed to succeed in this exciting decentralized world. To keep overhead costs down, Web2 businesses should explore streamlined and audited solutions from third-party contractors rather than developing their own blockchain products entirely from scratch.
Onboarding users: Focus on user experience and security
The public also needs education and user-friendly solutions in order to widely adopt blockchain technology. That can mean leveraging the power of the blockchain while making it appear invisible to end-users. Furthermore, Web3 supporters need to work together to flip the script on inaccurate narratives about crypto and demonstrate its potential and security. Every day people are motivated by economic value, but they can be hesitant to try new products unless they have peace of mind and a smooth user experience.
One way to achieve that goal is by making the technology seamless to end users. Delivering an intuitive UX is a balancing act where developers can potentially provide the option to create their own non-custodial wallet if desired. While safely storing 12 or 24 words might not seem that difficult, it can be a barrier to onboarding non-crypto natives who are used to setting a simple password they can quickly reset at any time. A hybrid approach can help new users get started with a new dApp without having to write down a long seed phrase, while also giving them the opportunity to adapt later once they learn more about why self-custody is valuable.
In terms of security, there are several ways to dispel the misconception that cryptocurrency isn’t safe. Two-factor authentication can help stop hackers in their tracks even if they manage to somehow access your wallet. Hardware solutions are also a useful way to minimize risk from bad actors. Education about the risks of Web3 is also crucial since scammers are always willing to exploit the knowledge gaps of new users.
Web3 grows when we work together
With the right funding, expertise and user experience, the blockchain revolution can uplift people from around the world in many different ways. This current moment is pivotal, as the bear market is a great time to build the foundation for onboarding the next billion users to crypto. Web3 believers must work together to provide key resources and overcome resistance from governments, banks and big corporations. By conquering these hurdles, we can help kickstart mass adoption while still maintaining the original decentralized spirit of Web3.
Wolfgang Rückerl is the CEO of Istari Vision and Entity.global. His expertise is in Web3 startups, DeFi and GameFi.
This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.