Jack Dorsey has revealed he intends to create a web on the Bitcoin blockchain. Web5 will have a decentralized online platform. Customers will be responsible for their data, claims Jack’s TBD white paper. This contrasts with Web3, which focuses on Ethereum and a few centralized blockchain networks.
Less than ten years have passed since the introduction of Web3, and already some people are discussing Web5. Only a few people worldwide believe they know what Web3 implies. Here are three reasons why it could still be too soon to start considering Web5 as the next generation of the web.
Talent Scarcity
The scarcity of talented developers is one of the main obstacles facing Web3. The sector is still in its early stages, with few seasoned developers. Reports suggest that the number of developers joining the Web3 market is rising. But the skill pool is low compared to the millions of software developers worldwide.
The truth that Web3 has only existed since 2014 and is new adds to the skills scarcity. Also, only a few college courses teach Web3 and blockchain technology.
The Untapped Potential Of Third-Generation Internet
Web2 remains the dominant force on the internet. Despite the rise in popularity of social media, e-commerce, and streaming services. There is still a long way to go until Web3 can even start to compete with Web2.
Internet dominance is still firm because of Web2 internet like Facebook, Google, and Amazon and the gaming industry. This demonstrates how much work would be required for Web3 to catch up. But it also highlights the promise of Web3 that has yet to be fully realized.
Lack Of Crypto Knowledge
Education gaps in cryptocurrency and blockchain technologies are a significant issue. This causes a talent gap for developers.
Consumer research revealed that even fewer people are aware of CBDCs and Web3. The general public needs to know how cryptocurrencies and blockchain technology operate. Not to mention a lack of confidence due to the security issues surrounding crypto assets.
According to studies, many people have reported cryptocurrency fraud. Also, large sums of money have been lost to scammers. The likelihood of Web3 being used extensively anytime soon is extremely low. The unlikelihood is due to people’s misinformation and fear of losing their money.
Allow Individuals To Catch Up
The best minds in the world are leading the way in developing trends for the internet. We must keep in mind that only some are geniuses. But instead, concentrate on teaching the general public while staying grounded.
We should go back to the beginning and deliver crypto education at the most fundamental levels. This will promote widespread adoption and make space for incremental innovation. After all, educating the populace will help them migrate from Web3 to Web5 once the time is right.