The Value and Challenges of Web3 Technology

Recently, we discussed with an industry expert the value of Web3 technology for consumers, how to better understand this technology, and its impact on product development.

Web3 is essentially a revolution of ownership. On the internet, every action we take generates valuable data assets. However, in the Web2 era, these assets were often controlled and monetized by platforms, while creators failed to benefit fairly. The core of Web3 is to enable users to truly own and control their digital assets, thereby reducing reliance on intermediaries and platforms.

This transformation will fundamentally change the status quo and redistribute power. In Web3, everything revolves around assets, ownership, and their distribution. By moving asset operations to neutral code such as smart contracts, we can create a fairer and more transparent digital economic environment.

However, there are still many challenges to achieving large-scale applications of Web3. The primary task is to provide a better product experience so that ordinary users can truly feel the advantages of decentralization. We need to demonstrate the actual benefits that users can obtain without the taxation of intermediaries.

In addition to asset control, Web3 can provide users with a higher level of trust. In the current context of widespread skepticism towards various institutions, transparent and reliable smart contracts may become key to rebuilding trust. This shift in trust could lead to fundamental changes in behavioral patterns.

In conveying the value of Web3, the industry still needs to make more efforts. Many people find it difficult to clearly explain the true meaning of "ownership" and why ordinary users should care about it. At the same time, the misconduct within the industry has also had a negative impact on Web3.

For developers, the key is to focus on changes in user behavior rather than pushing complexity onto consumers. They need to think about how to leverage Web3 platforms to establish a direct relationship with users, how to attract user attention, and convert it into actual usage.

Overall, the success of Web3 depends not only on addressing superficial user experience issues but, more importantly, on providing products that genuinely solve users' pain points. Developers need to gain a deep understanding of consumer needs and consider how to transform the elements of trust and control from centralized models into a more coordinated decentralized process. This is the biggest challenge facing Web3 and an area that has yet to be fully validated and realized.