What is needed for Web3 to completely replace Web2?

Can Web3 replace Web2…and what stands in the way of that happening? We take a look at some of the biggest challenges facing this booming industry right now.

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Web3 is the buzzword on everyone's lips, but if you put the mania aside for a moment, there's a burning question that needs to be asked: can these projects completely replace Web2. .and what stands in the way of this happening?

Companies like Google and Facebook have wreaked havoc in the age of Web2, amassing billions of dollars in profits and profoundly influencing the shape of the internet. But their continued influence is far from guaranteed. The web's 30-year history is littered with once-indestructible corporate collapses…MySpace is a notable example.

Amid countless concerns about how user data is collected and used, as well as concerns that content creators aren't being properly compensated for their hard work, Web3 is positioning itself as a force for democratization which puts power in the hands of the public. Even the Web2 giants themselves see the potential in this new approach - it's been almost a year since Facebook changed its name to Meta and announced its intention to focus on the Metaverse.

While the vision and ambition of Web3 startups are applauded, there are challenges that need to be addressed. Critics rightly point to the high power consumption of some blockchains, especially those based on a proof-of-work consensus mechanism. They argue that creating a level playing field online cannot come at the expense of the environment. And with a dizzying number of DeFi protocols and cross-chain bridges falling victim to tantalizing hacks, with billions of dollars lost, there are also security issues to consider.

For Web3 projects to reach their full potential, the infrastructure they rely on must have fully decentralized data management, which means eliminating reliance on centralized cloud providers such as 'Amazon Web Services. Owners must also be in the driver's seat, and blockchains must be immutable, affordable, and more environmentally friendly. Checking off all of these factors is no small feat.

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