The clamor for Web3.0 has been on the rise because of the amazing features it will bring to the digital world. The truth of the matter is that Web3.0 is going to change the use of the internet, and promote a decentralized digital world, however, One thing with technology is that as developers seek ways to solve existing problems, new problems are created in the process. Take, for example, Decentralized Exchanges were created to solve the challenge people face from centralized exchanges when it comes to privacy and control, and in the quest to solve this through the creation of Smart Contracts, an opportunity was thus made available for bad players to exploit the Smart Contracts and carry out fraudulent activities like flash loans.
Web3.0 focuses on creating more intelligent, connected, and open websites which will be devoid of censorship, with equal access for everyone (decentralization) and better security. These are what made Web3.0 enticing but certain drawbacks/ loopholes need attention. They include but are not restricted to the following;
A High Demand On Both Websites, Projects, And Users.
With the features of web3.0, websites will certainly have to upgrade their websites to align with Web3.0, and this won't be easy. Website Users will be forced to upgrade their devices to be able to use websites that have aligned with Web3.0 features. The cost of these upgrades will certainly be high. Many people are struggling to have an average Smartphone with at least 4GB RAM that can help them surf the internet with less stress, with web3.0 many people won't be able to surf the internet easily due to either low-quality device in use or lack of funds to buy the right device. The cost of running and maintaining websites will also be high.
Increase In Cyber Crime.
One of the problems with a decentralized internet is the fact that bad players are given the confidence they need to Carry out crimes. There will be no recognized Body to punish/ checkmate illegal activities.
We can confirm this with the ongoing hacks in DEFI projects where the hackers use the anonymous nature of DEFi to hide their real identity and go free with scams.
Web3.0 might be very secure but the fact remains that there will be many vulnerabilities. The security will only be strengthened with time.
Adoption won't be fast due to difficulty in its usage. Clear evidence is difficulties encountered by people in advanced internet activities like using Decentralized exchanges, navigating on the Metaverse, etc. It will take a series of conventions and tutorials to get people to understand and use web3.0 products
Amidst all these drawbacks that can be observed from the use of web3.0, I believe that Web3.0 is what we need. With it, we will enjoy uncensored internet usage, immutable data storage, and advanced authentication system, decentralized and monetized Social media, etc.
We just need to start now to prepare for web3.0 to take over.