Image source: Invest U
Web 3 – the world of blockchain, non-fungible tokens (NFTs), and cryptocurrencies – is devilishly hard to get used to for a product designed to democratize everything from investing to activism to art.
Buying bitcoin or ethereum is as easy as opening an account with one of the many recognized exchanges and linking it to a credit card (or money source). Initially, the problem with crypto was that it could not be used for anything other than illegal purchases on websites such as the Silk Road. This all changed with the rise of NFTs and decentralized autonomous organizations, allowing users to buy digital art, invest in musicians in exchange for a share of their royalties, or join clubs that facilitate IRL activities such as concerts or networking. give access to events. However, participating in these initiatives – or working within Web3 in general – requires the ability to understand and act on smart contracts written in code, often within seconds.
Image Source: Financial Feed
It can take days to learn how to quickly invest in an NFT that piques your interest or claim a reward for your contribution to someone else’s project. The difficulty is that some NFT initiatives don’t have a website, so you have to rely on Twitter to find out what’s being given away and how to get it. There can be multiple sets of instructions, which can be made even more confusing by inconsistent advice from users on Discord, the leading Web3 discussion site. Some advice is well-intentioned but wrong, others are malicious.
What are the possible solutions for a secure web3 experience?
Image source: Gaurav Dhar
Most cryptocurrency fans want more vigilance against scammers and other ethically questionable individuals. Here are 2 actions that can be taken at the hardware, application and community level to make space more welcoming.
- Create a more complete user experience. The fact that most consumers cannot understand transaction requests is a clear barrier to acceptance and an easy opportunity for fraud. It would be helpful to use simple language to make transactions easier. What money is being transferred? Which direction should I go? What rights does the user grant when signing a transaction?
- Provide learning resources. The NFT sector is decentralized and self-custody is an important part of Web3. This is a major departure from Web 2.0. Educational resources will aid in the safe integration of space newcomers.
Web3 could become the next paradigm, but only if the community addresses the usability and security issues now plaguing the industry.
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