Outlining the key aspects of the Web3 road map to global implementation

Outlining the key aspects of the Web3 road map to global implementation

Time Stamp: August 9, 2023 1:00 AM
  • If Web3 hopes to surpass the ecosystem, it must first address its flexibility.
  • The digital era attained an immense growth rate, inspiring the likes of Vitalik Buterin to develop a system that would improve and rival Bictoin’s. 
  • Currently, the TPS (Transaction per second) rate of Ethereum is 26.14 TPS, while VISA’s is 1700 TPS.

Evolution is a hard-coded feature within human beings. Throughout the ages, we have consistently improved upon our existing technology shifting from the invention of the wheel to the creation of self-driving cars. The improvement process is slow, but its applications have driven our understanding of technology to where it is today. Currently, we are at one f the most vital turning points in History; the evolution of the Internet.

The web2 ecosystem has served through the advancement of technology, ushering in new concepts like telecommunication, utilizing tech in other industries, and developing and improving new forms of technology. The web3 industry is now our next turning point in the digital era. Decentralized applications, digital identification, and assets are breakthroughs we have attained in the past decade. Despite its improvements, the web3 road map is still far from achieving its global reach.’

This article will highlight three major critical points of the web3 roadmap. They include; flexibility, longevity, and scalability. If the industry can address all three attributes, our vision for a decentralized digital era will be closer than expected.

The three aspects of the web3 road map

Before Gavin Wood introduced the web3 concept, the industry had already taken a solid form for some time. The age of Bitcin kickstarted an array of multiple sectors and emerging markets. The sophisticated Bitcoin system soon piqued the interest of various developers. Its automated, fast, and reliable systems supported a financial stem that superseded what many expected.

Also, Read Trust Wallet: A crypto wallet that guarantees security and flexibility.

Despite initial skepticism, its growing user base has proved its systems’ effectiveness. After Bitcoin hit its $1000 value mark, investors and traders flocked to its systems. The digital era attained an immense growth rate, inspiring the likes of Vitalik Buterin to develop a system that would improve and rival Bictoin’s. 

Soon enough, the digital era transitioned from primary digital assets to smart contracts. This became one of the most significant breakthroughs in the industry. Because of its dynamic nature, the development of stand-alone smart contracts led to numerous decentralized applications. 

From this breakthrough, did the web3 rad map finally solidify and become a vision for most developed? The entire industry detached itself from improving the web2 ecosystem to create an entirely new Internet iteration. Unfortunately, achieving the primary goal of the web3 road map is not easy.

Gavin-Wood

Gavin Wood coined the term Web3 due to blockchain’s applicability and potential.[Photo/Medium]

Despite presenting some inferiority towards web3, the web3 ecosystem attained a feat no one thought t ws possible; global nations. Even amid the efforts of implementing the web3 road map, the Internet still holds a significant portion of the world’s digital era. 

Thus to achieve and surpass the feats of the web2 ecosystem, blockchain developers must first attain these three aspects. They include:

  • Flexibility
  • Longevity
  • Scalability

Only after addressing all three aspects can we achieve the end goal of the web3 roadmap.

Flexibility

What makes the web2 ecosystem so prosperous that it has dominated the globe? Many believe it’s its sheer reachability or sophisticated server mechanisms. Others think it may be its centralized approach to its systems, but the main key point of the web2 ecosystem is its flexibility.

Today, most, if not all, systems heavily rely on standard web2 systems. Its flexibility is what brought about the digital era. At its core, the web2 ecosystem stretches its capabilities between different organizations, governments, and institutions. Initially, most digital innovations relied on the framework of the web3 ecosystem. Thus for decades, the Internet has been a haven for multiple functionalities. Its achievements encompassed aspects from education to the military and even agricultural benefits. 

Also, Read the Importance of a Cryptocurrency White Paper in making investment decisions.

If Web3 hopes to surpass the ecosystem, it must first address its flexibility. With this throughline, developers have managed to extend the capabilities of blockchain beyond financial systems. This led to the emergence of multiple decentralized applications in different organizations. Its clear superiority inliers traditional web2-based methods adopt some variations of blockchain technology.

This approach led to the establishment of the fintech industry and new Agritech approaches, among other sectors. Attaining a similar or superior form of flexibility is a crucial starting point for the web3 road map. When thinking about it practically, if Web3 cannot fully support system reading within the web2 ecosystem, it will ultimately fall short.

Another article highlights this vital point by depicting the increased use of decentralized enterprise-level applications. Organizations like MasterCard, Visa, Netflix, and other industries from different markets have adopted smart contracts to keep up with the rising competition of franchises.

Longevity

The ability to maintain an inconsistent and optimum state of functionality is among the top golden rules of any tech-based organization. Despite having revolutionary changes, technology will only survive the constant state of competition if it can deliver a long-lasting system. The Internet’s longevity is the fact that it has proven its mettle over the past decade.

According to Evelyne Yehudit Bischof, chair of the Longevity Science Foundation visionary board,” As a longevity physician, my goal is to maintain or even improve the quality of life for someone. But the term’ longevity’ conjures images of living longer. But it’s more than just that. Life has to be fulfilling. It has to be fun. Focusing on physical, behavioral, and mental health is essential in longevity medicine. All these pieces fit to make a healthy human.”

To fulfill the web3 roadmap, developers and the community must ensure that decentralized applications can maintain operations despite altercations. The concept of longevity encompasses multiple aspects, including security. Fortunately, blockchain technology has provided an inherited innate system. This allows the digital identification of virtual assets and additional security measures that prevent the entire ecosystem from rashing.

Fortunately, the number of users or participants within a decentralized network is partly responsible for its longevity. Most decentralized applications use criteria that require users to adhere to. Any system changes, updates, or alterations heavily depend on the user.

Today some crypto-based systems often transition to new consensus mechanisms based on the votes of their users. This means that the power to improve existing networks lies with the users. This creates a deep sense of personal responsibility, which is a far better approach than relying on a single duty to ensure the system is functional and safe for users.

In addition, establishing a new financial system is an estimate of the applicability of the web3 road map. Its longevity threat has caused many to transition from the web3 ecosystem.

Scalability

The web2’s global reach is why this technology persevered through the decades. A centralized system provides easy methods of scaling up and down, depending on the service’s demand. A stem’s ability to handle its number of users is a significant milestone in any technology. Unfortunately, the web3 roadmap has had its fair share of altercations with this aspect. Many claims that the industry; ‘s scalability problem is among the reasons why its transition will delay for a few years.

According to the blockchain trilemma, any decentralized application must prioritize two out of here fundamental attributes; speed, decentralization, and security. A system’s ability to achieve two will ultimately affect the third. Most blockchain systems or crypto-blocks are limited to time and frequency and are, therefore, finite.

Currently, the TPS (Transaction per second) rate of Ethereum is 26.14 TPS, while VISA’s is 1700 TPS. This became a burning concern for most experts, but they have developed several approaches to the matter throughout the ears. For instance, establishing Layer 2 and Layer 3 blockchain networks has considerably mitigated this issue.

The web3 roadmap must address speed efficiency and storage to solve the scalability issue of decentralized applications. While most experts have mainly focused on solving the former, the latter still needs to be explored. Several blockchain locations suffer from redundancy issues. Fortunately, blockchain developers have utilized several blockchain-based technologies to mitigate this limitation.

Also, Read Apps vs. DApps: Exploring the Differences and Future Outlook.

Layer two and the decentralized systems have solved the efficiency problem by increasing the throughput rate in any network. Organizations like Ethereum have created an efficient ecosystem housing numerous layers of two decentralized applications. Aside from establishing digital ownership, many experts have urged developers to find new ways to address site scalability to survive this era.

Conclusion

The web3 road map has led to the establishment of digital ownership, digital currency, decentralized application, and more sophisticated blockchain implementation. If the entire industry can address all the attributes, we may find a way to transition from web2 to web3.

Despite this evident fact, many have doubted this agenda, stang that most developers still need to catch up on the end goal. Many claims that web3 has accommodated man attributed to the web2 ecosystem to enable both entities to co-exist. Unfortunately, this approach raises several issues since it forces a decentralized-based system to adapt several centralized systems to function. 

Despite this, the web3 road map has provided several alternatives that promise better transition and outcomes.

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