Currently, a significant portion of the attention and resources in the industry are focused on scaling the usage of web3 technologies, such as reducing gas prices, increasing speed, and improving network bandwidth. Layer 2 blockchains, such as Starknet and Polygon, are making great strides in addressing these issues.

However, while solving the usage challenge is important, it is only half of the equation when it comes to making web3 more attractive to developers and users. The other half is the challenge of building on the blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term, and more specifically, the limitations and complexity of the smart contract development process.

The Problem with Web3 Development

In web2 companies, optimizing and upgrading a product typically involves making changes to the codebase and rolling out those updates in real time. This process can be relatively quick and cost-effective, as it does not require the same level of scrutiny and security measures as in the case of web3 projects.

On the other hand, the development process for smart contracts in web3 projects is much more involved and time-consuming. From coding the contract to auditing and testing it to deploying it on the blockchain, each step requires a high level of attention and resources. This is because smart contracts are immutable, meaning that once they are deployed, they cannot be changed. Therefore, it is crucial to ensure that the contract is coded correctly and meets all the necessary security standards before it is deployed.

This rigidity and immutability of smart contracts can be both a blessing and a curse for web3 projects. On one hand, it ensures the integrity and security of the contract, but on the other hand, it can make it difficult to adapt to changing market trends and customer needs. For existing projects, this can mean having to create a new smart contract Smart Contract A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist Read this Term every time they want to upgrade their system, which can be a costly and time-consuming process. For new projects, it can mean having to pre-plan all future use cases and features, which can be challenging given the fast-paced nature of the market.

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Leveling the Playing Field

Given the significant challenges faced by web3 projects in terms of smart contract development, it is important that the industry be mindful of this problem and invest in finding technological solutions. By focusing on improving the development process and making smart contracts more flexible, we can level the playing field and allow smaller players to enter the industry and bring new ideas to the table.

This will not only boost ingenuity, entrepreneurship, and innovation, but it will also bring more use cases for web3 technologies and attract more users and enterprises to the decentralized web. Ultimately, this will help drive mass adoption and make web3 a more viable and attractive option for developers and users alike.

Addressing the Two-Sided Problem

The key to achieving mass adoption of web3 technologies is to take a balanced approach that addresses both the challenge of scaling usage and the challenge of building on the blockchain. By investing in solutions that address both of these issues, we can create a more attractive and viable ecosystem for developers and users, and ultimately, drive the growth and success of the decentralized web.

Michael Pearl is the COO of Kirobo