A) Development. Blockchains have different architecture and underlying tech. To put this in perspective, you can write smart contracts for Ethereum in a language called ‘Solidity.’ For a similar development in Solana, one needs to learn ‘Rust.’ For Tezos, it is ‘Michelson.’
B) Interoperability. The ability of one Blockchain to talk to another. Currently, due to lack of interoperability, assets on one Blockchain cannot be used on the other.
C) Scalability. Scalability trilemma says that out of security, decentralization and scalability, only two aspects can be chosen at a given point in time. To solve this, many blockchains evolved as L2 or layer 2 solutions for Ethereum.
D) UX/UI. Web 2 companies like Facebook and Google made the user journey is as smooth as possible. Now compare this with Web 3 counterparts. You might have to check out a video or a tutorial to set up your MetaMask wallet.
E) Education. Web 3 is not just a technological innovation, it is a movement – an ideology of sorts. There are very rare people who understand this and approach Web 3 teaching from this lens.
F. Regulation. While the uncertainty around regulation subsides, it will be interesting to see the developments in this space. As a matter of fact, a total ban can be imposed but can never be executed.
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Cryptocurrency is a subset of the overall bigger picture of Blockchain. Currently, the immense euphoria around cryptocurrency often overshadows the immense potential of Blockchain technology.
Back in the mid-90s, when the internet was catching up, many adopters used to associate the internet with a single use case. For example, some people used the internet for online reading, so they thought of the internet as a source of information.