Overview

The proliferation of blockchain technology has led to a surge in applications beyond our wildest imaginations. From decentralized finance (DeFi) and supply chain management to content sharing and online gaming, the blockchain application space is brimming with innovation.

In fact, according to gaming statistics firm Newzoo, the global gaming population increased from 2.49 billion in 2018 to 2.81 billion in 2020. The blockchain wallet application, Metamask, which had one million monthly users in October 2020 and five million in May 2021, recorded approximately 30 million monthly users in February 2022, riding on the wave of Play-to-Earn (P2E).

Despite immense potential and growth, the blockchain application market is faced with key issues related to information accessibility and high entry barriers, particularly within the context of the decentralized internet, Web3.

Currently, there is a lack of a comprehensive platform that integrates information about countless blockchain applications and allows easy access.

This poses a significant challenge for both developers and users. For developers, the dispersed nature of information makes finding resources, guidelines, and learnings from the successes and failures of existing applications difficult. For users, the absence of a centralized information hub makes discovering new applications, understanding functionalities, or comparing with other applications challenging.

Additionally, Web3, which represents the next generation of internet driven by blockchain and decentralization, remains inaccessible to many due to high entry barriers. Despite its vision of being user-centric and privacy-focused, the adoption of Web3 is relatively slow. There are several reasons for this slow adoption:

Technical Complexity: The Web3 infrastructure is inherently complex, requiring a certain level of understanding of blockchain technology. This can be a significant barrier for regular users accustomed to the user-friendliness of Web2.

Lack of User-Friendly Interfaces: Most Web3 applications do not match the utility and user experience provided by Web2 applications. This steepens the learning curve for new users, heightening the entry barrier.

Security Concerns: With increased control and responsibility over data, users face potential security risks. Phishing attacks and private key management are common issues preventing many from adopting Web3 applications.

Regulatory Uncertainty: Due to the rapid advancement of blockchain technology and its applications, regulatory bodies are struggling to catch up. This ambiguity in regulations can deter potential users from adopting Web3 applications due to fears of legal implications.