Benefits and Limitations of Web3

TL;DR

The paper surveys the evolution of the Web from Web1 to Web3, arguing that Web3's Read-Write-Own paradigm promises enhanced data ownership, privacy, and reduced data replication while introducing scalability, cost, usability, and centralization challenges that impede wide adoption. It follows a history- and semantic-web-informed approach to motivate blockchain-enabled smart contracts as a decentralized data backbone for cross-platform interoperability. The key contributions are a structured discussion of the benefits and limitations of Web3 and practical guidance for developers to design accessible Web3 smart applications, with a forward-looking note on expanding blockchain systems to address current hurdles. The work emphasizes balancing decentralization with usability and cost to make Web3 more practical and appealing for mainstream users and large-scale applications.

Abstract

Web3 provides users and service providers several benefits not found in Web2. However, despite the benefits provided, Web3 faces several obstacles that prevent the paradigm from gaining widespread adoption. Developers should understand the benefits and limitations of the technology in order to create more accessible Web3 smart applications.

Figures (4)

• Figure 1: A timeline of key events in the history of the World Wide Web and the rise in popularity of Web3
• Figure 2: A high level overview of Web1's Read Only model.
• Figure 3: A high level overview of Web2's Read-Write data model
• Figure 4: A high level overview of the Web3 Read-Write-Own data model.