Few blockchain applications have real adoption. It’s a fact. Barely a few surpass the low hundreds in terms of daily users. MakerDAO is considered to be the only one with meaningful market fit. Here are some dismal stats about a normal day last week (Feb 9th of 2019):
In other words, 86% of them had zero users today. 93% of them had zero transaction volume. To say this is a disappointment is an understatement: $21B was raised in 2018 alone. Investors and consumers were sold on the promise of a new web called Web3.Why Web3?
This new age of Web3 is based on the original founding principles of the internet: openness and permissionless collaboration.“The original idea of the web was that it should be a collaborative space where you can communicate through sharing information.” Tim Berners-Lee
We know how all these promises turned out in the end. A few internet companies monopolize our data and gate-keep innovation, making it harder and harder for entrepreneurs to compete on an equal footing. These companies use our information to sell us more and more effectively. Even worse, they leak our data and expose it to security threats .
“If you are not paying for it, you become the product.”
However, we still need to fulfill the original vision. We want to create and publish anything on the web without asking for permission. We want to build our applications without worrying that a company may change their Terms of Service to shut us down or squeeze our profits down the line. We can transact and send money without going through multiple intermediaries and paying hefty fees. And most important of all, we want to truly own all our data and assets.Problems in Paradise
In 2016, the potential and seemingly unlimited possibilities captivated us. Like at a midnight summer party, the energy was palpable and contagious, initiating two years of creative experimentation. Now, the music has stopped, and the fresh morning ...