in Software Design
Removing intermediaries and fostering a future in which users have self-ownership over their financial assets and decision-making are central to the idea and convictions behind Web3. However, there is much to be desired regarding the present crypto infrastructure, which is extremely fragmented with sporadic use cases and changing laws. To expand Web3, several chains and layer 2s have emerged, however there is a lot of friction between these chains, which results in lesser network effects.
There is a compelling argument for leveraging cryptographic technology to replace conventional banking systems, but employing monolithic blockchains that lock consumers into their ecosystems is not the solution. Where centralization has shown its limitations, it simply offers a fictitious illusion of financial independence. Not to mention the numerous difficulties consumers would encounter when using Web3. The user interface is awkward, wallets and keys must be managed independently, and there aren't any game-changing applications. The cost of managing cross-chain friction has made the situation much worse as Web3 has become increasingly multichain.
Although it's still early, the Web3 winners will be the ones who are really committed to creating a workable experience. A chain-free experience is important in this situation. The experience must be chainless even if the Web3 infrastructure will be multichain. Participation won't be boosted by locking consumers into a single blockchain and then confounding them with too complex procedures. However, what if their cross-chain techniques could be abstracted away and put in the background so the user doesn't have to worry about them? Decentralized applications and items created on-chain will improve participation without undermining Web3's core decentralized goal.
No single chain can be a "winner takes all"It's a prevalent belief that one blockchain will inevitably resolve all of the issues that other blockchains encounter, such as gas costs and transaction delays, and will so become "the one" blockchain that stands above all others. Each brand-new blockchain is laden with claims that it will unveil the Web3 holy grail, but history demonstrates that this just serves to highlight the blockchain's shortcomings. The cycle of innovation continues as new chains emerge to provide answers.
While navigating additional difficulties and technological barriers, these new chains also provide builders with a fertile environment in which to test out new ideas, thus igniting interest and communities in Web3. This engagement flywheel is good for all of us.
For instance, Solana's value locked has increased over the past year from USD 152 million dollars to 7.87 billion dollars, showing an increase in investment on the chain.
Because users will require alternatives and mobility between chains, the necessity to travel among them becomes increasingly crucial as the strength of the various chains increases.
True freedom in Web3 is this. To go over chains at the moment, bridges are the preferred method. These have encountered issues, much like other new technologies, most notably with user experience & onboarding. The majority of users don't want to deal with managing several chains, using bridges, or transferring their cash around. And because it requires such a high learning curve for new mainstream users to comprehend anything, they will flee.
Security is another problem. One of the biggest cryptocurrency hacks at the moment was a bridge hack that occurred in February of this year. 321 million dollars was taken during the Wormhole breach. Bridge security issues had already been brought up, particularly by co-founder of Ethereum, Vitalik Buterin.
The necessity of linking bridges becomes obvious as a multichain future becomes a reality. Bridges will be essential to Web3 infrastructure, but their usability will need to significantly improve.
Using chainlessness as a fix?Bridges may be necessary, but they can provide additional challenges. Because of this, interoperability is impossible as long as chains continue to dominate the user experience. The question of "How can we declutter and simplify the cross-chain process?" must be asked in order to hasten Web3 adoption. Do we really need to witness and carry through every step of the transaction or bridging?
Dapps and other projects growing on-chain should be able to hide the nuts and bolts behind the scenes while staying transparent and decentralized, just as how something you got from Amazon with a few clicks arrives at your house in days.
The main idea behind chainless is that consumers should be able to use any dapp on any chain in the same way they would a Web2 app. Dapps and infrastructure should manage the background work of bridging the money, contacting a dapp contract on another chain, etc. NFTs in play-2-earn games are a prime illustration. P2E has developed as a prominent gateway into cryptocurrency in 2021 and into this year. Aleksander Leonard Larsen, the creator of Axie Infinity, said on a panel at the Token 2049 conference that fifty percent of the game's users had never used a cryptocurrency app before.
There are a few reasons why this makes sense. The act of playing games is popular.
There are fewer persons with technical knowledge about DeFi. Because of this, switching from gaming to cryptocurrency through a recognizable medium like a smartphone app is "easier".
A more enlightening explanation is that P2E games obfuscate the intricate systems at work in the background. For instance, the yield farming game DeFi Land on Solana conceals the more challenging financial aspects of yield farming behind an enjoyable user interface. This explains the process and workings of a fun gamified experience.
While Axie in particular also provides insight into the shortcomings of walled chains, gaming is a perfect example of a more chainless experience. The people that entered through this unique game do not have access to the other Web3 goods and projects since Axie Infinity was constructed on its own chain. As a result, P2E as an onboarding method in this scenario comes to a standstill.
Players would view Axie Infinity as only a fun entry point with the ability to migrate into other Web3 projects and ecosystems if it were linked to other chains with distinctive value propositions. The player onboarding process is ongoing.
Increasing the entrance feeToday's user experience problems are frequently viewed as a cost of entry into Web3. If we want to make blockchain technology inclusive and open to everyone, this approach cannot continue. Users will be able to hop between chains without having to provide a variety of technical instructions thanks to a virtually chainless but multichain experience. To work, live, and play, they may simply transport their assets, NFTs, and user identities between worlds.
Traditional banking middlemen and financial gatekeepers will still exist at that time, but their importance will have greatly diminished.