Why Web3 User Experience Needs Improvement: Insights from Binance Founder CZ

According to reports, at today’s Web3 Hong Kong Carnival Summit, Binance founder CZ stated that in the Web3 field, the user experience is indeed not very good. In the Web2 world, users do not need KYC, which is easier to use. Web3 still has a lot of room for improvement, which represents more opportunities.

CZ: Web3 still has a lot of room for improvement

Table of Contents:
1. Introduction
2. Understanding Web3 and Web2
3. The Importance of User Experience
4. The Challenges of Web3 User Experience
5. The Role of KYC in Web3 User Experience
6. Improving Web3 User Experience: Opportunities and Challenges
7. The Future of Web3 User Experience
8. Conclusion
FAQs
Table 1: Outline of the Article
Table 2: The Article

Introduction

At the Web3 Hong Kong Carnival Summit, Binance Founder, Changpeng Zhao (CZ) addressed the issue of web3 user experience. According to him, the user experience in this field is not impressive compared to web2. He believes that there is a lot of room for improvement in the web3 user experience.

Understanding Web3 and Web2

Web3 and web2 are two different versions of the internet. The concept of web3 involves a decentralized internet that runs on blockchain technology. It allows users to interact with various services and platforms without the need for intermediaries or centralized organizations. On the other hand, web2 is a centralized version of the internet that we currently have, allowing users to connect through centralized organizations like Facebook, Google, and Amazon.

The Importance of User Experience

The user experience is a critical aspect of any online platform or service. It is the main driving force behind customer engagement and loyalty. Users expect seamless, easy-to-use and fast experiences when interacting with online platforms. In web3, user experience is an essential factor that can determine the success or failure of a decentralized application or platform.

The Challenges of Web3 User Experience

The user experience in web3 presents several challenges that remain unaddressed. First of all, most web3 platforms still require users to learn how to operate blockchain wallets, which can be challenging for new users. Secondly, web3 platforms lack robust backend support, making it difficult for developers to build decentralized applications that are user-friendly. Additionally, the current state of web3 products tends to be slow and resource-intensive, which can create frustration for users.

The Role of KYC in Web3 User Experience

In the web2 world, users do not need to go through Know Your Customer (KYC) processes to access various platforms and services. However, KYC is an obligatory procedure for most web3 platforms to prevent fraud and money laundering. KYC verification takes time and can be a barrier for new users joining the web3 ecosystem. Moreover, the process can fail or be rejected, leading to frustration and discouragement for users.

Improving Web3 User Experience: Opportunities and Challenges

Web3 user experience can be improved through various strategies. For one, blockchain wallets can be made more user-friendly and accessible, ensuring they are not a barrier to entry for new users. Secondly, web3 platforms must prioritize UX/UI design as critical elements of their development process. An example of this is building a friendly and intuitive interface with a more visually pleasing format. This reflects the trend being observed in the current age of Web3, with developers striving to make interfaces more engaging and fun to use. In addition, web3 requires highly responsive and scalable backend infrastructure to provide fast and secure services. For this to happen, the web3 community needs more developers to join and contribute to building out the ecosystem.
However, there remain some opportunities and challenges associated with improving Web3 user experience. Firstly, the decentralization of web3 platforms means they are more difficult to regulate and standardize regarding user experience. Secondly, the emergence of new technologies and development platforms like smart contract languages offers a unique opportunity to innovate the web3 user experience.

The Future of Web3 User Experience

Web3 will likely lead to a positive impact on user experience, provided the existing issues hindering user adoption are resolved. As web3 evolves and more developers contribute to the ecosystem, user experience is expected to continue improving. This is supported by the growth of the decentralization movement, which is bringing more attention to the importance of building user-friendly web3 products.

Conclusion

Web3 user experience remains a challenge for the industry, even as it grows in popularity. However, the challenges are not insurmountable. The web3 community must commit to building improved user experience through blockchain wallet usability, UI/UX design, and more responsive backend services. With time, web3 user experience will continue improving, opening up more opportunities for users to engage with decentralized applications and services.

FAQs

1. What is Web3?
Web3 is a decentralized version of the internet that runs on blockchain technology, enabling users to interact with various services and platforms without intermediaries.
2. What is KYC?
KYC stands for Know Your Customer. It is a verification process that most web3 platforms require to prevent fraud and money laundering.
3. Why is user experience essential in Web3?
User experience is crucial in web3 because it determines the success or failure of a decentralized application or platform. Users expect seamless, easy-to-use, and fast experiences when interacting with online platforms.