14 lines
2.1 KiB
JSON
14 lines
2.1 KiB
JSON
{
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"HubID": "2169",
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"Date": "3/6/2023",
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"HubTags": [
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"External Platform Posts"
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],
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"Contacts": "",
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"Companies": "",
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"File": "",
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"Image": "",
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"Summary": "A big difference between #web2 and #web3 from the consumer's perspective is who bears the costs for using the paradigm.",
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"Notes": "<p>A big difference between #web2 and #web3 from the consumer's perspective is who bears the costs for using the paradigm. </p><p>Web2 is awesome because it gave us easy, fast, mostly free, and amazing products and services. In exchange, many of the providers of these products and services collected data on us and monetized that data to target us with advertising. It has been a fantastic deal overall. <br /></p><p>Web3 however may not be that. On the front end, #consumerbrands can cover the costs for initial transactions around #NFTs, but once a consumer owns it in their wallet, any costs associated with what they do with it from there is up to them. </p><p>Maybe there will be functionality in the future where brands could cover these costs, but I don't see anything at present. </p><p>As a result, costs have to be exceedingly cheap for consumers to really use web3. </p><p>Right now, web3 costs are way to expensive. </p><p>Polygon Labs, which has emerged as the layer 2 blockchain for Ethereum for consumer brands, has daily average transaction fees this year running anywhere from slightly less than one U.S. cent to ten U.S. cents. </p><p>For web3 to really work for brands and consumers and gain widespread adoption, costs need be more like one hundredth of a cent. Then it gets competitive with costs for web2 functions, like sending an email.</p><p>Assuming we will use Ethereum and its layer 2's, like Polygon, which are good, solid and preferred choices for consumer brands to use, and I don't see that changing, there is Ethereum Improvement Proposal (EIP) 4844, which is an upgrade on Ethereum that will reduce the cost of layer 2's like Polygon by a factor ten to hundred. This EIP looks to be implemented in 2024. </p><p><br /></p><p>Hopefully we will see costs drop to by a factor of a hundred, or more.</p>"
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}
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