What are the potential challenges of Web 3.0?

Web 3.0 has serious potential drawbacks that enterprise leaders need to know about. They include the following:

• Complexity. Decentralized networks and smart contracts pose significant learning curves and management challenges for IT, not to mention everyday web users.
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• Security. The complexity of these foundational technologies makes Web 3.0 security a real challenge. Smart contracts have been hacked, and security incidents on blockchains and cryptocurrency exchanges make national news.
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• Regulatory concerns. The lack of a central authority means the regulatory and compliance regimes that help keep online commerce and other web activities safe for users are ineffective or nonexistent.
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• Technical requirements. Blockchains and dApps are often resource intensive and require expensive hardware upgrades, in addition to the environmental and monetary costs of their energy use.

Technology selection could be another challenge for companies trying to develop Web 3.0 applications, as tools for blockchain, cryptocurrency, NFTs and smart contracts proliferate. There's also an alternative decentralized data technology called Solid proposed by none other than Berners-Lee, the web's inventor. He says blockchains are too slow, expensive and public to be viable data stores for personal information, and he founded a company, Inrupt, to commercialize Solid.