FocusWeb3 innovations to onboard the next billion users - Elena Sinelnikova

(Kitco News) - Web3 has received a lot of hype from cryptocurrency proponents as the next evolution of the internet built on a foundation of blockchain technology, but thus far, adoption has lagged due to the complexity of onboarding into Web3 and a lack of tools to help users with the process.
Wednesday’s announcement of a partnership between Microsoft and Aptos Labs to create the “Aptos Assistant” chatbot to help new user onboarding into Web3 is an example of the efforts companies are taking to help with the process, but there is still a lot of work to be done if the global population is to one day become Web3-capable.


To get a better understanding of the challenges facing user onboarding into Web3, Kitco Crypto had a conversation with Elena Sinelnikova, co-founder and decentralization coordinator for the Ethereum layer-2 protocol Metis and co-founder of CryptoChicks, a non-profit organization that has become an international hub for educating women and youth in blockchain entrepreneurship and technology in 56 countries.


“Putting users back in control is the main value proposition of blockchain-powered Web3 platforms,” Sinelnikova said. “But that’s also their biggest challenge vis-à-vis legacy systems – it’s the root of blockchain’s complexity from the end user’s PoV.”

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“Thanks to emerging Layer-2 solutions and ‘Smart L2’ platforms like Metis, Web3 users can now access fast, secure, and cost-effective digital transactions across sectors and use cases,” she said. “General computing capabilities have also improved significantly in recent years, as have core aspects like privacy, security, and above all, scalability.”


When it comes to what still needs to be improved, Sinelnikova said the onboarding process for many platforms is still confusing and complicated, “particularly with regard to integrating KYC/AML procedures in a way that balances regulatory obligations and end-users expectations.”


Attracting more users to the Metaverse
On the topic of ways to attract new users to the metaverse, Sinelnikova highlighted “genuine, long-term utility” as the most important factor.


“The metaverse must be value-driven to achieve sustained user interest and adoption,” she said. “It can’t be just another digital realm where people spend time. It must rather adopt frameworks and business models that unleash the true potential of the underlying technologies. Because that’s what the metaverse is meant to be – the space where all Web3 components come together for an immersive, futuristic user experience.”


She noted that top brands like Louis Vuitton, Adidas, and Nike establishing a presence in the metaverse has helped provide an adoption boost, but said it's important that we “ensure fair opportunities for smaller enterprises, retail merchants, or even individual-led businesses” moving forward.


“The same applies to budding content creators and so on,” she added. “Unlike Web2 digital forums, the metaverse must truly be a community-oriented digital realm where anyone can thrive as long as they put in the effort, irrespective of legacy.”


Sinelnikova also said that seamless interoperability and scalability are two keys to the future success of metaverse platforms, but cautioned that this “will require some work on the technical front, which is already underway.”
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