Common Misconceptions of Blockchain and Web3.0

Common Misconceptions of Web 3.0

Users will need a VR helmet to access the metaverse

There is a misconception regarding the fact that people need to wear a virtual reality helmet and other specialized gear in order to access the metaverse. It is true that the metaverse does contain platforms that do cater to this kind of tech, but some of the well-known platforms, like Decentraland and The Sandbox, can be accessed using tools that users already possess like a desktop, smartphone, or a laptop. So, it is not entirely true that metaverse can only be accessed if users wear a VR helmet.

Metaverse is owned by Facebook?

No, the metaverse is not owned by Facebook or the Meta platforms, in general. Although it is true that the company envisions to play a prominent role in shaping and developing this virtual world, and has already made headway by planning into developing and utilizing the metaverse technology to its full potential, Facebook does not own it. Experts predict that Facebook may actually end up dominating the new realm through its innovative tech ideas.

?The metaverse is a new technology

Through technologies like the Roblox, Sandbox, Axie Infinity, and Decentraland, the metaverse has been with us for more than a decade. Several individuals trace the metaverse back to Second Life, a virtual world that debuted in 2003, allowing users to explore, socialize, and trade goods and services with other users. With big tech evolving at a rapid pace, the metaverse is expected to grow and evolve, transforming into an immersive world.

?Web 3.0 is itself a myth

Well, this myth can and cannot be debunked since supporters and critics of Web 3.0 state the facts differently. In the technical sense, Web 3.0 is the third generation of internet services for websites and applications that will focus on machine-based understanding of data to provide a data-driven and semantic web. But Web 3.0 has not been implemented yet, so there are no solid definitions yet that can debunk the fact of Web 3.0 is itself a fact or not.

?Web 3.0 will be the only way to connect to the Internet

There are plenty of ways to stay connected to the internet. We live in an information-rich generation where access to data and information cannot be stopped if is not using a particular type of technology or network. Some say that the hype around Web 3.0 is overblown. Marketers and activists oversell the idea of Web 3.0, but as compared to what is being discussed about it, very few actions have been taken based on it.

?The metaverse is mainly for gaming and has no real-world utilities

Although there have been many developments in the virtual gaming aspects over the metaverse, the truth is that metaverse does possess several real-world utilities. Business leaders have already started planning and strategizing operations around the metaverse, utilizing its full potential. Companies like PwC have opened metaverse branches so that they can envision customer demands from an advanced technical aspect.?

The metaverse is some kind of alternate universe

The metaverse does sound like an alternate universe altogether that is backed by tech giants like Meta. But in reality, the metaverse comprises many interconnected worlds using powerful technology, including artificial intelligence, VR, AR, blockchain, and 3D graphics. But it is very much a part of the real-world economy with its own set of rules and outcomes.

Investing in metaverse real estate would result in a loss

When deciding to invest in property in the real world or the metaverse, the most critical thing to consider is the ROI. If investors truly believe that the metaverse will be the real deal in the future, then investing in real estate in the metaverse would actually be a good idea.?

Web 3.0 will improve internet speed

No, Web 3.0 will mainly focus on improving the search quality using AI for semantic connection, rather than changing the search time. The network can be used to yield relatable search results and a seamless internet experience but it does not affect the internet speed.?

Handling Web 3.0 requires new devices and interfaces

Again, users do not need to own specialized devices and interfaces when it comes to handling Web 3,0, They can use the same devices that they used while operating from Web 1.0 and Web 2.0.?

Common Misconceptions of Blockchain

1. 'Blockchain Equals Bitcoin'?

Since Bitcoin is far more popular than its root?technology blockchain, people get mixed up between the?two. Blockchain enables peer-to-peer transactions to be recorded on a distributed ledger throughout the network. Bitcoin is a cryptocurrency that can be exchanged directly between?two?people without passing through a third party like a bank. -?Jeremy Williams ,?Vyudu Inc.

2. 'Blockchain's Only Application Is Cryptocurrency'?

Blockchain and cryptocurrency go together like peanut butter and jelly.?They are outstanding together, but they also work brilliantly on their own.?There isn't just one use for blockchain. Every business and industry can use the underlying?technology?of distributed ledgers. -?Tammy Cohen ,?InfoMart Inc

3. 'Information On Blockchain Activity Isn't Publicly Available'?

One of the common misconceptions in blockchain?technology?is the fallacy that it is not public. The majority of blockchain activity is rather traceable, contrary to popular belief. Additionally, there are no hidden secrets to blockchain and no dark criminology associated with its activities. - Maria Clemens,?Management and Network Services, LLC

4. 'Crypto Transactions Are Anonymous'?

Many people are under the false assumption that all Bitcoin and crypto transactions are anonymous. Bitcoin is a public ledger?that tracks how much was sent from one address to the next. Many government organizations have established relationships with major exchanges to complete the mapping of the address to the owner. -?Thomas Griffin ,?OptinMonster

5. 'Blockchain Will Change Everything About Business Transactions'?

Blockchain often gets positioned as a?technology?that will change how businesses record and manage transactions. Compared to current methods, it is actually more process intensive, difficult to scale and takes more time to confirm transactions. As for security, it's mostly useful if there is a need for a secure verification and immutability of transaction records. Otherwise, use cases are limited. -?Rajat Mohanty ,?Paladion Networks

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6. 'Cryptocurrencies Are Volatile, So Blockchain Must Not Be Reliable'?

A common misconception seems to come from those who associate the volatility of cryptocurrencies with the credibility of blockchain?technology.?Blockchain has many applications beyond cryptocurrencies and will likely be more of a game changer long term.?As with most early technologies, the initial use cases, interfaces and content are overrated but the underlying technologies are underrated. -?Wade Burgess ,?Shiftgig

7. 'Cryptocurrencies Are Best For Criminals'?

It's true that decentralization and anonymity are particularly nice features for criminals, but they're also great features for law-abiding citizens who are in an economically or politically unstable environment. If you are unable to trust local banks with your money due to corruption, or if your country has the possibility of destabilizing, it's arguably the best place to keep your money. -?David Murray ,?Doctor.com

8. 'Blockchain Is Just A Storage Mechanism'?

The misconception I see most about blockchain is that people think it is a storage mechanism. I think its?advantage comes when it is used as an exchange, with each transaction involving at least?two?parties -- one to give and one to take.?-?Stefan Petzov ,?Swisscom

9. 'Cryptocurrency And Blockchain Are For?Technology?And Finance People Only'?

Now that more widespread companies such as Square are utilizing these technologies, I believe that the fear of the unknown for the average consumer will encourage the utilization. The average consumer has little understanding of blockchain or even cryptocurrency, therefore shying away from it. People trust Square, so I think that the general public will begin to trust these technologies as well. -?Meghann Chilcott ,?OrderInsite, LLC

10. 'Tokens And Coins Are The Same Thing'?

Blockchain has tokens and Initial Coin Offerings (ICO). Coins have only one utility – to act as a simple store of value. Tokens can store complex levels of value like property, utility, income and fungibility. Property can be real estate transactions or intellectual property. Tokens can capture commodities or loyalty points. -?Jeff Bell ,?LegalShield

11. 'Cryptocurrency Is Fundamentally Different From Other Currencies'?

There's been too much hype around the blockchain and "crypto" aspects of cryptocurrency. We need to ask ourselves: What is fundamental about a currency? It is a unit of measure and a way we communicate value. What asset forms the backbone of the value for this new cryptocurrency? Are smart contracts written in ways to adequately capture future appreciation of this asset? -?Winnie Cheng ,?Io-Tahoe LLC ?

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Disclaimer:

Views expressed here are collected thoughts and personal in nature of the author and no way connected to any organization.