How Early Are We? | Hedera’s Potential in the Busy Web3 Space
By
Liu Wei
Edited By
Clara Zhang
A growing conversation around Hedera’s transaction levels highlights the need for perspective on its place in the Web3 ecosystem. With an estimated 359 million companies globally, only a fraction currently engage with this emerging technology, sparking debate among enthusiasts and critics alike.
The Current Landscape of Web3 Engagement
Many argue that even with a conservative estimate suggesting just 10% of businesses may leverage Web3, that still amounts to about 36 million companies. Presently,
3,000 projects are alive on Ethereum
1,000 projects are under Hyperledger
A generous estimate gives 6,000 projects across others,
leading to a total of approximately 10,000 projects in operation. This count indicates a significant untapped market potential.
Transaction Levels: FUD or Real Concerns?
Critics have raised concerns about current transaction per second (TPS) numbers, calling them a "fear, uncertainty, or doubt" tactic. One commenter stated, "Talking about TPS is not a FUD line. Hypotheticals don’t directly address revenue rates"
Interestingly, some in the community believe that as more entities engage with Web3, new use cases will likely emerge. The sentiment among advocates is captured by a user who said, "thousands of completely new and disruptive use cases will also very likely emerge from this."
Points of Contention
Discussions continue around Hedera’s viability and revenue generation. Here are some key themes that users have grappled with:
Sustainability Concerns: The focus is shifting to revenue generation; one user noted, "Revenue needs to increase dramatically" for long-term viability.
Adoption Rates vs. TPS: Many assert that while TPS is a metric, the real worry is about adoption. A comment read, "Tldr: TPS is not the problem. Adoption or lack thereof is what sinks ships."
Partnership Value: Users highlighted that established partners like Accenture and Deloitte are crucial for future use cases with Hedera, providing a sense of optimism.
"no company has shown any interest in a public DLT," stated one voice of skepticism.
Key Insights
△ Approximately 36 million companies could join Web3, massively expanding the market.
▽ 10,000 projects currently engage users, indicating a significant difference in participation levels.
💡 "But let's remember that even the companies currently using a DLT are likely using it for sub 15% of what they will eventually use Web3 for."
The general consensus among supporters is that concerns about current TPS numbers feel exaggerated, particularly given the technological advantages Hedera has in the industry. As uptake increases, the need to focus on meaningful metrics and outcomes may outweigh early transactional concerns.
What Lies Ahead for Hedera?
Given current trends, there’s a strong chance that Hedera could see increased engagement in the coming years. If experts estimate that around 36 million companies may venture into Web3, we might witness a significant uptick in projects and use cases built on the platform. As more industries explore decentralized technologies, Hedera’s transaction levels could improve substantially. With strong partnerships like Accenture and Deloitte backing its growth, the probability of new revenue streams emerging looks promising. If these trends hold, the market could evolve rapidly, paralleling the rise of industries after key technological milestones.
A Fresh Take on Historical Development
Consider the rise of the internet in the late 90s. Many thought it was just a passing fad, yet as more businesses embraced it, innovation followed suit, leading to the dot-com boom. The initial skeptics, much like today’s critics of Hedera’s TPS, overlooked the game-changing potential that came with broader adoption. Just as countless applications flourished in that digital revolution, Hedera might be on the brink of similar breakthroughs, where today’s transactional limitations could transform into tomorrow’s bundles of opportunity.