In 2022 we took the initial step of registering our Web3 domain, TheFloodgate.eth to be exact. This was more of a first step on a long road. At The Floodgate we fully embrace new technology even if some use cases are 2-5 years away. We publish alot of content on Web2 that (in its current format) gives us limited control over our data, from ISP's to social media platforms ownership and control is quickly removed from the original owner. 

We wanted to share our thoughts on the pros and cons of Web3 as it stands in 2024 and document our progress in the years to come.

Using a Web3 .eth website comes with several potential benefits over traditional .com websites, but it's important to weigh both sides before diving in. Here's a breakdown of the pros and cons:

Benefits:

• Decentralization: Web3 websites aren't hosted on centralized servers but on a decentralized network like the Ethereum blockchain. This makes them more resistant to censorship and downtime.
• Ownership and control: You own your .eth domain directly, not through a registrar. This gives you full control over its management and content.
• Integration with Web3: .eth websites seamlessly integrate with Web3 features like crypto payments, NFTs, and decentralized applications (dApps). This opens up new possibilities for user engagement and monetization.
• Community and identity: Using a .eth domain aligns you with the growing Web3 community and signals your involvement in the space. It can also serve as a unique and memorable identifier for your online presence.
• Potential future value: While not guaranteed, .eth domains may gain value in the future as Web3 adoption increases.

Drawbacks:

• Limited adoption: Web3 technology is still evolving, and .eth websites are not yet widely recognized or adopted. This may limit your audience reach and impact.
• Technical complexity: Setting up and managing a Web3 website requires more technical knowledge compared to traditional websites. This could be a barrier for some users.
• Security risks: While resistant to certain types of attacks, Web3 websites are not immune to security vulnerabilities within the underlying blockchain technology.
• Uncertain regulations: The regulatory landscape surrounding Web3 is still unclear, which could pose risks or compliance challenges in the future.

Overall:

Whether a Web3 .eth website is right for you depends on your specific needs and goals. If you're looking for a decentralized, community-oriented platform with future integration potential, it could be a valuable option. However, be aware of the technical complexities, limited adoption, and potential security risks involved.

We will of course keep you up to date on our Web3 journey and how we implement it over the coming years. As with all infrastructure investments, remember, it's crucial to do your own research and carefully weigh the pros and cons before making a decision.