Development of Web3 Awareness Scale as the Next Evolution of the Internet

Abstract

Web3, characterized by its decentralization, user autonomy, and integration of blockchain technologies, introduces a novel ecosystem that is rife with both opportunities and complexities. While these advances are rewriting the conventional norms of digital interaction and data management, they are also ushering in a new set of challenges and learning curves. We introduce the "Web3 Awareness Scale" as a main element through the current study. This carefully designed scale assesses university students' understanding and readiness for the emerging landscape of Web3. Whilst the article provides detailed insights into the technical, real-world applications and challenges of Web3, the inclusion of the scale emphasizes the practical assessment of awareness and readiness among key digital natives - students. As a result of the EFA, 6 items were removed from the scale, and the total explained variance of the two-factor structure consisted of 31. The final version of the scale showed a total explained variation of 64.16%. Specifically, the first factor, Opportunities, accounted for 46.94% of the variance, while the second factor, Risks, accounted for 17.21% of the variance. It is found that the coefficients of all factors indicate a very highly reliable measurement. The interpretation is that both the total scale and each factor have a high level of reliability. The findings from the scale are critical and have the potential to provide invaluable insights. These insights are expected to shape future educational curricula and policy-making, ensuring that the next generation is well-equipped to navigate and exploit the opportunities of Web3.