Widespread adoption of Web3 may become a reality, but Trust Wallet CEO Eowyn Chen sees three main obstacles standing in the way of mass adoption.
During the Australian Cryptocurrency Convention, held on September 18, Chen noted that security, ease of use, identity and privacy are vital issues to address for the growth of the Web3 industry.
Chen is the CEO of Trust Wallet, a major non-custodial cryptocurrency wallet acquired by Binance two years ago. He spoke at a keynote presentation attended by Cointelegraph reporters on the ground in Queensland, Australia.
Regarding security, Chen says protections should be in place to warn users “if a smart contract has potential problems,” such as a connection to a known scammer.
For now, Explain, “people who really want to be confident to navigate this smart contract” have to read the code and check for any red flags before proceeding.
Over time, it envisions that users won’t have to read the code of smart contracts at all, making them more accessible to everyone. stating:
“All the different parts of the industry have to work together for us to create a safer space for traditional users.”
“I think there is much more we can do, including all the ecosystems in the chain to have some kind of self-governance from civil society,” he added.
However, in his opinion, the most “important” point to address “is that of identity and privacy”, ensuring that users are “real” and safe from having their private data exposed, and making it easier for regulators to monitor compliance of the regulations.
“When the United States was working on their CBDC, they did research on it, and the number one concern of the public is that they are concerned about the privacy issue associated with CBDC.”
“We have to think about the future of the industry when it comes to regulations,” he explained.
The current bear market has been the worst on record and has caused many exchanges and crypto-related businesses to falter, but Chen believes this could be an opportunity for the Web3 industry to address these three barriers. before the next space boom in popularity.
Chen says that Fixing these issues will leave everyone working in the space in a perfect position for the future and show that “our industry is extremely prepared.”
“So when the time is right, when the next bull market comes, we’re prepared and we can really bring the industry to more adopters and cross the chasm. At the right level of mass adoption.”
Usually, his vision for the web3 industry involves bringing “positive change to the global economic system” and building a long-term sustainable relationship with users.
While fulfilling “web3’s true mission that we can empower and protect the fundamental rights of users to access the blockchain and control your assets and property freely.”
“We are on a mission to build a better class of open access products that empower users and builders, and we must strive to be that open standard and avoid monopolies.”
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