3 barriers to mass adoption of Web3 – Trust Wallet CEO


widely adopted web 3 It may eventually become a reality, but Trust Wallet CEO Eowyn Chen anticipates three major obstacles standing in the way of mass adoption.

During the Australian Cryptographic Agreement on September 18, Chen explained how security, ease of use, identity, and privacy were all vital aspects that must be addressed for growth in the Web3 industry.

Chen is the CEO of Trust Wallet, which is a major, unsecured multi-chain crypto wallet that Binance acquired two years ago. She was speaking at a keynote presentation attended by Cointelegraph journalists on the ground in Queensland, Australia.

On the security front, Chen says safeguards should be put in place to warn users “if the smart contract has potential problems,” such as contacting a known scammer.

For now, she explains, “people who really want to gain confidence to navigate this smart contract” should read the code and check for any red flags before proceeding.

Ultimately, she envisions users won’t have to read the smart contract code at all, making it accessible to everyone, saying:

“All different parts of the industry need to work together so we can create a safer space for everyday users in the future.”

“I think there’s a lot we can do, including all the chain ecosystems, to have some sort of civil society autonomy,” she added.

However, in her view, the “most important” point to address “is the identity and privacy aspects,” ensuring that users are “real” and safe from revealing their private details and making it easier for regulators to verify compliance.

“When the United States was working on CBDCs, they did research and the first concern of the public was that they were concerned about the privacy issue associated with CBDCs.”

“We need to think about the future of the industry when you’re dealing with regulations,” she explained.

It was the current bear market The worst ever Saw many encryption related operations Exchanges and companies are strugglingBut Chen believes that this may be an opportunity for the Web3 industry to address these three hurdles before the next boom.

Chen says he will leave everyone working in space in perfect shape for the future and notes that “our industry is very well prepared.”

“So when the time is right when the next bull market comes, we are ready and we can really take the industry from the early adopters and cross the gap. to the right level of mass adoption.”

Overall, its vision for the Web 3 industry includes bringing about “positive change in the global economic system” and building a sustainable, long-term relationship with users.

Related: How Decentralized Internet Adoption Can Improve Digital Ownership

With the realization of the “three true mission of the web, we can enable and protect the basic rights of users to access the blockchain and control their assets and ownership for free.”

“We have a mission to build a better kind of open access product that empowers users and builders and we must strive to be that open standard and prevent monopolies.”