3 barriers preventing Web3 mass adoption — Trust Wallet CEO

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Wide­spread adop­tion of Web3 mayeven­tu­al­ly become a real­i­ty but Trust Wal­let CEO Eowyn Chen fore­sees three main bar­ri­ers stand­ing in the way of mass adoption.

Dur­ing the Aus­tralian Cryp­to Con­ven­tion on Sept. 18, Chen out­lined how secu­ri­ty, ease of use, iden­ti­ty, and pri­va­cy were all vital aspects to address for growth in the Web3 industry. 

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

On the secu­ri­ty front, Chen says pro­tec­tions should be in place to warn users “if a smart con­tract has poten­tial issues,” such as a con­nec­tion to a known scammer.

At the moment she explains “peo­ple who tru­ly want to get con­fi­dence to nav­i­gate this smart con­tract,” have to read the code and check for any red flags before proceeding. 

Even­tu­al­ly, she envi­sions users won’t have to read the code of smart con­tracts at all, mak­ing them more acces­si­ble for every­one, stating: 

“All the dif­fer­ent parts of the indus­try need to work togeth­er so that we cre­ate a safer space for the main­stream users to come.”

“I believe there is a lot more that we can do, includ­ing all the chain ecosys­tems to have some sort of civ­il soci­ety self-gov­er­nance,” she added. 

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

“When the U.S. was work­ing on CBDC, they did research and the num­ber one con­cern from the pub­lic is they’re wor­ried about the pri­va­cy issue asso­ci­at­ed with CBDCs.”

“We need to think about the future of the indus­try when you come on to reg­u­la­tions,” she explained. 

The cur­rent bear mar­ket has been the worst on record and has seen many cryp­to-relat­ed exchanges and busi­ness­es strug­gle, but Chen believes this could be an oppor­tu­ni­ty for the Web3 indus­try to address these three bar­ri­ers before the next boom. 

Chen says it will leave every­one work­ing in the space in a per­fect posi­tion for the future and sig­nal that “our indus­try is extreme­ly ready.” 

“So that when the tim­ing is right when the next bull mar­ket comes, we’re ready and we can tru­ly tak­ing the indus­try from the ear­ly adopters and cross the chasm. To the right lev­el of mass adoption.” 

Over­all, her vision for the web3 indus­try involves bring­ing a “pos­i­tive change to the world’s eco­nom­ic sys­tem” and build­ing a sus­tain­able long term rela­tion­ship with users. 

Relat­ed: How adop­tion of a decen­tral­ized inter­net can improve dig­i­tal ownership

While also ful­fill­ing “the true web three mis­sion that we can empow­er and pro­tect the users fun­da­men­tal rights to access blockchain and con­trol their assets and own­er­ship free.” 

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

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