Widespread adoption of Web3 may eventually become a reality, but TrustWallet CEO Eowyn Chen foresees three major obstacles standing in the way of mass adoption.
During the Australian Crypto Convention on September 18th, Chen explained how security, ease of use, identity and privacy are all important aspects to drive growth in the Web3 industry.
Chen is the CEO of Trust Wallet, an off-chain crypto wallet that was acquired by Binance two years ago. She was speaking at a keynote address attended by Cointelegraph reporters on the ground in Queensland, Australia.
On the security front, Chen says safeguards should be in place to alert users “if a smart contract has problems,” such as dealing with a known fraudster.
At this point, “people who really want to be trusted to run this smart contract” read the code and check for any red flags before you continue.
Eventually, she envisions that users will never need to read the code of smart contracts, making them more accessible to everyone.
All the different parts of the industry need to work together to create a safe place for end users to come.
I believe there is a lot more we can do to have some form of civil society self-governance, including all chain ecosystems,” she added.
However, in her opinion, the most “crucial” point is “identity and privacy aspects”, ensuring that users are “authentic” and avoiding exposing their personal details and making it easier for regulators to check compliance.
“When the United States was working on CBCCs, they did research and the number one concern from the public is the privacy issue associated with CBCCs.”
“When you come up with regulations, we have to think about the future of the industry,” she explained.
The current bear market is 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 hurdles ahead of its next boom.
Chen said it leaves everyone working in space perfectly positioned for the future and signals that “our industry is extremely ready.”
“So when the next bull market comes, we’re ready and can take the industry from the early adopters and cross the chasm. To the point of actual mass adoption.
Her overall vision for the Web 3 industry includes bringing about “positive change in the global economic system” and creating sustainable, long-term relationships with consumers.
Related: How the adoption of a decentralized Internet improves digital ownership
Also, “we can empower and protect users by fulfilling the real website’s triple mission of accessing the blockchain and freely controlling their assets and ownership rights.”
“We have a mission to build a better product with open access that empowers users and developers, and we must strive to be that open standard and prevent monopolies.”