Widespread adoption of Web3 may eventually become a reality, but Trust Wallet CEO Eowyn Chen sees three major hurdles standing in the way of mainstream adoption.
During the Australian Cryptographic Convention on September 18, Chen revealed that security, ease of use, identification and privacy are vital aspects for growth in the Web3 industry.
Chen is the CEO of Trust Wallet, a large non-custodial multi-chain cryptocurrency wallet acquired by Binance two years ago. She spoke at a keynote presentation attended by reporters in Queensland, Australia.
On the security side, Chen says there should be safeguards in place to alert users “if a smart contract has potential problems” such as communicating with a known scammer.
For now, she explains that “People who really want to gain confidence in navigating this smart contract” should read the code and check for red flags before proceeding.
After all, she suggests 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 need to work together so that we create a safer space for future core users.”
“I believe that we can do much more, including all networked ecosystems, to have some sort of civil society self-governance,” she added.
However, in her opinion, the most “important” point to be addressed is the “identification and privacy aspects” to ensure that users are “real” and protected from disclosure of their personal data, and make it easier for regulators to verify compliance.
“When the US was working on the CBDC, they were doing research, and the public was most concerned about the privacy issue associated with the CBDC.”
“We have to think about the future of the industry when it comes to regulations,” she explained.
The current bear market has been the worst ever and many cryptocurrency-related exchanges and businesses have struggled, but Chen believes it could give the Web3 industry an opportunity to remove these three barriers before the next boom.
Chen says this will create the perfect environment for everyone working in space and send a signal that “our industry is extremely ready.”
“So when the time comes when the next bull market comes, we will be ready and able to really take the industry from the early adopters and bridge the chasm. To the right level of mass adoption.”
Overall, her vision for the web3 industry is to bring “positive change to the global economic system” and build sustainable long-term relationships with users.
Related: How Decentralized Internet Implementation Can Improve Digital Property
At the same time, fulfilling “the true mission of Web Three, which is that we can provide and protect the basic rights of users to access the blockchain and control their assets and ownership for free.”
“We have a mission to create the best open source products that empower users and developers, and we must strive to be that open standard and prevent monopolies.”