3 Barriers Standing in the Way of Mass Web3 Adoption — Trust Wallet CEO

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Widespread adoption of Web3 may eventually become a reality, but Eowyn Chen, CEO of Trust Wallet, foresees three major barriers to mass adoption.

At the Australian Crypto Convention on September 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 large multi-chain crypto wallet acquired by Binance two years ago. She spoke in a keynote presentation attended by TBEN reporters on the ground in Queensland, Australia.

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

At the moment, she explains that “people who want to gain real confidence navigating this smart contract” should read the code and check for red flags before proceeding.

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Ultimately, she envisions users not having 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 the future users.”

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

But in her opinion, the “most important” point to address is “the identity and privacy aspects”, ensuring that users are “real” and safe from disclosing their private information, and making it easier for regulators to enforce compliance. to check.

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“When the US was working on CBDC, they did research and the main concern of the public is that they are concerned about the privacy issue associated with CBDCs.”

“We have to think about the future of the industry when you talk about regulation,” she explained.

The current bear market is the worst ever and has seen many crypto-related exchanges and companies struggle, but Chen believes this could be an opportunity for the Web3 industry to tackle these three barriers to the next boom.

Chen says it will leave anyone working in space in a perfect position for the future and send a 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 really take over the industry from the early adopters and cross the divide. At the right level of mass adoption.”

Overall, her vision for the web3 industry is to bring “positive change to the world’s economic system” and build a sustainable, long-term relationship with users.

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While also fulfilling “the real mission of the web three is that we can strengthen and protect users’ fundamental rights to access blockchain and manage their assets and property for free.”

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