3 Obstacles Preventing Mass Adoption of Web3 — Trust Wallet CEO

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

At the Australian Crypto Convention on Sunday, Chen explained how security, usability, identity and privacy were all critical aspects to address for the growth of the Web3 industry.

Chen is the CEO of Trust Wallet, a major non-custodial multi-chain crypto wallet acquired by Binance two years ago. She was speaking at a keynote presentation 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 connecting to a known scammer.

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

Eventually, she envisions users not having to read smart contract code at all, making them more accessible to everyone, saying:

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

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

However, in his opinion, the most “important” point to address “are the identity and privacy aspects”, ensuring that users are “real” and safe from the disclosure of their private information and facilitating the verification of compliance by regulators.

“When the United States was working on CBDCs, they did research and the main public concern is that they are worried about the privacy issue associated with CBDCs.”

“We have to think about the future of the industry in terms of regulation,” she explained.

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

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

“So when the time is right, when the next bull market comes, we’ll be ready and we can really take the industry out of early adopters and cross the chasm. At the right level of mass adoption.

Overall, his vision for the Web3 industry is to bring “positive change to the global economic system” and build a long-term sustainable relationship with users.

Related: How Embracing a Decentralized Internet Can Improve Digital Ownership

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

“We are on a mission to somehow create better products with open access that empowers users and builders and we must strive to be that open standard and prevent monopolies.”

Comments are closed.