Trust Wallet CEO Eowyn Chen explained the three main obstacles hindering the mass adoption of Web3.
During the Australian Crypto Convention on 18 September, Chen explained that security, ease of use, identity and privacy are vital aspects for the growth of projects in the Web3 industry.
Chen said there should be functionality to alert users “if a smart contract has potential problems”, such as being associated with a known fraudster.
She explained that at the moment, “people who really want to get confidence in navigating a particular smart contract” should read the code and check for red flags before they start working with it.
“All the different parts of the industry need to work together so that we create a safer space for future core users,” said Eowyn Chen.
“I believe there is much more we can do, including all network ecosystems, to have some kind of civil society self-governance,” she added.
In addition, the Trust Wallet CEO noted the importance of established “identity” and privacy processes that ensure users are “real” and protected from disclosure of their personal data, and which would also make it easier for regulators to check compliance.
“When the US was working on CBDC, they were doing research and the public was most concerned about privacy.
“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 in the history of cryptocurrency, and many cryptocurrency exchanges and businesses have struggled, but Chen believes this could give the Web3 industry the opportunity to address these three barriers before the next boom.
“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, she sees the web3 industry aiming to build sustainable long-term relationships with users and will bring “positive change to the global economic system”.
“The real mission of web3 is that we can provide and protect users’ basic rights of access to blockchain and free control of their assets and property rights.”
“We have a mission to create better open-access products that empower users and developers, and we must strive to be the standard and prevent monopolies.”