The widespread adoption of Web3 could eventually become a reality but Trust Wallet CEO Eowyn Chen anticipates three major obstacles standing between the masses of adoption.
In the Australian Crypto Convention on Sunday, Chen outlined how security as well as ease of use privacy and identity were essential aspects to be addressed to increase growth in the Web3 business.
Chen is the chief executive officer for Trust Wallet, a significant multichain, noncustodial cryptocurrency wallet that was acquired through Binance just two years back. Chen spoke at the keynote address which attracted Asian Trade reporters in the field at Queensland, Australia.
In terms of security, Chen says protections should be in place to notify customers “if a smart contract has potential issues,” for instance, for a connection to an infamous fraudster.
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In the present, she explains “people who truly want to get confidence to navigate this smart contract,” need to understand the contract and look for warnings prior to proceeding.
In the end, she hopes that users do not need to know the codes of smart contracts in any way, making them accessible to everyone and stating:
“All the different parts of the industry need to work together so that we create a safer space for the mainstream users to come.”
“I believe there is a lot more that we can do, including all the chain ecosystems to have some sort of civil society self-governance,” she said.
But, according to her what is the single top “important” point to address “is the identity and privacy aspects,” making sure that customers have the right to be “real” and safe from being exposed to their personal information and making it easy for regulators to monitor whether they are in compliance.
“When the U.S. was working on CBDC, they did research and the number one concern from the public is they’re worried about the privacy issue associated with CBDCs.”
“We need to think about the future of the industry when you come on to regulations,” she said.
The bear market of the moment is the most severe on record which has led to a number of cryptocurrency-related businesses and exchanges suffer however Chen believes that this could be a chance for the Web3 sector to tackle these three obstacles before the next wave of growth.
Chen claims it will put all those working in the field in a great situation for the future and show the fact that “our industry is extremely ready.”
“So we can ensure that when time is right for it comes to the bull market next time around, is due then we’re in the right place and are able to take the market from the early adopters and bridge the line. The right way to achieve massive acceptance.”
In general, her idea of the Web3 industry is to bring a “positive change to the world’s economic system” and establishing lasting relationships with its users.
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While achieving “the true web three mission that we can empower and protect the users fundamental rights to access blockchain and control their assets and ownership free.”
“We have the mission to kind of build a better products with open access that empowers the users and builders and we must strive to be that open standard and to prevent monopolies.”
