3 barriers preventing Web3 mass adoption — Trust Wallet CEO

Web3 could eventually become widely adopted, but Trust Wallet CEO Eowyn Ching sees three major obstacles to mass adoption.

Chen explained how privacy, security, identity and ease-of-use were key aspects of the Australian Crypto Convention held Sept. 18.

Trust Wallet is Chen’s CEO. Binance acquired Trust Wallet two years ago. It is a multi-chain, non custodial crypto wallet. Cointelegraph reporters in Queensland, Australia attended her keynote speech.

Chen suggests that security measures be put in place to alert users “if smart contracts have potential issues,” such a connection with a scammer.

She explains that “people who really want to have confidence in this smart contract” must read the code carefully and look for red flags before proceeding.

She envisions that users will not have to read smart contract code at all. This will make them more accessible for everyone.

“All parts of the industry must work together to create a safe space for mainstream users.”

She said, “I believe there’s a lot more we can do,” and added that she believes in the potential for civil society self-governance.

She believes that the most important point to address is the identity and privacy aspect. This ensures users are real and secure from having their personal details exposed. It also makes it easier for regulators and inspectors to verify compliance.

“When the U.S. worked on CBDC, they did extensive research. The number one concern of the public was that they were concerned about the privacy issues associated with CBDCs.”

She explained that “we need to think about future industry when we come on to regulation.”

This bear market is the worst ever recorded and has seen many crypto-related businesses and exchanges fail. Chen believes that this could be an opportunity to fix these three obstacles before the next boom.

Chen claims it will put everyone in the space in a great position for the future, signaling that “our industry” is very ready.”

“So that when the time is right for the next bull market, we’re prepared and can take the industry from early adopters and cross over the chasm. To the right level for mass adoption.”

Her vision for the web3 sector is to bring about a “positive shift in the world’s economy system” and build a long-lasting relationship with users.

Related: How a decentralized Internet can increase digital ownership

We also fulfill the “true web three mission” by empowering and protecting users’ fundamental rights to access Blockchain and their ownership.

“We have the goal to build better products that are open to all users and builders. We must work to set an open standard and prevent monopolies.”

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