Trust Wallet CEO says the current bear market could provide an opportunity for the Web3 industry to address consumer concerns before the next bull market.
Widespread adoption of Web3 may eventually become a reality, but Trust Wallet CEO Eowyn Chen foresees three main barriers standing in the way of mass adoption.
During the Australian Crypto Convention on Sunday, 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 major multichain noncustodial crypto wallet acquired by Binance two years ago. She was speaking in a keynote presentation that was 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 a connection to a known scammer.
At the moment she explains “people who truly want to get confidence to navigate this smart contract,” have to read the code and check for any red flags before proceeding.
Eventually, she envisions users won’t have to read the code of smart contracts at all, making them more accessible for everyone, 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 added.
However, in her opinion, the most “important” point to address “is the identity and privacy aspects,” ensuring users are “real” and safe from having their private details exposed and making it easier for regulators to check 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 explained.
The current bear market has been the worst on record and has seen many crypto-related exchanges and businesses struggle, but Chen believes this could be an opportunity for the Web3 industry to address these three barriers before the next boom.
Chen says it will leave everyone working in the space in a perfect position for the future and 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 truly taking the industry from the early adopters and cross the chasm. To the right level of mass adoption.”
Overall, her vision for the Web3 industry involves bringing a “positive change to the world’s economic system” and building a sustainable long-term relationship with users.
Related: How adoption of a decentralized internet can improve digital ownership
While also fulfilling “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.”
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