3 barriers preventing Web3 mass adoption — Trust Wallet CEO
Widespread adoption of Web3 mayeventually 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 Sept. 18, 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 multi-chain, non-custodial 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:
“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.
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