What Is Keeping Web3 from Adoption?

According to the CEO of Trust Wallet, W3 faces three obstacles to being massively adopted.

He mentioned that the present bear market may provide the Web3 sector a chance to resolve customer issues before the next bull market.

Web3 may someday see widespread acceptance, but Trust Wallet CEO Eowyn Chen sees three major obstacles on the road to widespread implementation. Chen discussed how security, usability, identity, and privacy were all crucial issues to overcome for growth in the Web3 business on Sunday at the Australian Crypto Convention.

The CEO of Trust Wallet, a sizable multichain non-custodial crypto wallet that Binance purchased two years ago, is Chen. In terms of security, Chen asserts that safeguards must be put in place to alert consumers if a smart contract has potential difficulties, such as a tie to a well-known con artist. As of right now, she says, those who actually want to acquire the confidence to traverse this smart contract must first learn the code and look out for any warning signs.

Here Is What the CEO Has to Say About Current Market

She believes that eventually, smart contracts will be more accessible to everyone since users won’t even need to understand the code, saying that all the various industry segments must collaborate to provide a safer environment for the mainstream users to visit. She believes that there’s a lot more we can do, including all the chain ecosystems to have some kind of civil society self-governance. But, according to her, the “most critical” issues are related to elements of identity and privacy. In addition, it ensures that users are “authentic” protects their personal information from being leaked, and makes it easier for regulators to verify compliance. When the U.S. started working on CBDC, they conducted research and found that the public’s top worry was the privacy problem related to CBDCs. When it comes to rules, we need to consider the future of the sector.

Although the current bear market is the worst on record and has seen many exchanges and firms dealing with cryptocurrencies suffer, Chen thinks this might be a chance for the Web3 sector to overcome these three impediments before the next boom.