3 Obstacles Preventing Mass Adoption of Web3 — Trust Wallet CEO

Trust Wallet CEO Says Current Bear Market May Be Opportunity For Web3 Industry To Address Consumer Concerns Ahead Of next bull market.

Wide adoption of Web3 may eventually become a reality, but Trust Wallet CEO Eowyn Chen foresees three main obstacles to mass adoption.

At the Australian Crypto Convention on September 18, Chen explained that security, ease of use, identity and privacy are critical aspects to consider for the growth of the Web3 industry .

Chen is the CEO of Trust Wallet, a major non-custodial multi-chain crypto wallet acquired by Binance two years ago. She was speaking at a keynote presentation 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 connecting to a known scammer.

For now, she explains that "people who really want to gain confidence in navigating this smart contract" should read the code and check for any red flags before proceeding.

Eventually, she envisions that users won't have to read smart contract code at all, making them more accessible to everyone, saying:

"All different parts of the industry need to work together to create a safer space for mainstream users to come."

“I believe we can do a lot more, including all ecosystems in the chain to have some kind of civil society autonomy,” she added.

However, in his opinion, the most "important" point to address "is the identity and privacy aspects", ensuring that users are "real" and safe from the disclosure of their private information and facilitating compliance verification by regulators.

"When the United States was working on CBDCs, they did research and the main concern of the public is that they are concerned about the privacy issue associated with CBDCs."

“We have to think about the future of the industry in terms of regulation,” she explained.

The current bear market has been