Eowyn Chen, the CEO of Trust Wallet, a varied non-custodial cryptocurrency wallet, outlined things that need attention to growth in the Web3 industry: security, ease of use, identity, and privacy.
She said that during the Australian Crypto Convention which took place on September 18.
Addressing The Barriers
According to Chen, smart contracts should be protected from security threats, such as being linked to known scammers.
“All the different parts of the industry need to work together so that we create a safer space for the mainstream users to come,” said her.
She added, “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.”
According to her, the most “important” aspect to address is “identity and privacy aspects,” ensuring users are “real” and safe from having their private information compromised.
“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,” explained her.
The opportunity for the Web3
This bear market has been the worst on record, and many crypto-related businesses and exchanges have struggled, but Chen believes this could be an opportunity for the Web3 industry.
Chen said that it would leave everyone working in the space in a good position for the future as well as 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 take the industry from the early adopters and cross the chasm. To the right level of mass adoption.”
According to her, the web3 industry must bring “positive change to the world’s economic system” and establish long-term relationships with users.