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The current crypto market downturn has dragged the prices of most digital currencies such as Bitcoin and Ethereum to just a fraction of their all-time highs last year. For instance, BTC is currently trading at around $18,470, less than a third of its ATH of almost $69,000 while ETH is trading at $1,293 or around a quarter of its ATH of $4,891.
While the situation is understandably worrisome for crypto investors, the CEO of a crypto wallet firm views the current downturn as an opportunity for the industry to address issues that are hindering the mass adoption of Web3. During the Australian Crypto Convention on September 18, Trust Wallet CEO Eowyn Chen identified three barriers that are hindering the growth of the sector.
Speaking in a keynote presentation, Chen said that the issues about security, ease of use, identity, and privacy must be addressed to ensure the growth of the Web3 industry, Cointelegraph reported. Chen heads the Trust Wallet, a multi-chain, non-custodial crypto wallet that was acquired by Binance in 2020.
On the issue of security, Chen said that customers should be protected by a system in place that will warn them “if a smart contract has potential issues,” such as when it has some form of connection to a known scammer. She noted that currently, “people who truly want to get confidence to navigate this smart contract” have to read the code and check for any red flags.
What Chen wants is a future where Web3 users don’t need to read the code of smart contracts at all as projects have already undergone some sort of screening process. “All the different parts of the industry need to work together so that we create a safer space for the mainstream users to come,” the CEO explained. “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.”
However, Chen believes that the most important point to address is Web3’s “identity and privacy aspects.” The industry needs to ensure that the private details of users won’t be exposed and that users in Web3 are “real” people.
“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,” Chen explained. “We need to think about the future of the industry when you come on to regulations.”
The executive said that the current bear market is an opportunity for Web3 industry players to address these issues before the next crypto market rally arrives. “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,” she said.
