Geneva, Switzerland, 19th September, 2022, Chainwire
H.E. Justin Sun, Founder of TRON, spoke about the Seamless Web3 Future at Binance Blockchain Week in Paris. Sun was the key speaker at one of the most anticipated panel discussions with Eowyn Chen, CEO of Trust Wallet, and Jorn Lambert, Chief Digital Officer of Mastercard. The panel discussed important topics such as Web3 and its universal definition, key tools, critical issues, safety concerns, and other pressing matters concerning the industry’s future.
The discussion on Web3 and its technical definition kicked off the conversation. All panelists agreed that Web3 was already here, but mainstream adoption of Web3 is what will lead to the creation of more use cases. While Chen and Lambert expressed interests similar to Sun, Chen expanded upon Sun’s future vision of what Web3 is and what it could become.
Sun expanded on key tools to help create a more seamless Web3 experience, such as digital wallets, revenue and reward tools, and more efficient logistics and supply chain operations. Sun proceeded to discuss the unique utility and tools that stablecoins can provide and how Trust Wallet, MasterCard, and TRON can work together on improving the user experience of payment protocols. Chen elaborated on the glaring difference between Web2 and Web3 by using Apple Music as an example of how many barriers to transferability and ownership exist in the current marketplace. Lambert followed up by discussing how tooling in Web3 can help current Web2 businesses to scale more efficiently by conducting the right amount of UX research. User optimization is essential and must be done correctly for mass adoption to allow companies to scale.
Mass adoption was a consistent talking point, and the panelists had varying opinions. Sun’s main topics focused on education and creating digestible content for users. Your Web3 experience is similar to your “gaming experience,” this is critical when addressing “ways to help mainstream crypto adoption.” Chen led her response with this statement and concluded that the best way to educate users is by utilizing social media and a proper UX needs to be established by product designers to make them frictionless. Lambert focused on how security is vital for mass adoption to occur so that users aren’t “looking over their shoulder” as they navigate the Web3 space. Sun later responded with how important it is to be wary of scammers that will come about and addressed the concept of protocols and major institutions to help fight against this by filtering out scammers and verifying real users by implementing Know-Your-Customer policies.
The panel also discussed the aspect of security and safety as an essential part of Web3, maybe even the most significant. Helping create a chain agnostic ecosystem can help bring vibrant projects with fewer barriers of entry for them to succeed, which offers more users that these projects can attract. Another key theme echoed was the importance of regulations.
Making sure governments regulate the crypto space properly can help speed up the growth of blockchain technology. To assure protection in an anonymous digital environment, users can utilize frictionless and easy-to-use payment protocols that won’t allow them to connect their crypto wallets on non-verifiable NFTs or marketplaces. Lambert continued the discussion on security by inspiring developers to find pragmatic solutions. Sun alluded to UI/UX being important for protocols to adopt to continue with efforts toward creating a more secure ecosystem. Sun also conveyed the importance of adopting other infrastructure platforms like Etherscan to help validate transactions properly. Chen focuses on working with large layer-1 blockchains like Binance to help with creating proper compliance and by using Artificial Intelligence to audit smart contracts properly. She suggested a civil society political theory and believes blockchain ecosystems will similarly become more educated and “civilized” organically, allowing fewer scammers to be successful and much more infrastructure to be feasible.
Lastly, the panel members talked about the current situation with Web3 and what projects are leading the space. Sun brought up the diverse qualities that different types of projects can bring and led with finance-based protocols followed by DAOs, GameFi, NFTs, and educational platforms which have paved the way for the current landscape of Web3. Lambert mentioned that “commerce makes the world go round,” It is imperative to create verification protocols that allow safe and verifiable physical transfers from user to user. Chen agreed with this concept and added that the industry must establish a specific level of trust for these transactions to occur. Sun agreed with the other panelists and added that institutions must hire the right people who understand the heart of this issue, establish this level of trust for users, and communicate educational content properly. He finished on how the crypto community is becoming much more mature, and you can see that happening with how crypto users and fans are starting to dress a bit more professionally.
The panelists agree with pushing toward privacy, security, and more robust verification methods that will allow users to feel safe with their money and identity. Sun concluded his panel discussion on the exponential adoption of crypto due to its decentralization and utilization and how Web3 must continue to stay decentralized to reach its full potential.
About TRON DAO
TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of August 2022, it has over 111 million total user accounts on the blockchain, more than 3.8 billion total transactions, and over $13.2 billion in total value locked (TVL), as reported on TRONSCAN. In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. Most recently, the over-collateralized decentralized stablecoin USDD was launched on the TRON blockchain, backed by the first-ever crypto reserve for the blockchain industry – TRON DAO Reserve, marking TRON’s official entry into decentralized stablecoins.
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- Feroz Lakhani