During the second day of Binance Blockchain Week Parisis an event held today in the French capital and organized by the exchange, a panel entitled “The Unseen Future of Web3” held yesterday in his presence Justin Sun from Tron,
Eowyn Chen from Trust Wallet and Jorn Lambert from the Chief Digital Officer of MasterCard.
The second day of the event was filled with important speeches, including from major fashion brands that have started accepting crypto payments or created their own NFT projects such as shoe brands. Louboutin.
Panel with Justin Sun
According to Justin, Web3 is the future and all applications will be based on; that’s why users will use it every day, although we will talk about Web4 at that time. The reason for this statement is quickly stated: everyone wants to have their own property.
While until now when we bought music on Apple Music, for example, we really only rented it, now with Web3 there is the possibility of having a musical object thanks to blockchain and NFT.
So for Trust Wallet and according to Justin Sun of Web 3, this is the future: a way to enjoy every digital virtue that we use in reality, even without realizing it.
Because of this, Eowyn Chen later explained, that Trust Wallet builds a decentralized platform so that users can register the true owners of cryptocurrencies and NFTs: after all, “no private key, no crypto you” is the motto of the industry.
Trust Wallet currently has 20 million active users and only 40 employees.
Trust and scalability
Of course, the term changed when Lambert of Mastercard took the floor, which instead focused on the concept of trust.
“The problem is scalability, if it’s not size, we don’t care, we told Mastercard. Scalability and trust are what we need to give value to the product,” Lambert explained, bringing the example of OpenSea, which he said would not be easy to use.
After all, Mastercard is now partnership with Binance to facilitate credit card purchases of cryptocurrencies. The company also recently announced that it is ready to launch a service to buy NFTs directly with Mastercard.
Therefore, Lambert is certainly not in favor of decentralization but points to the concept of trust, saying that users must be able to trust someone when they proceed with their purchase and obviously in the case of Mastercard, customers are protected in case of fraud. even when buying NFTs.
Here are Lambert’s words:
“The main thing is trust, because if you lose trust due to fraud, it’s hard to get it back. For example, in the world of cards there are many scams, but people do not worry about it because they know that someone is protecting them. Therefore it is easier for example to buy NFT with a credit card. There is the same protection when you buy other products, and it is easy to use a credit card and not crypto where you need a lot of tools like wallets, exchanges, etc… That is why we are working with Binance to facilitate the process. I am very confident about how it will work, but it will take time.
In the meantime, today there is news that Binance Card, the exchange’s debit card, although currently only in Argentina, has also started to support crypto Shiba Inu as a payment method.
The importance of usefulness
On the topic of how Web 3 can become mass-use, Justin Sun focuses more on UX issues, that is, ease of use of tools. Therefore, according to him, it is important to have several tools that interact with each other. Now, instead, to buy NFT requires many steps between wallets, exchanges, interaction with platforms where non-fungible tokens are bought, etc… so according to Sun there must be a more user-friendly solution in the future.
Education at the center
Another topic discussed on the panel was education, which is key to having informed customers and growing a user base.
“Education is still needed,” said Eowyn Chen, explaining that on Twitter Trust Wallet aims to explain the best practices in the world of crypto so that users are aware of security, and aware of the latest scams.
Tron for its part explains that it cooperates with the Binance Risk Team, which has created a security database to check that the addresses or smart contracts to be executed are free of problems.