In her recent keynote address at ETH Hong Kong 2023, Annie Hui, COO & Co-Founder of Custonomy, shed light on the formidable obstacles standing in the way of mass adoption of Web3. Annie's presentation zeroed in on the challenges faced by everyday users who may lack technical expertise or familiarity with cryptocurrencies. She succinctly identified three major roadblocks: complex user onboarding, trust issues, and the limited understanding and proficiency among enterprises in Web3 technology.
Streamlining User Onboarding
One of the most significant hurdles within the Web3 space is the often daunting user onboarding process. Setting up a Web3 wallet and managing seed phrases can be an overwhelming task for the average user. Annie emphasized the necessity of simplifying this onboarding process to make it more accessible and user-friendly. The complexity of Web3 onboarding frequently discourages individuals who are keen to explore the Web3 realm.
Tackling Trust Issues
Trust is a cornerstone for mass adoption. Many users turn to custodians to manage their assets when they face difficulties with wallet management. However, this reliance often breeds security concerns, as centralized exchanges have been susceptible to hacks, and private keys have been lost. To address trust issues, Annie underscored the significance of non-custodial wallets, but she emphasized that they must be easily accessible to the average user. Custonomy's "Web3asy Solution," powered by MPC (Multi-Party Computation), AA (Account Abstraction), and PassKey technology, offers a secure alternative that instills confidence in new users.
Enterprises' Web3 Journey
Enterprises are a vital piece of the Web3 puzzle, yet many struggle to adopt Web3 technology due to a lack of understanding and proficiency. The market demands solutions that are easy to implement and deploy without requiring an in-depth knowledge of blockchain code. In fact, Custonomy packages the implementation into an easy-to-use solution for enterprises, enhancing the developer experience and expediting the time to market with a no-code deployment approach. This strategy helps enterprises overcome the learning curve and accelerates their adoption of Web3.
Custonomy's wallet solutions create a trustless environment, minimizing custodial risks. Their aim is to reduce the total cost of ownership of the Web3 infrastructure, expedite time-to-market for new initiatives, and enhance customer experience. These efforts drive increased customer loyalty and wider adoption of Web3 technologies.
In conclusion, Custonomy's commitment to addressing barriers such as trust, user onboarding, and enterprise integration plays a crucial role in achieving Web3 mass adoption. By leveraging MPC, AA and PassKeys, we are offering a user-friendly solutions that aims to make Web3 technology accessible, secure, and beneficial for individuals and enterprises alike.