Paris Blockchain Week: Justin Sun’s speech

During the second day of Binance Paris Blockchain Weekwhich is an event held these days in the French capital and organized by the stock exchange, a panel entitled “The Apparent Web3 Future” was held yesterday in the presence of Justin Sun of Throne,

Eowyn Chen from Trust Wallet and Jorn Lambert from Chief Digital Officer i MasterCard.

This second day of the event was well loaded with important speeches, including from major fashion brands that have started accepting crypto payments or are creating their own NFT projects like shoe brand Louboutin.

The panel with Justin Sun

According to Justin, Web3 is the future and all applications will be based on it; users will therefore use it every day, although we would probably be talking in Web4 then. The reason for this statement is quickly stated: everyone wants to own their own property.

While until now we bought a piece of music on Apple Music, for example, basically just rented it, now with Web3 there is the possibility of actually owning a musical object thanks to blockchain and NFTs.

So for Trust Wallet and according to Justin Sun of Web 3, this is the future: a way to enjoy all the digital goods that we use in reality, even without realizing it.

It is for this reason, Eowyn Chen later explained that Trust Wallet is building a decentralized platform so that users are the true owners of their cryptocurrencies and NFTs: after all, “not your private keys, not your crypto” is the industry motto.

Trust Wallet now has as many as 20 million active users and only has 40 employees.

Trust and scalability

Of course, the terms change when Mastercard’s Lambert takes the floor, who instead focuses his comments on the concept of trust.

“The problem is scalability, if it doesn’t scale, we don’t care,” we say to Mastercard. Scalability and trust are what are needed to add value to a product,” Lambert explains, citing the example of OpenSea, which he says would not be so easy to use.

After all, Mastercard is now partnership with Binance to facilitate credit card purchases of cryptocurrency. The company also recently announced that it is ready to launch a service to buy NFTs directly with Mastercard.

For this reason, Lambert is absolutely not in favor of decentralization, but points to the concept of trust, saying that users must be able to trust someone when proceeding with a purchase, and obviously in the case of Mastercard, the customer is protected in case of fraud, even when buying NFT -is.

These are Lambert’s words:

“The main thing is trust, because if you lose trust because of a scam, it’s hard to get it back. For example, in the card world there is a lot of fraud, but people do not worry about it because they know that they are the ones who protect them. Therefore, it is easier to, for example, buy NFTs with a credit card. It’s the same protections as when you buy other products and it’s easy to use the credit card and not crypto where you need so many tools like wallet, exchange etc… That’s why we work with Binance to ease the processes. I am very optimistic about how it will go, but it will take time.

Meanwhile, there is news today that Binance Card, the exchange’s debit card, but for now only in Argentina, has also started supporting crypto Shiba Inu as a payment method.

The importance of ease of use

On the topic of how Web 3 can become mass-used, Justin Sun instead focuses on the question of UX, that is, the usability of a tool. For this reason, according to him, it is important to have few tools that interact with each other. Currently, instead, buying an NFT requires many steps between wallet, exchange, interaction with the platform where one can buy the non-fungible token, etc… so according to Sun, there should definitely be more user-friendly solutions in the future.

Education in the center

Another topic addressed by the panel was education, which is key to having knowledgeable customers and expanding the user base.

“Education is still necessary” says Eowyn Chen, explaining that Trust Wallet on Twitter has among its goals to explain best practices in the crypto world, so that users are well aware of security, and aware of the latest scams.

Tron, for its part, explains that it works closely with the Binance Risk Team, which has created a security database to check that the address or smart contract one goes to interact with is not problematic.