SafePal CEO says it’s time for Web3 to mature and advocates change in focus
In an industry where innovation and disruption are the norm, SafePal CEO and Co-Founder Veronica Wong offers a refreshing yet provocative perspective on the evolution and future of Web3. Wong examines the Web3 environment with a blend of realism and foresight, emphasizing the need for a strategic balance between pioneering spirit and pragmatic execution. His insights challenge the status quo and advocate a shift from the speculative, high-risk environment that characterizes much of the crypto and Web3 space to a more structured, user-centered approach.
Wong’s perspectives extend to various aspects of the Web3 ecosystem; from the need to re-engineer and re-engineer certain technologies for real progress, to the call for reorientation towards real-world services rather than metadatabase-centric projects. The candidate interview reveals the complexities of regulatory compliance, sustainable business models, and increasing competition among wallet providers. From his experienced perspective, Wong envisions a future where transparency, security, and user education are not just ideals but integral components of a mature Web3 world.
With a decade of experience in the technology industry and being at the forefront of the evolving Web3 space, Wong’s views are not only reflective but also forward-looking, offering valuable perspectives to both veterans and newcomers in the crypto world. His interview is an interesting read for anyone who wants to understand the key trends shaping the future of Web3 and the role of innovative platforms like SafePal in this dynamic environment.
I see the current state of Web3 as a beta for the future; Do you think there is a need to restructure or restructure certain aspects of this technology or create a completely new ecosystem based on new standards for significant progress? If so, what specific areas require this ‘regression’ to achieve true innovation?
Since crypto and Web3 don’t have to be like the wild west or an unlimited casino, I think we can do less of an overly speculative and “anything goes” approach. While it speeds up Web3 and provides more freedom for experimentation, it also makes the industry more unstable, unreliable and, more importantly, unsafe for users.
We had enough time to test new ideas and break things; Now is the time to slow down and focus on building things that are proven to work with current needs, rather than jumping too far into the future and trying to make predictions and gambles. on what the next big thing will be.
As tangible services like embedded payment systems and real-world assets gain traction in crypto, do you foresee a shift in focus in Web3 development from abstract, metadata-centric services to more grounded, real-world applications?
I foresee this change, especially TVL for real-world assets (RWAs), currently pending. $5.7 trillion and growth forecasts 10 trillion dollars. Given the convenience and reliability provided by cryptocurrency’s immutability, transparency, and borderlessness, there is tremendous room for expansion and development. We also see hints of this change in payment systems. dig And Visas.
Especially with the bull market in 2022 and DeFi in the summer of 2020, the crypto industry has developed rapidly and has not yet had time to establish a solid foundation. This doesn’t mean that metadatabase-centric services aren’t possible, but while RWAs and payment systems serve a broader user base, there is relatively niche demand for them and thus may be better suited as the basis for crypto adoption. More practical use cases will also be more attractive from a corporate investment and implementation perspective; This will naturally mean more liquidity and capital utilization for them.
Once a solid foundation is laid for crypto and Web3, metadata services will certainly take their time, as the unique and quirky aspects may be what differentiates the industry from being a clone of traditional Fintech replicated on the blockchain.
What role do you think regulatory compliance will play in shaping the backbone of crypto adoption, especially in the context of real-world asset integration in Web3 ecosystems?
Regulation may not always be good as it can restrict the activities of businesses when it is overly strict or vague; Open and transparent regulation makes it easier for businesses and projects to comply and grow, while deterring bad actors and making it safer for users. and scammers.
Crypto projects and regulators need to see themselves as partners rather than enemies, as working together will reduce malicious attacks and help alleviate the overly negative stigma that crypto is the “wild west.”
In the long run, this will also make the industry more secure and reliable, making security concerns less of a barrier for users to adopt and use crypto.
In light of projects prioritizing overhyped tokenomics over real value creation, how do you think sustainable business models will redefine the success criteria for crypto and Web3 startups in a challenging economic environment?
The tough economic environment has caused venture capitalists to have less “trigger happiness” in deploying capital and also become more stringent in vetting projects to make the most of their liquidity and protect their reputations.
This isn’t necessarily a bad thing; Exit scams, ponzis and gimmicks have been getting away with exit scams, ponzis and gimmicks for too long, with false promises of wealth creation, without real revenue streams or sustainable business models.
Users are increasingly learning to be more informed about their investment choices and asking “Will this project token make me rich?” He asks questions beyond the question. and learning to investigate whether the project has a real product or service with viable go-to-market strategies and appropriate treasury management.
Projects and builders will need to continually create value and have a positive track record if they want to be successful in the industry. This is a trend I foresee for 2024.
As we continually see new wallet providers enter the space, what do you think will be the key differentiators for wallets in terms of user engagement and technology, such as MPC and Account Abstraction?
The first of these is usability and applicability. Although it sounds simple, it will still take a long time to implement and achieve. After working for a while in a fast-paced and complex industry like Web3, it’s easy to fall into a kind of trap and echo chamber, but the needs and problems encountered are different from old users and new users.
Wallets need to develop useful features to meet different user demands while keeping products simple and easy to use, otherwise users will turn to competitors. This creates constant challenges for wallet creators in understanding users and product design, as it requires constant effort to execute and deliver results to meet ever-changing user demands.
Second is security. Web3 wallets are designed to store and protect valuable crypto assets. It takes a long time to build a solid brand reputation for a wallet by consistently delivering safe products; But all it takes is a successful hacking attack for this reputation to quickly collapse and users to flee.
Competition between wallets is therefore complex and challenging because strong commitment, user-centric spirit, adaptability and rapid implementation are required to successfully build and retain a large user base.
Given your experience with SafePal, how do you foresee crypto wallet providers adapting to the evolving demands of Web3 users, especially given the increasing diversity of wallet options and technological advances?
As a builder, I think it’s important to be objective, open to adapt, and understand what Web3 users need and want. While MPC and account abstraction (AA) offer interesting solutions, they also have their own problems; the first is too complex for the average user, the second is only for EVM chains.
Although we are an externally owned account (EOA) wallet provider, we are experimenting with technologies such as MPC and are always ready to make the switch if the need arises. However, it is crucial not to get caught up in every trend and hype that comes along and to rationally evaluate whether the technology or application actually solves problems and meets user needs.
We are also actively improving the usability of our products by improving the user interface, features and functionality of our entire wallet suite as we continue to integrate more blockchains. Education for our users is also an important part of our efforts; because knowledge of best security practices is crucial for personal surveillance and prevention against scams and malicious attacks.
The perfect Web3 wallet doesn’t exist yet, but we’re definitely working on building it with SafePal – after all, the ideal wallet should be as easy to use and seamless as ApplePay, but much more secure to truly engage the masses.
From your perspective, if Web3 needed a complete revamp, what fundamentals would you keep and what would you radically change to adapt to a more sustainable and user-focused future?
Openness, transparency and decentralization are the crown jewels of the Web3 ecosystem, and I will preserve them.
While Web3 is a permissionless ecosystem that welcomes everyone’s participation, I think it would be nice if there could be a universal security standard when it comes to DApp development. After witnessing so many scams and tricks, I long for a transparent and open security standard that will verify all existing Web3 applications and alert users if there are risks.
Due to the gold hunting trend in Web3, many new users enter the ecosystem without the necessary knowledge about basic fundamentals such as decentralization, self-custody and gas fees. It would be great if we could have a unified user onboarding process that educates new users on all the important details before they make their first deposit. While this may create inconvenience for some users and deter them from trying the technology, it could also eliminate many cases of fraud and phishing attacks currently poisoning Web3.
Contact Veronica Wong
#SafePal #CEO #time #Web3 #mature #advocates #change #focus
In an industry where innovation and disruption are the norm, SafePal CEO and Co-Founder Veronica Wong offers a refreshing yet provocative perspective on the evolution and future of Web3. Wong examines the Web3 environment with a blend of realism and foresight, emphasizing the need for a strategic balance between pioneering spirit and pragmatic execution. His insights challenge the status quo and advocate a shift from the speculative, high-risk environment that characterizes much of the crypto and Web3 space to a more structured, user-centered approach.
Wong’s perspectives extend to various aspects of the Web3 ecosystem; from the need to re-engineer and re-engineer certain technologies for real progress, to the call for reorientation towards real-world services rather than metadatabase-centric projects. The candidate interview reveals the complexities of regulatory compliance, sustainable business models, and increasing competition among wallet providers. From his experienced perspective, Wong envisions a future where transparency, security, and user education are not just ideals but integral components of a mature Web3 world.
With a decade of experience in the technology industry and being at the forefront of the evolving Web3 space, Wong’s views are not only reflective but also forward-looking, offering valuable perspectives to both veterans and newcomers in the crypto world. His interview is an interesting read for anyone who wants to understand the key trends shaping the future of Web3 and the role of innovative platforms like SafePal in this dynamic environment.
I see the current state of Web3 as a beta for the future; Do you think there is a need to restructure or restructure certain aspects of this technology or create a completely new ecosystem based on new standards for significant progress? If so, what specific areas require this ‘regression’ to achieve true innovation?
Since crypto and Web3 don’t have to be like the wild west or an unlimited casino, I think we can do less of an overly speculative and “anything goes” approach. While it speeds up Web3 and provides more freedom for experimentation, it also makes the industry more unstable, unreliable and, more importantly, unsafe for users.
We had enough time to test new ideas and break things; Now is the time to slow down and focus on building things that are proven to work with current needs, rather than jumping too far into the future and trying to make predictions and gambles. on what the next big thing will be.
As tangible services like embedded payment systems and real-world assets gain traction in crypto, do you foresee a shift in focus in Web3 development from abstract, metadata-centric services to more grounded, real-world applications?
I foresee this change, especially TVL for real-world assets (RWAs), currently pending. $5.7 trillion and growth forecasts 10 trillion dollars. Given the convenience and reliability provided by cryptocurrency’s immutability, transparency, and borderlessness, there is tremendous room for expansion and development. We also see hints of this change in payment systems. dig And Visas.
Especially with the bull market in 2022 and DeFi in the summer of 2020, the crypto industry has developed rapidly and has not yet had time to establish a solid foundation. This doesn’t mean that metadatabase-centric services aren’t possible, but while RWAs and payment systems serve a broader user base, there is relatively niche demand for them and thus may be better suited as the basis for crypto adoption. More practical use cases will also be more attractive from a corporate investment and implementation perspective; This will naturally mean more liquidity and capital utilization for them.
Once a solid foundation is laid for crypto and Web3, metadata services will certainly take their time, as the unique and quirky aspects may be what differentiates the industry from being a clone of traditional Fintech replicated on the blockchain.
What role do you think regulatory compliance will play in shaping the backbone of crypto adoption, especially in the context of real-world asset integration in Web3 ecosystems?
Regulation may not always be good as it can restrict the activities of businesses when it is overly strict or vague; Open and transparent regulation makes it easier for businesses and projects to comply and grow, while deterring bad actors and making it safer for users. and scammers.
Crypto projects and regulators need to see themselves as partners rather than enemies, as working together will reduce malicious attacks and help alleviate the overly negative stigma that crypto is the “wild west.”
In the long run, this will also make the industry more secure and reliable, making security concerns less of a barrier for users to adopt and use crypto.
In light of projects prioritizing overhyped tokenomics over real value creation, how do you think sustainable business models will redefine the success criteria for crypto and Web3 startups in a challenging economic environment?
The tough economic environment has caused venture capitalists to have less “trigger happiness” in deploying capital and also become more stringent in vetting projects to make the most of their liquidity and protect their reputations.
This isn’t necessarily a bad thing; Exit scams, ponzis and gimmicks have been getting away with exit scams, ponzis and gimmicks for too long, with false promises of wealth creation, without real revenue streams or sustainable business models.
Users are increasingly learning to be more informed about their investment choices and asking “Will this project token make me rich?” He asks questions beyond the question. and learning to investigate whether the project has a real product or service with viable go-to-market strategies and appropriate treasury management.
Projects and builders will need to continually create value and have a positive track record if they want to be successful in the industry. This is a trend I foresee for 2024.
As we continually see new wallet providers enter the space, what do you think will be the key differentiators for wallets in terms of user engagement and technology, such as MPC and Account Abstraction?
The first of these is usability and applicability. Although it sounds simple, it will still take a long time to implement and achieve. After working for a while in a fast-paced and complex industry like Web3, it’s easy to fall into a kind of trap and echo chamber, but the needs and problems encountered are different from old users and new users.
Wallets need to develop useful features to meet different user demands while keeping products simple and easy to use, otherwise users will turn to competitors. This creates constant challenges for wallet creators in understanding users and product design, as it requires constant effort to execute and deliver results to meet ever-changing user demands.
Second is security. Web3 wallets are designed to store and protect valuable crypto assets. It takes a long time to build a solid brand reputation for a wallet by consistently delivering safe products; But all it takes is a successful hacking attack for this reputation to quickly collapse and users to flee.
Competition between wallets is therefore complex and challenging because strong commitment, user-centric spirit, adaptability and rapid implementation are required to successfully build and retain a large user base.
Given your experience with SafePal, how do you foresee crypto wallet providers adapting to the evolving demands of Web3 users, especially given the increasing diversity of wallet options and technological advances?
As a builder, I think it’s important to be objective, open to adapt, and understand what Web3 users need and want. While MPC and account abstraction (AA) offer interesting solutions, they also have their own problems; the first is too complex for the average user, the second is only for EVM chains.
Although we are an externally owned account (EOA) wallet provider, we are experimenting with technologies such as MPC and are always ready to make the switch if the need arises. However, it is crucial not to get caught up in every trend and hype that comes along and to rationally evaluate whether the technology or application actually solves problems and meets user needs.
We are also actively improving the usability of our products by improving the user interface, features and functionality of our entire wallet suite as we continue to integrate more blockchains. Education for our users is also an important part of our efforts; because knowledge of best security practices is crucial for personal surveillance and prevention against scams and malicious attacks.
The perfect Web3 wallet doesn’t exist yet, but we’re definitely working on building it with SafePal – after all, the ideal wallet should be as easy to use and seamless as ApplePay, but much more secure to truly engage the masses.
From your perspective, if Web3 needed a complete revamp, what fundamentals would you keep and what would you radically change to adapt to a more sustainable and user-focused future?
Openness, transparency and decentralization are the crown jewels of the Web3 ecosystem, and I will preserve them.
While Web3 is a permissionless ecosystem that welcomes everyone’s participation, I think it would be nice if there could be a universal security standard when it comes to DApp development. After witnessing so many scams and tricks, I long for a transparent and open security standard that will verify all existing Web3 applications and alert users if there are risks.
Due to the gold hunting trend in Web3, many new users enter the ecosystem without the necessary knowledge about basic fundamentals such as decentralization, self-custody and gas fees. It would be great if we could have a unified user onboarding process that educates new users on all the important details before they make their first deposit. While this may create inconvenience for some users and deter them from trying the technology, it could also eliminate many cases of fraud and phishing attacks currently poisoning Web3.
Contact Veronica Wong
#SafePal #CEO #time #Web3 #mature #advocates #change #focus
