Binance: Justin Sun, Trust Wallet and Mastercard at Paris Blockchain Week

During the second day of Binance Paris Blockchain Week, which is an event being held these days in the French capital and organized by the exchange, a panel titled “The Seemless Web3 future” was held yesterday in the presence of Justin Sun of Tron,

Eowyn Chen of Trust Wallet and Jorn Lambert of Chief Digital Officer of 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 such as 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 by then. The reason for this statement is quickly stated: everyone wants to own their own property. 

While up until now when we buy a piece of music on Apple Music, for example, we were really just renting it, now with Web3 there is the possibility of really 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 every digital good 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’s motto.

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

Trust and scalability

Of course, the terms are changing when Lambert of Mastercard takes the floor, who instead focuses his remarks on the concept of trust.

“The issue is scalability, if it doesn’t scale we don’t care, we tell Mastercard. Scalability and trust is what it takes to give value to a product,” Lambert explains, bringing up the example of OpenSea, which he says would not be so easy to use.

After all, Mastercard is now partnering 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.

For this reason, Lambert is certainly not for decentralization but points to the concept of trust, saying that users need to 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 NFTs.

These are Lambert’s words:

“The main thing is trust, because if you lose trust because of a scam it is difficult to get it back. For example, in the card world there are a lot of scams, but people don’t worry about it because they know that there are those who protect them. That is why it is easier for example to buy NFTs with a credit card. There are the same protections as when you buy other products, and the ease of using the credit card and not crypto where you need so many tools like wallet, exchange, etc… That’s why we are working with Binance to facilitate the processes. I am very bullish about how it is going, but it will take time.”

In the meantime, it is news today that the Binance Card, the exchange’s debit card, though for now only in Argentina, has also begun to support the crypto Shiba Inu as a payment method.

The importance of usability

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

Education at the center

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

“Education is still required,” says Eowyn Chen, explaining that on Twitter Trust Wallet 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 is working closely with the Binance Risk Team, which has created a security database to check that the address or smart contract with which one goes to interact is not problematic.