We are excited to announce the release of our highly anticipated report on the state of trust in Web3. This analysis aims to shed light on the current level of trust in web3 and its significance in shaping the future of the internet.
Trust in Web3
We asked questions about awareness and experiences with trust (and mistrust) in web3, the frequency and type of interactions that people fear (and don’t), how they manage to get by in an untrustworthy web, and finally what people and platforms might take away from all this research.
The survey findings revealed that a significant majority of respondents have encountered scams, fake information, and fraudulent websites, highlighting the prevalent trust issues across the space. Additionally, the lack of transparency, privacy concerns, and insecure connections were reported as major challenges.
Sample this:
Connecting to new dApps is a challenge, with only a third of respondents expressing more than 5/10 confidence in doing so, and the average confidence at only 4.7/10.
On the other hand, people feel safer sending tokens (Avg of 7.4/10) than connecting to dApps, with more than 73% expressing confidence at 7 or higher.
Emerging Trends
Our data analysis identified key trends, including the reluctance of users to connect with new dApps and the cautious approach towards sending tokens. There is a need for robust trust mechanisms and user education in the Web3 ecosystem to address these trust issues.
More than 80% of respondents say they interact with trust products on a monthly or greater basis with nearly half of them interacting on a weekly or greater basis. 30% daily!
In addition to this trend, over 70% of respondents cited earning reputation and tokens as the value propositions that attracted them most to the UTU Trust Browser Extension.
We believe strongly in the power of well-designed incentive mechanisms and indeed have built UTU as our best effort to align trust technology to a foundational incentive model that promotes more digital trust instead of the current system, which has been a race to the bottom.
Recommendations
Based on the report’s insights, we recommend the implementation of trust-building tools such as the UTU Trust Browser Extension, which was rated as effective by the majority of respondents. Additionally, incentivizing trust-building actions and enhancing user education are crucial for fostering trust in Web3.
Download the full report to gain a comprehensive understanding of the state of trust in Web3. Be sure to let us know what you think and join the conversation on social media using the hashtag #TrustInWeb3 to contribute to the ongoing dialogue on trust in the Web3 ecosystem.
For the full report, please visit https://utu.io/state-of-trust-in-web3-2024
