Most people understand what the term Web2 means. It refers to the internet version that most of us are familiar with today. Web2 brought the ability to upload data to the Web, for example, by publishing content. The capacity to do so presented new security dangers, with hostile actors attacking websites, infecting files with malware, sharing sensitive information with the public, and engaging in other actions.
Web3 is the next stage in the evolution of the internet, in which users not only read and contribute data but also own it. Web3 is all about decentralisation; unlike Web2, which is controlled by centralised parties or businesses, Web3 restores power to the individuals who develop, govern and own the network.
What about Web3 security?
While Web3 technology addresses many of the problems and vulnerabilities that existed in Web2, it still inherits some of the Web2 pain points. It also introduces a new set of possible threats and vulnerabilities that malicious actors can exploit.
Web3 technologies, as well as the decentralised nature of applications built with them, are still in their early stages. As a result, the creation of new technology, like any other system, consists not only of innovation but also of security trade-offs. Transparency, anonymity, and decentralisation – the new paradigm introduced by the Web3 world – might be a double-edged sword. There is no centralised entity in charge of overseeing or managing security requirements. The open-source design fosters community participation while also making it easier for malicious actors to misuse the protocol. Anonymity allows hackers to elude the law and run away with stolen assets.
Web3 security solutions
New challenges spawn new solutions, and with the current surge of exploits, new security solutions are now entering the market.
There are several old and relatively new solutions that can be used toward ensuring the safety of the space:
- Individuals continue to prioritise security audits when evaluating the Web3 protocol’s security. However, it is becoming evident that audits alone cannot guarantee the security of a network or a single Web3 application.
- Stress testing and real-time monitoring are two more components of a continuous security process that allow developers to observe smart contract operations, simulate different situations to stress-test the contract, and so on.
- Bug bounties add another layer of incentive to find bugs or potential security flaws in Web3 apps, with the community acting as individual security auditors.
- Risk management systems are the most recent additions to the Web3 security arena. Protocols like Gauntlet, Apostro, and ChaosLabs use a variety of financial models and simulations to protect against internal and external threats and quickly changing market conditions.
The Road Ahead
Web3 ecosystem and Web3 security are inextricably linked; one cannot advance without the other. To continue Web3 space development in a safe manner, we need new security solutions and services, yet security cannot evolve without a massive ecosystem of protocols and chains. As the Web3 area evolves rapidly, additional web3 security services will certainly enter the market in the next years.
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