The Challenges and Solutions of Web 3
By Laxmikant Khanvilkar
Web 3 has mesmerized global technology space that offers huge potentials. Anything from blockchain, NFTs, DeFi, metaverse, play-to-earn games, and many other decentralized solutions fall under the realm of Web 3 and have reference to its capabilities.
However, there are vulnerabilities of Web 3 technology that have been grabbing headlines worldwide for appropriate reasons.
Web3 has become one of the most used words in the tech landscape, and Google searches for the term prove the same.
It helped transform user online experience through innovative and user-friendly solution. The economic impact of the Web3 security risks have also been rising. Apparently, more than 167 major attacks in the domain of Web3 in 2022 resulted in approximate losses of almost $3.6 billion.
During the first half of 2022, Web3 security hacks resulted in losses worth over $2 billion, which is more than entire losses in 2021.
As we know, Web 3 has transformed the basic structure of the web with new solutions based on blockchain technology. According to experts, Web3 is a decentralized internet that can be developed over decentralized blockchains used in cryptocurrency networks, such as Ether and Bitcoin.
The vulnerability of Web3 has been a prominent concern, considering the fact that websites and apps in Web3 can manage data in intuitive ways. In addition, Web3 need not rely on blockchain technology itself. The other technologies associated with Web3 include machine learning, distributed ledger technology or DLT, and big data.
Web3 envisions an open, intelligent, and autonomous internet. One of the significant highlights in favor of Web3 points to the assurance of user control. Web3 ensures users have complete control over their data, digital assets, and digital identities.
Learning about Web3 vulnerabilities has gathered momentum in recent times. Most common among several responses to ‘what is a vulnerability in security’ would refer to potential areas of attack.
Developments in the Web3 space are continuously expanding, especially in the case of metaverse and NFT collections. However, it is also important to wonder how Web3 presents better security than Web3.
Web3 vulnerabilities are emerging as cause of concerns for related projects. Several applications based on blockchain technology continue to rise and increase the surface area for hackers.
Rising use cases of smart contracts, Rug pull scams, NFT exploits, data manipulation, Ice phishing, are some of the areas that suggest the rising concerns of Web 3 vulnerabilities.
Web 3 is a new technology and hence it is vulnerable to hacks and other attacks leading to security setback. It is still evolving and identifying the set back / attacks can help generate a solution. Therefore, carrying out a thorough research on Web3 vulnerabilities would be a vital requirement for supporting the adoption of Web3 in future.
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