Web3 Security Overview

The future Internet, Web 3.0, is decentralized and built on blockchain technology. As a result, individuals have more control over their data, a few giant tech corporations will no longer rule the Internet, and AI will play a larger role in reading and comprehending web content. Furthermore, Web 3.0 will convert all of the data on the Internet into a vast AI training set, resulting in the semantic web and enhanced search results.

Web 3.0 provides individuals and companies with several reasons to be thrilled. However, like any other internet technology, it comes with new security threats. Because of the Internet’s decentralization and the anonymity that Web 3.0 enables, cybersecurity risks are critical.

Security Risks of Web 3.0

1. New Novel Cyberattacks:
   1. Cryptojacking – A cyber attacker installs crypto mining software on a victim’s computer and networks without the victim’s knowledge or agreement.

2. Rug pulls – A rug pull often includes social media influencers or small celebrities creating interest and excitement for a certain currency and then withdrawing cash before the coin’s value plummets. This attack is also known as “pump and dump” in the crypto investing sector. Rug pulls fall into a legal murky area, and investors now have little safeguards.

3. Smart Contract Hacks – Smart contract hacks are perhaps the most essential threat to avoid since smart contracts are in charge of performing crypto and other blockchain transactions. Smart contract logic hacks can disrupt the operation of crypto wallets, upset project governance, and interfere with blockchain-based crypto-loans and other FinTech activities.

1. Smart Contract Security Tools you should know about:

When it comes to smart contract security, you should prioritize the most pressing concerns and employ the best-performing solutions. Here is a short selection of security equipment that we may propose to ensure maximum security.

1. Mythril – bug-detection programme that reveals which portion of the code is accountable for each input execution. The application is ideal for Hedera, Ethereum, Quorum, Tron, and other EMV-compliant networks.
2. Slither – is Python-based program that analyzes Solidity code with minimal false positives.
3. Echidna – is a Haskell software for fuzzing and property-based testing.
4. Vertigo – is a mutation testing framework particularly built for smart contracts.

2. Information Quality

Web 1.0 relies on publishers’ reputations to promote correct information. Web 2.0 allows people to generate and share their own material, which has resulted in massive volumes of misinformation, as we have seen in recent years. Web 3.0 will make it simpler for people to develop and distribute information without the need for supervision or central control. Decentralization is helpful for circumventing censorship, but it will exacerbate information quality difficulties.

Nobody will have any say over what is and isn’t published on Web 3.0. This will be beneficial to users and formerly restricted organizations in many ways. Nonetheless, this unrestricted freedom will generate more misinformation and allow hostile speech and rhetoric to flourish on the Internet. While Web 2.0 contains disinformation and nasty speech, it does not feed all data points into an AI.

3. Data Manipulation

Data manipulation is a major challenge with Web 3.0 and the ideal of an AI-driven semantic web. Malicious actors, for example, might basically feed AI incorrect data to achieve the desired outcomes. Such actions would effectively empower negative actors to convert Web 3.0 into the world’s greatest deception system.

4. Identity Issues

Web 3.0 addresses many of Web 2.0’s privacy problems, yet anonymity and decentralization have drawbacks. For one thing, anonymity makes it harder to hold bad actors responsible for their acts and provides little to no consumer protection. Furthermore, anonymity makes regulation more difficult while also making money laundering and terrorist financing easier.

Web 3.0 has the potential to expand and benefit the internet sector to unprecedented heights. It will open up a whole new universe of possibilities, and the greatest thing is that opportunities will be available to all industry stakeholders. However, this latest online iteration must protect both its functional operations and operational mechanism from cybersecurity threats. Data hacking and leakage might jeopardize the expansion of web 3.0, and the business must provide convincing responses to reassure potential consumers about the safety and security of their data and information.

At DigiSec360 we help Tech companies secure their applications with proactive security assessments and technical guidance. Please reach out to us for more details.