Fast-Growing Web 3.0 Market Faces Security Challenges with Blockchain Adoption

The worldwide Web 3.0 market is growing very fast and will be established globally within a couple of years. But as blockchain adoption grows, incidences of theft have increased as well.

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After the collapse of FTX, which had a wide impact on cryptocurrency markets, and the “unauthorized transactions” referred to as a “hack” of the exchange, concerns have also been raised by  both cryptocurrency clients and the wider financial world. For this reason, the security aspect of Web 3.0 needs to evolve as well to avoid becoming a target for hackers.

The Web 3.0 ecosystem confronts many security challenges, so it is critical to implement best practices to foster a secure ecosystem. Since Web 3.0 technologies empower individuals by giving them more control over their data and assets, staying safe is a very important goal.

Many users are still reluctant to embrace Web 3.0, and this has something to do with a lack of understanding of what it is and how it works. Users need to feel that they are aware how the platforms they are using operate and, as a result, this transparency will then give them a sense of security. For example, many crypto users are not 100% sure what they are signing when they are asked to approve a transaction with their wallets and, as a consequence, they may end up signing access permissions to Web 3.0 platforms that then defraud them.

For blockchain and Web 3.0 to grow continuously, the ecosystem must first be secure. A team of blockchain experts have developed a Web 3.0 Antivirus, which is a security tool that protects users from scams by auditing transactions and detecting phishing websites. This offers a protection layer that helps users keep their assets secure.

The W3A extension helps users avoid malicious smart contracts and dangerous transactions. It is triggered when the user is about to sign a transaction, sending a warning that specifies the risks it has detected via color-coded alerts: red for high risk, yellow for medium risk and green for low risk. Any malicious logic, suspicious functions compromising permissions, lack of creator verification or vulnerabilities will be reported as potential risks within seconds.

The extension detects a wide range of smart contract risks and vulnerabilities. Being informed about all possible dangers helps the user to decide whether to proceed with the transaction or reject it. This is what the industry needs in order to move closer to a secure ecosystem.

Source: cointelegraph.com