Web3 Challenges – With Power Comes Great Responsibility

The ethos of Web3 is blockchain and other decentralized technologies. The adoption of Web3 technology is growing and driving political and economic transformation in many respects, but so are Web3 challenges. The way you use the web is about to change because of Web3. Early on, only a small number of businesses could dictate how you interacted with the internet. However, this is beginning to change with the emergence of Web3 technologies. This article at TechNewsWorld by John P. Mello Jr. elaborates on the capabilities and challenges of Web3 challenges.

How Vulnerable Is Web3

Web3 companies use blockchain and other decentralized technologies to build a more democratic and equitable internet. This will fundamentally transform the way individuals and businesses conduct themselves online. Web3 has been touted as more secure than the current iteration of cyberspace. Still, a new assessment from Forrester, a leading national technology research firm, says that may not be the case.

Although the infrastructure of Web3 might be harder to compromise, there are additional vectors of attack that might offer malicious actors more access than the old web version. As a result of blockchain’s distributed nature, Web3 applications, including NFTs, often present a broader attack surface than conventional applications, according to a Forrester analysis. Furthermore, Web3 apps become attractive targets since tokens might be precious. This adds to the vast list of Web3 challenges.

Web3 Challenges

Increasing Complexity

David Rickard, Cipher’s CTO, explains that Web3 leverages distributed control of identity and data by users. He opines that this spreads the attack surface to individuals not accustomed to managing their data and identity. This is bringing technical complexity into an arena that seeks “easy to use” above all else. Rickard says, “It’s not easy to predict how people may use systems for purposes other than those intended.”

The New Target

Attackers will identify the weak places whether the code is public and accessible or not, the research stated. It explains that while it is tempting to believe that assaults on cryptocurrency wallets and smart contracts are only prevalent in the Wild West of decentralized finance, NFT projects are increasingly being targeted, further elevating Web3 challenges.

Hackers’ Hangout

According to Forrester, Discord, a social media platform, has reportedly become a significant weak point in NFT and other open blockchain initiatives. Discord networks are a wealth of information for both investors and con artists. He said that gathering participants’ contact information results in phishing.

Additionally, the author speaks about achieving better security than the legacy web.

To read the original article, click on https://www.technewsworld.com/story/forrester-report-cautions-about-web3-security-177005.html

The post Web3 Challenges – With Power Comes Great Responsibility appeared first on AITS CAI’s Accelerating IT Success.

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