Issues with Web3 Security and How to Tackle Them
Updated: Oct 6
As Web3 will take over the current version of the internet, this model uses decentralized protocols deployed on the blockchain and completed by applications known as smart contracts. With strong ties to the cryptocurrency sector using DeFi and the NFT market, web3 will change the world wide web in more than one way.
As every interaction will involve spending some crypto, blockchain miners and validators will profit from processing every transaction completed on web3. The problem here is that security plays an ever more critical role when handling so much cash and so many tokens.
As with any new tech, there can be some unforeseen loopholes that are an open invitation to hackers, who are ready to pounce. While web3 is relatively new and still up incoming, much capital has already been invested into this revolutionary idea, meaning it's only a matter of time before hackers smell the money.
Getting back to the basics is one of the best ways to address some of the most fundamental issues plaguing web3; it all starts with adopting better security practices. A simple answer to this problem is to raise security standards. This includes training a competent workforce.
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