The web3 space is growing rapidly, but the security aspect still has to evolve to meet the expectations of the community. Following the huge shock of the FTX crisis and the now notorious hack of the exchange, cryptocurrency enthusiasts and investors are looking for ways to secure their assets and protect themselves from scammers and malicious scammers.

And while web3 is steadily infiltrating the daily lives of people around the world, much remains to be done in terms of security practices in the space. The key components of creating a trustworthy relationship of trust among the crypto community revolve around fairness, transparency, and open source operations.

Education and transparency provide greater security

Web3 is a revolutionary new approach to the online space, and many users are still hesitant to fully immerse themselves in its capabilities. One of the main reasons for this is a lack of understanding of what Web3 really is and how it works.

Unfortunately, the crypto space has seen time and again centralized entities misappropriate funds and collude, effectively cheating customers out of their assets. Therefore, transparency is very necessary to create an environment where users feel informed and aware of how the platforms they use work.

Furthermore, many cryptocurrency users do not always have a clear idea of ​​what they are signing with their wallets when they are asked to connect to a dapp or approve a transaction. This, in turn, often leads to users voluntarily signing access permits to malicious web3 platforms which then defraud them out of their funds.

To help with the possibly daunting task of staying safe in the crypto space, a team of blockchain experts have developed Web3 Antivirus. This browser extension is designed to scan smart contracts and alert users to suspicious logic and code in the decentralized apps or websites they log into.

“We want to give users more information”

Web3 Antivirus is the brainchild of PixelPlex, a team of experts with decades of combined experience auditing smart contracts and creating bespoke blockchain solutions for clients. This experience also allowed the team to identify the weakest points in today’s Web3 environment.

The W3A extension allows users to enhance their research efforts and gain insight into how the platforms they use work. The extension performs a smart contract scan and analyzes the code through a graph structure algorithm to identify any inconsistencies or red flags that users should be aware of.

When the W3A verification is complete, users get a report detailing the algorithm’s findings. Of course, the red flags that appear in these security checks do not automatically mean that a project is a scam, however, they do give users the opportunity to do more detailed research on specific aspects of the project. Additionally, the extension will allow users to see what permissions they have granted to apps regarding access to their crypto wallets and assets.

This new level of research that W3A opens up for the crypto community brings the entire industry one step closer to building a trusted ecosystem. The more informed users are about the products they interact with, the better the whole space will be. According to the creators of W3A, that is also the ultimate goal of the browser-based extension.

“We want to give users more information about what they interact with and what they sign up for so scammers don’t take advantage of them,” Alex Dulub, founder of Web3 Antivirus.