Source: news.google.com
Although much of the initial hype around the crypto economy hinged on its use of blockchain technology, more and more people in recent years (especially after the decentralized finance boom of 2020) have begun to realize that the revolution Ongoing Web3 is much broader than its underlying technology. To put it another way, Web3 represents an entirely new paradigm for the world wide web (Web2), one that is rooted not only in the spirit of decentralization and shared ownership of data, but also in transparency. However, like any other technology, Web3 also has its problems. As this sector has grown in recent years, so has the entry of bad actors and hackers. Since these individuals have financial incentives to carry out their nefarious schemes, it is possible for them to illegally acquire millions of dollars through a single exploit, which is completely unheard of in the world of traditional Web2 systems. To elaborate, even though there are currently several well-established security/privacy systems in the Web3 market (such as OpenZeppelin’s secure contract library, Immunefi’s bug bounty, Peckshield’s scam token, and site protection from phishing), continues to face an increasing number of hacks, seemingly every month. For example, in early October, Binance’s BSC Token Hub bridge was emptied of more than $500 million after hackers were able to fake artificial withdrawal proofs. Similarly, Axie Infinity’s Ronin Bridge was hacked earlier this year for $650 million.
Full story: Web3 security opportunities and the lessons to be learned from Web2.
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