Web3 emerged as a disruption of the blockchain, but as a nascent technology It also caused discussions about the true abilities of Web3 and the role of Web3 in our daily life
Considering the promise of Decentralized Internet Using Public Blockchain A complete transition to Web3 will require several factors to be considered. Security is one of the most important features in a Web3-powered world.
Smart contract vulnerabilities
Attacks on smart contracts on decentralized finance (DeFi) platforms have been on the rise, with a recent study revealing about $1.6 billion in cryptocurrencies. cryptocurrencies It was stolen in the first quarter of 2022.
Although DeFi is a subset of Web3, it reflects some of the biggest vulnerabilities within the ecosystem. As a result, Web3 operators need to bring in marketing budgets to increase the development of the main system.
as seen throughout the year A vulnerability that allows hackers to steal massive amounts of assets. This results in losses for investors. and may cause indirect collapse of the ecosystems involved.
internal threats
In addition to being hacked from outside Bad guys within the system can also fool projects and investors.
On Aug. 14, Velodrome Finance, an automated market maker (AMM), recovered $350,000 from one of its team members, Gabagool. One of the Velodrome wallets was stolen, $350,000, and an internal investigation later revealed the identity of the attacker. and allows the company to recover all the stolen funds.
Strengthen Web3
Over six months of bear market and countless hacks. It has forced crypto investors to reinvest in a secure ecosystem. As a result, Web3 operators are expected to find measures to ensure the long-term success of their offerings.
One way to reduce the risk of attacks is to Conduct bug bounty reward initiatives to attract white hackers. Lets help find vulnerabilities from a hacker’s point of view. Developers are rewarded financially for finding and fixing valid bugs in the system.
In addition, operators must set up multisig wallets to store funds and avoid centralized control of wallets, such measures. When applied across the system, it reflects greater decentralization.
The post Web3 can be hacked? Is the decentralized Internet safe? appeared first on Bitcoin Addict.