Web3 refers to a broad range of technological advances that represent a significant evolution like the web and our online lives. Web3 can be viewed through a variety of lenses. The Internet of Things, the Metaverse, Cryptocurrencies, NFTs, and Game-Fi are examples of growing sectors that are supported by blockchain technology.
Another is a conceptual shift in the organization of the internet, with companies and projects shifting away from centralization and toward more decentralized structures.
We can also understand web3 through its impact on user experience, as it gives individual users more control over their data and assets, as well as expands the ways they can interact and share value online.
Finally, and perhaps most importantly, we can comprehend web3 by considering web3 security. Web3 resolves many of the vulnerabilities inherent in web2 technology by moving beyond it. However, this is not a painless process because web3 introduces its own set of vulnerabilities and inherits many of web2's issues.
Web3 security refers to the various attack vectors that web3 projects and users face, as well as the various ways in which they can defend themselves. It also refers to a critical goal for the web3 ecosystem as a whole, with the success of all web3 projects reliant on the web3 ecosystem's security.
Core Concept of Web3
Web3 is a vision for a decentralized and collectively owned version of the Web. Web3 technology is based on decentralized databases, which require majority approval for any change or update.
To summarise the differences between Web3 and previous Web technologies:
Web 1.0 is read: Users can access data on the Internet but cannot interact with it.
Web 2.0 is a read-write, which means that users contribute data to the Web, such as by uploading content.
Web3 is a read-write-own system: Users do not simply contribute data; they own it.
How does Web3 work?
Decentralized Applications, or "dApps," are already making a name for themselves. These dapps, however, do not adhere to any of the traditional application logic or database layers that serve as the foundation of web 2.0.
dApps will run on the blockchain with network nodes in web3. Because users will own the internet, nodes will function as web3 providers, pulling data from the blockchain and running a copy of it. Smart contracts cannot interact with web3 libraries in the absence of nodes. In that sense, nodes serve as a portal to the blockchain.
All logic and state will be managed by smart contracts. Users will still use the front end to connect to the network node and interact with web3 in this scenario. This can include making purchases, publishing content, and a variety of other activities.
Users will log in and verify transactions with the help of private keys stored in a wallet. This approach gives the user more control and privacy. There are, however, some security choices to be made considered.
Best Practices for Web3 Security
Digital experts have already devised some efficient strategies and recommendations for improving your security posture and preventing emerging threats. Some of the methods can be used by regular users, while others are better suited to businesses. However, here is our list of the best effective ways to reduce risks in web3.
- Security By Design Principles
Many traditional security practices consider security by design to be one of the most effective methods of reducing attack surface areas. As a result, software builders and developers should always strive to adhere to traditional security design principles when programming. Furthermore, developers should be aware of common threats to develop blockchain network underlying technologies that take into account attack preventative measures, what will go on and off-chain, traditional application logic, and what is needed to validate transactions.
- Strong Code Auditing
This was also important in Web 2.0, but many (if not most) organizations skipped or rushed through this step in the name of quickly releasing and iterating. After all, any security flaws in newly released features or products may be addressed in the subsequent version.
However, this is not the case in Web3. Decentralized app updates and additions take much longer than in Web 1.0 and Web 2.0 because they require consensus from the entire decentralized network. The best time to identify security flaws is before they occur, not after they have occurred. In this case, code auditing becomes twice as important.
- API Query Encryption
The widespread use of Transport Layer Security (TLS) for HTTP requests and responses significantly improved Web 2.0 security. Similarly, for Web3 DApps, enforcing encryption and digital signing of API queries and responses will be critical for protecting application data.
- WAF Security Measures
Businesses now have decades of experience dealing with Web 2.0 security vulnerabilities. While this does not diminish the gravity of the vulnerabilities, it does indicate that methods for protecting user accounts, preventing code injection, and preventing cross-site scripting, among other attacks, have long been available. Web application firewalls (WAFs), bot management, and API security procedures protect application front-ends from a wide range of attack vectors.
- Penetration Test
Penetration testing is one of the best security practices for any traditional company launched in a web3. This is an ethical hacking procedure carried out by professionals who attempt to gain access to your network systematically. As a result, they must hack the architecture of technology by exploiting flaws in your system. At the end of the procedure, you will be given a report revealing your system's weak points and vulnerabilities. It assists you in comprehending insider attack vectors that may be used against your system.
Decentralized autonomous organizations must maintain high levels of security. As a result, you, like your industry peers, should employ the most effective security measures to protect yourself from the enormous disruptive potential held by web3 hackers. Don't overlook minor details, secure defaults, use multifactor authentication wallets, and never forget audits and pen tests!
Sun IT Solutions Managed IT service has indeed been providing high-quality Toronto IT solutions and support services to our clients that meet their needs and budgets since 2007.
We are dedicated to providing long-term business value and measurable results, and we hope to do the same for you.