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Web3 Security: How to Recognize Threats and Employ Defense Mechanisms?

April 20, 2023 World Emerging Markets

What are the dangers of Web3, and how can users confidently navigate this new digital environment with the aid of a dedicated Web3 protection tool?

Online relationships have undergone a full transformation thanks to the Web3, but there are still some risks involved. Web3 has inherited several security vulnerabilities from Web2, despite the more resilient underlying technologies like blockchain. Additionally, it is subject to fresh forms of assault.

Principal Web3 dangers

With Web3 developing quickly, it is critical to understand the dangers posed by this future version of the internet. Risks fall into four primary areas as a result of the move to Web3:

  • Data protection – Web3’s wider network topology creates further threats to data security. While data decentralization decreases single points of attack and blockchain transactions are encrypted, it exposes data to a number of hazards, including data authenticity and manipulation. Concerns about endpoint attacks, traffic overloads, and service availability vulnerabilities are also raised by less centralized monitoring.
  • Using social engineering – Despite the deployment of blockchain-based infrastructures, social engineering concerns continue to plague Web3. These dangers include, among others, ice phishing, rug pulling, flash loan assaults, cryptojacking, and smart contract logic hacks. The intricacy of Web3 interfaces only compounds the hazards posed by traditional social engineering concerns like phishing assaults.
  • Identity – Thanks to features like user-controlled wallets, ID portability, and data reduction, Web3 gives consumers more control over their data. Anonymity, pseudonymity, and self-sovereign identification all have drawbacks. Transparent public blockchains have trade-offs in terms of security and privacy. Concerns about the user experience, privacy, compliance, and anonymity arise since Web3 is decentralized.
  • Market tampering – Decentralized networks, on which Web3 depends, need secure means to connect with the outside world. The most popular answer is oracles, however even they cannot ensure that market prices are fair or that there is no market manipulation.

Most Web3 attacks are dealt with by this program in real time

Many individuals are investigating Web3’s advantages, but few pay close attention to possible hazards, in part because it is believed that Web3 is inherently much more secure than Web2. Fortunately, there are specialist solutions that guarantee safer Web3 space navigation, and Web3 Antivirus is one of them.

The tool is simple to set up as a browser extension, and it can validate all users’ interactions with parties and resources on Web3 in order to warn them before they do something possibly harmful. To find risky logic, flaws, and compromising rights to access user cash, Web3 Antivirus checks the smart contracts powering all transactions in real time. To ensure a secure outcome, it also checks tokens and simulates transactions before executing them.

The technology has so far discovered tens of thousands of risky smart contracts and blacklisted over a million URLs.

Regular updates let Web3 Antivirus expand its capabilities. The extension’s development team released version 0.6 earlier in April, introducing a number of new capabilities, including:

  • Fair token price in fiat – Decentralized applications must ensure that their prices are reasonable because decentralized networks lack direct access to the actual world. Market manipulation risk is decreased as a result.
  • Support for NFT bids on online auction sites – To reduce the risk of so-called reentrancy attacks, this functionality verifies user bids on nonfungible tokens.
  • Support for DEX limit orders – Users who employ limit orders can better manage and control their money.
  • Opera assistance – The Opera browser now has access to the tool. In addition, Firefox, Edge, Brave, and Chrome all support Web3 Antivirus.
  • Enhancements to the algorithms – A better algorithm has been developed to process smart contracts and find potential dangers. The phishing site search algorithm for Web3 Antivirus has also been upgraded.

Web3 Antivirus assists users in safely exploring the Web3 environment while minimizing potential hazards in real time thanks to continual developments and a strategy that is user-friendly.

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