Security is a top priority for the web3 ecosystem as web3 asset value continues to rise.
As losses due to Web3 security breaches increase at a tremendous rate every year, it’s important to learn about Web3 security best practices.
Interestingly, blockchain technology, which serves as a core component of Web3, provides an inherent security advantage to Web3.
Distributed ledger technology has become an ideal platform for the development of Web3 environments.
From smart contracts to cryptocurrencies and NFTs, web3 is incomplete without decentralized technology.
You may be thinking about the role of blockchain in Web3 security and its benefits as there have been major security challenges in the Web3 environment.
Let’s learn how blockchain can improve Web3 security.
The Development of the Internet
The best way to start learning about the relationship between blockchain and Web3 security is to study the evolution of the Internet.
The internet, the web or World Wide Web, has undergone many changes and web3 is the third generation of the internet.
You can determine the importance of blockchain in web3 by identifying the limitations associated with previous versions of the internet.
The first phase of the Internet, or Web 1.0, was created for read-only use cases and directories.
The main purpose of Web 1.0 was information sharing, and the number of content creators was limited.
Web 1.0 included mostly static pages, and most Internet users were content consumers.
Web 2.0 changed the script and turned Internet users into content creators.
Version 2 of the Internet may have been responsible for some popular Web3 security threats, such as phishing and theft of sensitive information.
Web 2.0 gained popularity because of its design as a read-write network with social connection.
Advances in Web 2.0 have led to the emergence of various frameworks, platforms, and programming languages for web development.
Web 2.0 allowed each network to have its own data, allowing for a personalized user experience. This also provided flexibility for dynamic content acquisition.
The biggest problem with Web 2.0 was the monopoly of tech giants and the interference of centralized authorities in web services.
For example, you will need to create an account on the platform to use its services.
To create an account, users will be required to disclose their personal and confidential information.
Web 3.0 changed the equation by introducing blockchain, a distributed ledger technology that decentralized the internet.
In addition to distributed ledger technology, web3 uses many other technologies such as artificial intelligence and the Internet of Things to provide users with a personalized web experience
Moreover, it also ensures that users have full control over their data and online experience.
How does blockchain help Web3?
Before looking for answers to the question “what is the role of blockchain”. In the area of security of web3 solutions, it is important to understand the functionality of the technology in web3.
Distributed ledger technology is helping to improve the internet. You can observe a growing trend in enterprise blockchain solutions that are redefining the system and approach to storing and managing data on the internet
Effective use of decentralization can help facilitate transactions without the involvement of third party services such as Google, Amazon or banks.
Imagine making online transactions like grocery shopping or borrowing without the involvement of banks.
The main benefits of distributed ledger technology are decentralization, transparency, security and immutability.
With peer-to-peer networks, consumers can achieve greater transparency as everyone can review and verify data from segments
It provides an unreliable environment without any centralized intervention, which also leads to security vulnerabilities.
Who can you complain to if you lose your web3 resources?
Accountability issues in an untrusted environment pose a major security risk for web3.
Furthermore, blockchain also offers the advantage of transparency, which again turns into a disadvantage.
For example, smart contracts on a public blockchain are visible to everyone on the network.
Attackers can exploit vulnerabilities in smart contract code to compromise confidential information or steal user assets.
The Importance of Blockchain Security
Web3 is vulnerable to new types of attacks, including the existing suite of exploits.
However, you can gain a clear understanding of the role of blockchain in Web3 security by studying blockchain security.
Registry technology provides built-in security features. Its design was based on cryptography, consensus and decentralization, which ensure the security of transactions.
Most blockchains store data in blocks, where each block contains a set of multiple transactions.
Each new block can be combined irreversibly with all previous blocks.
In addition, each transaction in the blocks is verified by a consensus mechanism in which all network participants agree on the truth and correctness of the transaction
In addition, blockchain also provides another security benefit through decentralization.
This ensures getting rid of the problems of a single point of failure, which is a security concern in centralized systems.
At the same time, it is also important to note that blockchain technologies also differ in some important security aspects.
Security Differences Among Different Blockchain options
Blockchain networks can differ from each other in terms of data access rights.
The relationship between blockchain and web3 security depends on the difference in network types.
Different categories of networks include public, private, permissive, and unauthorized.
Permissions to participate in public and private networks differ.
On the other hand, permissible and unauthorized networks are distinguished based on the methods used to access the network.
Public blockchains allow anyone to join a network, and they can remain anonymous.
Private blockchains rely on identity mechanisms to confirm membership and access privileges and allow only known organizations to participate in the network.
Permission less networks do not place any restrictions on authenticators or individuals who will process transactions on the network.
Permissive blockchains have a limited set of authenticators with verified identities.
The Role of Users in Using Blockchain for Web3 Security
Security threats to the web3 ecosystem are great challenges to the development of web3.
Businesses and individuals can explore the many benefits of web3, particularly by democratizing data control and ownership.
At the same time, people are asking questions like “what is the role of blockchain”. For the sake of safety.
It is important to look back at the role of the user in using distributed ledger technology for security in web3.
You need to take responsibility for protecting your web3 resources by following some best practices like the following.
Protecting your private keys
Blockchain is a core component of Web3 security as it provides the benefits of cryptographic algorithms to protect your assets.
On the other hand, it is important to pay attention to the security of your private keys.
If you use a self-custody wallet, you will have full control over your assets.
However, wallets connected to the internet can pose a security risk. Hardware wallets are therefore a recommended option for protecting your assets.
In addition, you should also focus on protecting your recovery phrase, which is a unique set of 12-24 words arranged in different types of combinations.
This helps you recover your private keys if they are stolen.
Stay away from phishing and hacking attempts
If you believe in its capabilities regarding encryption and security mechanisms, you can understand blockchain’s role in Web3 security.
However, attackers can use phishing attempts and fraud scams to put your assets at risk.
By knowing how decentralized ledger technology works on Web3 security, you can protect yourself from such fraud.
Furthermore, you should also know about the latest web browser update trends to find security measures against emerging threats.
For example, web3 phishing attempts have evolved due to increased security awareness.
New types of phishing attacks involve fake donations that come via email claiming to be industry experts or celebrities.
On the other hand, a deep understanding of blockchain technology can help you learn more about web3 projects before investing in them.
Also familiarize yourself with using smart contract auditing to ensure better protection against security threats in web3.
