A Brief Introduction To Web3 Security
The cutting-edge technologies of Web3 are revolutionizing industries, which also means they bring with them novel security threats. This raises the question: With such growing technology, what other kinds of emerging threats are out there? How do we protect ourselves?
Security leaders can help mitigate the risks by following the Web3 security best practices for risk mitigation explained in this article.
What is Web 3?
Web3 is a term used to describe a broad range of technological advances that constitute a huge evolution in the nature of the internet and our online lives. It allows users more control over their personal data and assets, enriches the way users interact and share value online. Nowadays, there are various sectors supported by blockchain technology that can be viewed as Web3 including the Metaverse, Cryptocurrencies, NFTs and GameFi.
What is Web3 Security?
Web3 security can be defined as multiple attack vectors that web3 projects and users are confronted with, and the various means by which they can defend themselves. It can also be defined as a pivotal goal for the web3 more broadly, with the success of all web3 projects dependent on the security of the web3 ecosystem.
Mitigating the risks by following Web3 security best practices
Incorporate security-by-design principles
Traditional security design principles are necessary for Web3 systems as any others. Not only that, developers must also incorporate security-minded criteria into their designs, products, and infrastructures. For example, developers should work to minimize attack surface areas, secure defaults and zero-trust frameworks, and ensure separate and minimal privileges.
Apply security strategically with different blockchain designs
Organizations should consider what types of blockchain they plan to use, because different types of blockchain have distinct complexities. An array of hybrid infrastructures such as sidechains, multi chains, cross chains, federations, oracles and other distributed ledger components, inform other criteria, such as speed, efficiency and resilience. All of them interface with the security team. For example, public blockchain networks are open and allow anyone to join. A private or permissioned blockchain network requires users to confirm their identity, membership and access privileges.
Be aware of Web3 market and trust dynamics
Beyond identity, different jurisdictions have different regulations on crypto technologies.
Have contracts and code independently analyzed and audited
Organizations should conduct routine audits, especially as startup developers may lack the security governance of a traditional company.
Attacks in the blockchain space are often more damaging than traditional applications. Tech builders and businesses evaluating decentralized technologies should keep these seven Web3 security best practices in mind to help mitigate traditional and novel cyber threats.
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Disclaimer: The information herein is for educational purposes only and should not be considered financial, investment, or trading advice. Please conduct your own research and due diligence before making investment decisions. You understand that you are using the Information provided at your own risk.