CryptoCurrency

Web 3.0 and its Security Implications

“The introduction of the web changed how we use computers. The web is the base layer of the internet. Since its introduction, the web has grown in the way it is used and interacted with. The first was web 1.0; then, after about 10 years, it evolved into web 2.0.

Web 1.0 was the basic retrieval of knowledge and information through the internet. The users only interacted with the websites, and it was one on one interaction. In web 2.0, the users were able to interact with each other, and the internet became a huge world of social interactions, which is now known as social media.

The latest stage of the web is web 3.0. Although web 3.0 hasn’t been defined properly yet, the basic idea behind it is to make decentralized applications using blockchain technology. Web 3.0 will also integrate artificial intelligence and machine learning into web-based applications. This should completely change how we interact with the internet and the web.

Decentralized Autonomous Organizations (DAO) will be introduced, enabling the users to be their own rule makers. Whole virtual words will be created where the currency for economic exchange will be cryptocurrency. There is still a long way to go before we can have a full-fledged web 3.0, but the work is in progress.

However, as new technologies are introduced, new security threats and problems accompany them as well. It is a similar case with web 3.0 as well.

If you are wondering about web 3.0 security concerns, then this is the best place to be. We will be talking about the potential security threats that are on the horizon with the implementation of web 3.0.”

Privacy Concerns

One of the biggest problems with web 2.0 was the theft of private data. Hackers were easily able to hack social accounts and data servers to steal whatever data they wanted. This was and has been pretty common since the advent of web 2.0.

Web 3.0 does allow users more control over their personal data. Other people won’t be able to steal vital information from other people as easily. However, the problem lies with web 3.0 being fully automated and controlled by machines. For web 3.0 to work properly, the machines would need data, and that data would be provided by all the users of web 3.0.

This does raise the question of how that information would be used and whether that data will be secure or not.

Potential Increase in Spam

In web 3.0, search engines, websites, and web applications are supposed to use large amounts of internet resources to serve as databases. From these databases, the users will be given their desired responses.

As there are a large number of resources involved, it makes it easier for people to pollute any of the resource streams and send harmful packets over that resource. Users could potentially receive malicious scripts and ransomware harming their systems. Other concerns include false information being served to people by state-owned meta-worlds.

Social Engineering

As stated before, web 3.0 will be secured by blockchain. This should make accessing vital information difficult. However, this data won’t be safe from social engineering attacks. Social engineering means assuming the identities of other people and interacting with others through that identity.

How social engineering could work in web 3.0 is that scammers would impersonate credible users with credible projects and ask for investments in their projects. Moreover, scammers could harvest vital information regarding the investor by forming a sense of credibility using the fake identity.

Whales Might be Targeted

Whales are accounts that contain huge amounts of cryptocurrency or NFTs. It is thought that there are about 40000 whale accounts that own about 80% of the total wealth in crypto. Scammers might be on the lookout for these wallets, and they might socially engineer these accounts to invest in their fake projects.

ENS Domains

With the growing popularity of cryptocurrency, more and more users have started to get their own Ethereum Name Service (ENS) domains. ENS domains are easy-to-remember aliases pointing toward the addresses of crypto wallets. This led the popular ENS domain to be trademarked and then sold to buyers.

The problem with this is that popular names can be used by scammers to trick people into believing that they are dealing with legitimate organizations.

Harmful Smart Contracts

Smart contracts are computer programs that run on the blockchain. These contracts execute the agreement in place between two parties as soon as the set conditions are met. This enables a quick and easy transaction between the parties.

Scammers can put their harmful codes into the existing source code of the smart contract. This could make the smart contract behave in unexpected ways.

Data Manipulation

As mentioned before, web 3.0 would be based on artificial intelligence, and the web space would grow as more and more data would be fed into the machines. The risk that lies with this is that users could intentionally send manipulated data to the machines creating problems for the whole system overall.

Conclusion

This article looked at web 3.0 and its security implications. Web 3.0 is said to be more secure than web 2.0 with the protocols in place. It is expected that the problems that marred web 2.0 won’t be there in web 3.0. However, web 3.0’s own set of security implications is dangerous as well. Hopefully, as web 3.0 is being developed, the potential security threats will be taken care of.

About the author

Zeeman Memon

Hi there! I'm a Software Engineer who loves to write about tech. You can reach out to me on LinkedIn.