Understanding Web3 and its security implications
The internet changed the perception of technology and its role in communication for the world. The existing version of the internet of web2 provided the advantage of creating and sharing user-generated content. Blockchain technology and other innovative advancements have paved the path for evolution of the internet to web3 . However, web3 is still taking baby steps, and it has to earn the trust of users by fighting against security risks. This is where web3 security emerges as a critical priority for the future of web3. The magnitude of negative impact on the reputation of web3 due to security breaches has been increasing continuously. Smart contract hacks, flash loan attacks, crypto wallet theft, and social engineering attacks are some of the examples of security risks for web3. Let us learn more about the most prominent risks for security of web3 and best practices for dealing with them. Why Should You Focus on Web3 Security? It is important to understand the web3 security impl