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How to Stay Safe With Your Web3 Activities I Notum

By Notum

Jul 16, 20237 min read



In today's digital world, where technologies are constantly developing, online security is becoming one of the most important issues that require extra attention. Along with the IoT development and the introduction of new technologies such as blockchain and AI, the concept of Web 3 has appeared. This new Internet version is aimed at revolutionizing the experience of people online but also brings new challenges in the field of security. In this article from Notum, we'll take a closer look at the features of Web 3, as well as discuss the importance of security and offer recommendations for protecting your data and personal information in the new digital age.

What Is Web3?

Web 3.0 can be described as an evolution of the Internet, which offers a new phase of web technologies and user interactions. As known, web 2.0 is associated with social networks, multimedia content, and collective intelligence, while Web 3.0 intends to change and improve these aspects.

An important part of Web 3.0 is a more intelligent and contextual understanding of data. Thus, Web 3.0 allows computers and programs to better get the contents of web pages, as well as adapt to the preferences and needs of users. Moreover, Web 3 also increases privacy and security by decentralizing data and applications through blockchain and smart contracts.

Web 3.0 has all the chances to positively influence many industries, such as finance, education, trade, and others. Thus, this new generation of the Internet is creating a smart, connected, and efficient web space, as well as offering interactive interfaces, improved performance, and deep interaction between users and the network.

Main Features of Web 3

Let's look at the most important features of Web 3 so to better understand how to stay safe with using the new and improved generation of the web:

  • AI and machine learning. As known, web 3.0 uses various algorithms of AI and machine learning for a more intelligent and contextual understanding of data. Moreover, it also helps Web 3 to provide the user with not only relevant but also personalized results.
  • Decentralization and blockchain. Since Web 3.0 offers a decentralized blockchain-based architecture, the users can control their data on their own, without involving third parties, which provides extra security. 
  • Extended semantics. Web 3.0 aims to deeply understand the content and data of web pages, which, in turn, allows computers and programs to better interpret information and create links between various data on the Internet.
  • Virtual and augmented reality. Web 3.0 also aims to provide more opportunities for virtual and augmented reality development. As users can interact with virtual objects and information in real-time, it gives them visually and sensually rich web apps and experiences.
  • Internet of things. As the IoT is becoming more and more popular these days, Web 3.0 integrates it and thereby allows devices to connect and interact on the network. Thus, the quality of everyday life can be significantly improved thanks to smart homes and devices, automated systems, and much more.

Understanding Web3 Security

Although Web 3 has many benefits and wants to comfort the user as comfortably as possible, it is important to get that it uses a range of technologies and approaches. That is why when interacting with Web 3.0, users need to pay special attention to security.

Web 3 itself has already taken additional measures in order to protect the user as much as possible. For example, Web 3.0 goes for decentralization, which means centralized structures for storing and managing data are no longer needed. Blockchain, as one of the main Web 3 technologies, also provides security through the reliability of data. As known, blockchain uses cryptography to keep data secure. Thus, cryptographic protocols make information confidential and integral. Technologies, such as end-to-end encryption, also allow the exchange of information between users while maintaining data confidentiality.

In addition, web 3.0 offers new methods for identifying and authenticating users, such as decentralized identifiers. They allow users to control their data and provide greater security than traditional identity systems, where data is stored on centralized servers. Also, web 3.0 uses blockchain-based automated smart contracts that secure transactions and eliminate third-party need.

However, since Web 3.0 is still in development and many of its aspects are in the experimental stage, using it requires additional security measures.

What Are the Top Web3 Security Threads?

Web 3.0, like any other technology, faces some security risks. Below you can explore the main ones and then pay attention to how you can protect yourself and your data as much as possible:

  1. Spamming. Spam in Web 3.0 can take many forms, one of which is context-based spam. With the machine learning algorithms and data analysis, attackers can create automated spam-generating systems that can analyze web pages and insert ads or spam messages in appropriate places. In addition, web 3 spam occurs in dApps and networks, where spammers can spread it without centralized control. In addition, the blockchain can also be used by attackers to create spam transactions.
  2. Smart contract vulnerabilities. Smart contracts in Web 3.0 can contain vulnerabilities that allow attackers to hack them and change their behavior, which can lead to financial losses. Incorrect writing of smart contracts or unexpected bugs in protocols can also create vulnerabilities and lead to unpleasant consequences.
  3. Social engineering. Social engineering threats, and particularly phishing still exist in Web 3.0, which means that attackers can try to manipulate users to get their personal data, passwords, or cryptocurrency.
  4. Blockchain attacks. Since Web 3.0 often uses blockchain technology, attackers can use various forms of blockchain attacks. These include mining attacks, 51% attacks, attacks on smart contracts, etc., which can lead to stolen or lost funds, incorrect transactions, and breach of trust in the system.
  5. Cryptography weaknesses. As cryptography is an important part of Web 3.0 security, weaknesses in protocols can create vulnerabilities. Key leaks, insufficient keys, insecure algorithms, and improper cryptography implementation can lead to compromised data and privacy problems.

It's also important to remember that as Web 3.0 is still a work in progress, new security threats may emerge as the technology advances.

How to Provide Maximum Security in Web3?

While Web 3.0 focuses on security and improving privacy, users must also take steps to ensure that they and their data are as safe as possible. “In a decentralized peer-2-peer environment, you control your non-custodial wallet, your private, public keys, your money, and your security become your primary and sole responsibility.” – Hackernoon. So, what should you pay attention to when interacting with web3?

  • Use decentralized services. Since Web 3.0 involves the use of decentralized services, choose platforms and applications that offer decentralized storage alternatives.
  • Keep the blockchain secure. When choosing a blockchain platform or cryptocurrency, pay attention to its security, namely, research consensus protocols, encryption level, and security auditing.
  • Encrypt your data. When interacting with Web 3.0, it's important to store the private keys to your wallets properly, never share your seed phrase with anyone or enter it on any website that asks for it. Also, remember that you should never reveal your wallet's private key in order to avoid the theft of your digital funds.
  • Be careful when sharing data. When interacting with other users or services in Web 3.0, pay attention to privacy and security. Check security certificates and use secure data transfer protocols (such as HTTPS). Also, visit only the original and official websites with proven safety.
  • Be aware of the risks. To stay up to date with new security threats in web3, subscribe to current news and communities that discuss these issues and follow the recommendations of experts.
  • Use security updates. Update web 3.0-related software and applications regularly as this will help you avoid vulnerabilities and use the latest security features. Also, remember that applications and software should only be downloaded from the source.
  • Pay attention to access control. Make sure you have strong passwords, restrict access to your data to only the right people, and set the right access levels to suit your needs.
  • Keep your devices secure. As you know, web 3.0 is associated with a large number of devices, such as smartphones and other Internet-connected gadgets. Make sure all your devices are password protected, updated to the latest software, and have antivirus software installed.
  • Avoid suspicious links. When using web3, never click on links from untrusted sources without checking, and never open an email link that looks unsafe or suspicious.

Closing Thoughts

Web 3.0 is an innovative and promising direction for Internet development, that is aimed at improving the security and privacy of users. However, with the advent of new technologies and opportunities, there are also new threats that need to be dealt with. To ensure maximum security in Web 3.0, you must actively monitor the technology development and use all necessary security measures. This includes the choice of decentralized services, data encryption, caution in sharing information, and constant security updates. By following these guidelines and staying alert to security changes, users can enjoy the benefits of Web 3.0 with minimal threat risks.

Disclaimer: Notum does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Cryptocurrency is subject to market risk. Please do your own research and trade with caution.