Can Web3 Be Hacked? Is The Decentralised Internet Safer?

Security stands as one of the most crucial features as, in a Web3-powered world, tools and applications hosted over the blockchains go mainstream By Coin Telegraph and Tech Crunch Web3 came into existence posed as a blockchain-powered disruption to the current state of the internet. Yet, as a nascent technology, a fog of assumptions plagues discussions about the real capabilities of Web3 and its role in our day-to-day lives. Considering the promise of a decentralised internet using public blockchains, a complete transition to Web3 would require scrutiny across several factors. Out of the lot, security stands as one of the most crucial features as, in a Web3-powered world, tools and applications hosted over the blockchains go mainstream. Smart contract vulnerabilities While the blockchains that host Web3 applications remain impenetrable from being hostage to attackers, hackers target the vulnerabilities within the project’s smart contracts. Smart contract attacks on decentralised finance (DeFi) platforms have surged, with a recent study revealing that approximately $1.6 billion in cryptocurrencies was stolen in the first quarter of 2022 alone. Although DeFi is a subset of the Web3 spectrum, it reflects the biggest vulnerability within the ecosystem.