Greatness is the state of mind and being, I consider myself as greatness and a dreamer trying to make it in the new world of web 3.0
The birth of the internet which is a new kind of technology in the 21st century has become a powerful tool ever created and brought into existence by man. It is a powerful tool because it has the ability to run from one planet to another planet with just a simple input by man.
Imagine the internet, that is web 3.0 as a black box or an emergency satchel like the one which the president of the United States is given to authorize a nuclear attack on another country farther away from its initial location. The internet functions that way but this time, one’s identity or codes can be secure for taking such actions.
The internet has become the mother and father of all technology because it has the ability and capacity to produce any type of value good or bad that can be consumed by the people who use the technology or internet. I consider the internet as a huge globe or universe but inside there are two small box-like planet both functioning identically though one is not secure and the other is secure for example web 2.0 and web 3.0.
When the world is evolving or re-creating itself into something new, society always develops and creates something new that will function in that world or anything that goes hand-in-hand with the new world. For instance, web 3.0 is a new technology, but decentralized and therefore new hardware devices are needed for a decentralized technology. And I mean hardware devices that has a 5th generation technology standard and high connectivity to work with web 3.0 technology because the old devices may have malicious software which we are unaware of and therefore corrupting any input data or information as well as application that we may want to download.
There is nothing in the world that does not need security, living and non-living things has some sort of security that protects them from anything malicious likewise machines. Security is paramount. powerful security is gold. It is the only thing that can keep everything in place and secure. Web 3.0 is not just about NFTs, trade in the blockchain, but it is really about security. That means people who utilize this new technology can do whatever they want in that space while their personal identifiable information and data is secure and protected in the blockchain for example, the dark web.
It is impossible to build a world or a planet without putting strong foundational security in place otherwise everything that is built in the world or planet would crumble to the ground. Yes, technology is a powerful tool in the world but does not mean it has the best security in the world. Every new emerging technology that is built, and brought into existence always comes with all kinds of weakness or vulnerabilities.
The most powerful tool in the world that has the best security in place is the human mind. A strong mind has the ability to secure sensitive data and information within itself if it is properly guarded by whomever carries that mind, and builds a secure world from it’s mind free from weakness or vulnerability. How is this part of the paragraph related to web 3.0?, well we all know web 3.0 means decentralization therefore data must be decentralized and encrypted that only the owner has access to it. But sometimes we cannot 100% trust the internet, hence web 3.0 even though it is decentralized due to malicious actors and software in that space.
There is a misconception about web 3.0 which is that, because it is a decentralize technology therefore no malicious actors or hackers, scammers cannot steal sensitive data and information from anyone who ventures into the space of web 3.0. Unfortunately, that is a very wrong understanding because malicious actors can definitely steal data. Now let’s dive into the security risks of web 3.0 and provide some solutions how to better protect our data and information from bad actors.
Social engineering:- Of course adapting to the new internet or technology always open the way for exploitation and threat of social engineering therefore web 3.0 is no exception. Individuals who intend to explore or venture in the web 3.0 space must be extremely careful not to get tricked into providing sensitive information such as their secret recovery phrase, passcode, or any PII that can access their wallet or data. An example of social engineering is phishing attack where an attacker masquerades him/herself as a reputable person or company through emails. The solution here is never to share PII or secret recovery phrase when asked by anyone even an autobot through emails or text messages.
Malware:- Attackers can create their own malware such as a trojan horse which may distinguish as a legitimate software. And the attacker can implement the malware in any web 3.0 platform for anyone to mess around with it for example gaming, and music platforms. Another thing is attackers can deploy malicious smart contract onto the blockchain without anyone knowing he/she is signing onto a malicious smart contract because it does functions like a standard smart contract except that it is fake. It is important an individual verifies the source of the smart contract they would be signing by confirming the information written in the smart contract are legitimate.
ENS:- ENS here stands for Ethereum name service domain. I honestly never thought that cybercriminals could use the ENS to track an individual’s Ethereum address just by searching their simple names associated with their Ethereum address. Mr. Luis Monzon said it better when he wrote about the 5 most common security concerns for the web 3.0 world. He stated that, “the growing popularity of digital currency has resulted in greater use of Ethereum Name Service (ENS) domains. ENS domains are an easy to remember name used to find the associated cryptocurrency wallet address. This has led to popular domain names being trademarked and resold by third parties. As a result, nothing prevents the owner of an ENS domain from using that name to trick unsuspecting users into believing that they are dealing with a legitimate organization” I believe the solution in this case is owning your ENS that is associated with the wallet address and locking it in the blockchain with a private key.
It is concluded and noted that web 3.0 technology is still in the early age, growing, and fresh out of the womb of web 2.0 technology though a very interesting and exciting blockchain technology. The best thing about web 3.0 technology is that it gives freedom to creators to do whatever they want with their creativity, art, and intellectual property in the blockchain while the technology offers security with the input of our private keys because it is a decentralize machine. I believe that as the technology is growing, we will be experiencing more security risks in the future. Therefore, let us be ready to do more work to secure our data and information just in case those upcoming security risks present itself.
Monzon, Luis. (2022, April 16). The 5 most common security concerns for the web 3.0 world.
https://www.itnewsafrica.com/2022/04/the-5-most-common-security-concerns-for-the-web-3-0-world/
Written by
Fombang Tita
The birth of the internet which is a new kind of technology in the 21st century has become a powerful tool ever created and brought into existence by man. It is a powerful tool because it has the ability to run from one planet to another planet with just a simple input by man.
Imagine the internet, that is web 3.0 as a black box or an emergency satchel like the one which the president of the United States is given to authorize a nuclear attack on another country farther away from its initial location. The internet functions that way but this time, one’s identity or codes can be secure for taking such actions.
The internet has become the mother and father of all technology because it has the ability and capacity to produce any type of value good or bad that can be consumed by the people who use the technology or internet. I consider the internet as a huge globe or universe but inside there are two small box-like planet both functioning identically though one is not secure and the other is secure for example web 2.0 and web 3.0.
When the world is evolving or re-creating itself into something new, society always develops and creates something new that will function in that world or anything that goes hand-in-hand with the new world. For instance, web 3.0 is a new technology, but decentralized and therefore new hardware devices are needed for a decentralized technology. And I mean hardware devices that has a 5th generation technology standard and high connectivity to work with web 3.0 technology because the old devices may have malicious software which we are unaware of and therefore corrupting any input data or information as well as application that we may want to download.
There is nothing in the world that does not need security, living and non-living things has some sort of security that protects them from anything malicious likewise machines. Security is paramount. powerful security is gold. It is the only thing that can keep everything in place and secure. Web 3.0 is not just about NFTs, trade in the blockchain, but it is really about security. That means people who utilize this new technology can do whatever they want in that space while their personal identifiable information and data is secure and protected in the blockchain for example, the dark web.
It is impossible to build a world or a planet without putting strong foundational security in place otherwise everything that is built in the world or planet would crumble to the ground. Yes, technology is a powerful tool in the world but does not mean it has the best security in the world. Every new emerging technology that is built, and brought into existence always comes with all kinds of weakness or vulnerabilities.
The most powerful tool in the world that has the best security in place is the human mind. A strong mind has the ability to secure sensitive data and information within itself if it is properly guarded by whomever carries that mind, and builds a secure world from it’s mind free from weakness or vulnerability. How is this part of the paragraph related to web 3.0?, well we all know web 3.0 means decentralization therefore data must be decentralized and encrypted that only the owner has access to it. But sometimes we cannot 100% trust the internet, hence web 3.0 even though it is decentralized due to malicious actors and software in that space.
There is a misconception about web 3.0 which is that, because it is a decentralize technology therefore no malicious actors or hackers, scammers cannot steal sensitive data and information from anyone who ventures into the space of web 3.0. Unfortunately, that is a very wrong understanding because malicious actors can definitely steal data. Now let’s dive into the security risks of web 3.0 and provide some solutions how to better protect our data and information from bad actors.
Social engineering:- Of course adapting to the new internet or technology always open the way for exploitation and threat of social engineering therefore web 3.0 is no exception. Individuals who intend to explore or venture in the web 3.0 space must be extremely careful not to get tricked into providing sensitive information such as their secret recovery phrase, passcode, or any PII that can access their wallet or data. An example of social engineering is phishing attack where an attacker masquerades him/herself as a reputable person or company through emails. The solution here is never to share PII or secret recovery phrase when asked by anyone even an autobot through emails or text messages.
Malware:- Attackers can create their own malware such as a trojan horse which may distinguish as a legitimate software. And the attacker can implement the malware in any web 3.0 platform for anyone to mess around with it for example gaming, and music platforms. Another thing is attackers can deploy malicious smart contract onto the blockchain without anyone knowing he/she is signing onto a malicious smart contract because it does functions like a standard smart contract except that it is fake. It is important an individual verifies the source of the smart contract they would be signing by confirming the information written in the smart contract are legitimate.
ENS:- ENS here stands for Ethereum name service domain. I honestly never thought that cybercriminals could use the ENS to track an individual’s Ethereum address just by searching their simple names associated with their Ethereum address. Mr. Luis Monzon said it better when he wrote about the 5 most common security concerns for the web 3.0 world. He stated that, “the growing popularity of digital currency has resulted in greater use of Ethereum Name Service (ENS) domains. ENS domains are an easy to remember name used to find the associated cryptocurrency wallet address. This has led to popular domain names being trademarked and resold by third parties. As a result, nothing prevents the owner of an ENS domain from using that name to trick unsuspecting users into believing that they are dealing with a legitimate organization” I believe the solution in this case is owning your ENS that is associated with the wallet address and locking it in the blockchain with a private key.
It is concluded and noted that web 3.0 technology is still in the early age, growing, and fresh out of the womb of web 2.0 technology though a very interesting and exciting blockchain technology. The best thing about web 3.0 technology is that it gives freedom to creators to do whatever they want with their creativity, art, and intellectual property in the blockchain while the technology offers security with the input of our private keys because it is a decentralize machine. I believe that as the technology is growing, we will be experiencing more security risks in the future. Therefore, let us be ready to do more work to secure our data and information just in case those upcoming security risks present itself.
Monzon, Luis. (2022, April 16). The 5 most common security concerns for the web 3.0 world.
https://www.itnewsafrica.com/2022/04/the-5-most-common-security-concerns-for-the-web-3-0-world/
Written by
Fombang Tita
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Greatness is the state of mind and being, I consider myself as greatness and a dreamer trying to make it in the new world of web 3.0
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