Skip to content
CrypticStreet

CrypticStreet

Unveil Crypto Games, Explore Gadgets, Stay Updated with Crypto News, and More

Primary Menu
  • Home
  • Games From The Crypt
  • Gadget Guides
  • Crypto News
  • Social Web
  • Latest
  • Contact Us
  • Home
  • Latest
  • The Broad Applicability of Web3 and Their Inherent Risks

The Broad Applicability of Web3 and Their Inherent Risks

Mandy Macintyre July 14, 2023 3 min read
3216

The familiarity of cryptos among users in the current times indicates the leaps and bounds of growth attained by the web3 market. In that respect, the global web3 market size valued at USD 3.34B in 2022 is expected to grow at a CAGR of 46.7% from 2023-30.

The amusement for blockchain is its design with decentralised databases and ledgers that grants the user complete control of data and identities. Being primarily driven by the decentralised structure attracts users and companies to invest in web3 for robust and transparent operations.

Let’s pen down the stand-alone attributes of web3 and understand how vulnerable they are to hacks/security breaches.

Entrancing Nature of Web3

Smart Contract Controlled: Smart contracts regulates the transaction flow based on the agreements without the involvement of any central entities. They are coded with the metrics to maintain a regulated system for users to delve into blockchain utilities.

Distributed Ledger: The data is validated by the nodes and distributed throughout the network using Distributed ledger technology (DLT). This increases transparency and terminates the possibility of data tampering and other related fraud.

Sheer Trust: No middleman or intermediary is involved in this system as the data flows from peer to peer in the network. Thus decentralization improves the way of data handling.

Web3 Security: Challenges and Solutions

Newest Forms of Social Engineering Attacks

Discrepancies in Smart Contract Code: There are many instances of hackers exploiting a minute issue with the code and making a huge profit out of it. Some of them are the reentrancy bugs, arithmetic logic, ownership access, etc.

Image2

Flash Loan Frauds: Uncollateralised loans borrowed from the banks are a hotbed for looting away assets for hackers. By manipulating the variables, the hacker launch flash loan exploits to siphon off funds from the reserves.

Rug Pulls: Projects with a prospective outlook may later deceive users, making them lose money. They are known as rug-pull scams, a never-ending threat to Web3.

Data-Driven Complications

Data Availability: The nodes have control over the data to a larger extent by verifying and adding them into blocks. But the problem arises when data becomes unavailable at a particular point; it might greatly disrupt the process and applications.

Data Manipulation: Data manipulation risks include injecting malicious scripts into the programmes or interjecting unencrypted data transmission and altering it.

What’s the Solution to Create a Safer Web3 Landscape?

The next gen of the web is empowering people with distributed governance. Also, new opportunities open up newer challenges. Through critical analysis of risks, it is possible to develop novel approaches to tackle them. Some of the ways to address security are,

Image3

Learn from Complexities: The decentralisation approach should be perceived rightly to develop effective modeling of web3 space. Continuous analysis of the hack trends helps in building appropriate solutions. The users of web3 should stay informed of the security to avoid being tricked easily into phishing and rug pull scams.

Cruciality of Web3 Security Audits: Users might not be fully aware of the threats, but security researchers do. Smart Contract Auditing firms will have expertise in scrutinising smart contract errors and provide due diligence services to spot the likelihood of the project being a rug pull that helps make informed investment decisions.

Partnerships and Collaborations: The ecosystem as a whole needs collaboration to grow and succeed. The shortcomings in decentralised technology can be overcome by collaborating with other Web3 businesses that align with your mission.

About Author

Mandy Macintyre

See author's posts

Continue Reading

Previous: Is There Light After Darkness? Let’s Explore Carlos Reygadas’s World
Next: Slot Myths and Misconceptions: Separating Fact from Fiction

Trending Now

How Bonus Features in Slot Games Increase Player Excitement 1

How Bonus Features in Slot Games Increase Player Excitement

September 29, 2025
Rcsdassk: Unlocking Innovation and Creativity in Every Sector rcsdassk 2

Rcsdassk: Unlocking Innovation and Creativity in Every Sector

September 26, 2025
What Are Higossis Brushes Made Of? Discover Their Unique Materials and Benefits what are higossis brush made of 3

What Are Higossis Brushes Made Of? Discover Their Unique Materials and Benefits

September 25, 2025
Falotani: Unlock the Secrets of this Unique Culinary Tradition for Memorable Gatherings falotani 4

Falotani: Unlock the Secrets of this Unique Culinary Tradition for Memorable Gatherings

September 25, 2025
Softout4.v6: Revolutionize Your Workflow with This Game-Changing Software softout4.v6 5

Softout4.v6: Revolutionize Your Workflow with This Game-Changing Software

September 25, 2025
How Games Boost the Brain: The Story of Minecraft and a Generation of Entrepreneurs 6

How Games Boost the Brain: The Story of Minecraft and a Generation of Entrepreneurs

September 25, 2025

Related Stories

Rcsdassk: Unlocking Innovation and Creativity in Every Sector rcsdassk
5 min read

Rcsdassk: Unlocking Innovation and Creativity in Every Sector

September 26, 2025 24
What Are Higossis Brushes Made Of? Discover Their Unique Materials and Benefits what are higossis brush made of
4 min read

What Are Higossis Brushes Made Of? Discover Their Unique Materials and Benefits

September 25, 2025 29
Falotani: Unlock the Secrets of this Unique Culinary Tradition for Memorable Gatherings falotani
4 min read

Falotani: Unlock the Secrets of this Unique Culinary Tradition for Memorable Gatherings

September 25, 2025 25
Softout4.v6: Revolutionize Your Workflow with This Game-Changing Software softout4.v6
5 min read

Softout4.v6: Revolutionize Your Workflow with This Game-Changing Software

September 25, 2025 28
How Games Boost the Brain: The Story of Minecraft and a Generation of Entrepreneurs
4 min read

How Games Boost the Brain: The Story of Minecraft and a Generation of Entrepreneurs

September 25, 2025 29
Can the Game Honzava5 Be Played Offline? Discover the Thrilling Single-Player Experience can the game honzava5 be played offline
4 min read

Can the Game Honzava5 Be Played Offline? Discover the Thrilling Single-Player Experience

September 24, 2025 30

Trending on cryptic News

The Ultimate Guide to AirPods and Android jobandtalent 290m 80k lomastechcrunch 1

The Ultimate Guide to AirPods and Android

June 26, 2024
.hack//G.U. Last Recode Coming to Nintendo Switch March 11 2

.hack//G.U. Last Recode Coming to Nintendo Switch March 11

June 26, 2024
Crypto com is a safer way to transfer money online www . crypticstreet .com 3

Crypto com is a safer way to transfer money online

June 26, 2024
2022 Bitcoin Crash tether ethereum bloxy tetherbrauncoindesk 4

2022 Bitcoin Crash

June 26, 2024
Ethereum vs. Ethereum Classic 5

Ethereum vs. Ethereum Classic

June 26, 2024

6523 Vyndalor Road
Qynthoril, MO 38492

  • Contact Us
  • Privacy Policy
  • T & C
  • About The Crew
Cryptic Street © All rights reserved.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT