The web3 space is rapidly growing, but the security aspect of it still has to go through an evolution in order to meet the expectations of the community. Following the major shock of the FTX crisis and the now notorious hack of the exchange, crypto enthusiasts and investors are looking for ways to secure their assets and protect themselves from malicious actors and scammers.
And while web3 is steadily infiltrating the everyday lives of people globally, there is a lot to be done in terms of security practices in the space. The key components of creating a reliable relationship of trust among the crypto community revolve around fairness, transparency, and open-source operations.
Education and transparency bring stronger security
Web3 is a revolutionary new approach to the online space, and many users are still hesitant to fully dive into its capabilities. One of the main reasons for that is the lack of understanding of what Web3 actually is, and how it works.
Unfortunately, the crypto space has seen time and again how centralized entities misappropriate funds and collude, effectively cheating customers out of their assets. Hence, transparency is much needed to create an environment where users feel in the know and are aware of how the platforms they use operate.
What’s more, many crypto users don’t always have a clear understanding of what they’re signing with their wallets when asked to connect to a dapp or approve a transaction. This, in turn, often leads to users willingly signing access permissions to malicious web3 platforms that then defraud them of their funds.
To help with the possibly daunting task of staying safe in the crypto space, a team of blockchain experts has developed Web3 Antivirus. This browser extension is designed to scan smart contracts and alert users of suspicious logic and code in the decentralized apps or websites they are signing into.
“We want to give users more insights”
Web3 Antivirus is the brainchild of PixelPlex, a team of experts with decades of combined experience in smart contracts auditing and building bespoke blockchains solutions for clients. This expertise also allowed the team to pinpoint the weakest points in the current Web3 environment.
The W3A extension allows users to enhance their research efforts and get an inside view of how the platforms they use operate. The extension performs a smart contract scan and analyses the code via a graph structure algorithm to pinpoint any inconsistencies or red flags users should be aware of.
When the W3A check is complete, users get a report detailing the algorithm’s findings. Of course, red flags coming up on these security checks do not automatically mean that a project is a scam, however, they give the users the opportunity to perform more detailed research on specific aspects of the project. What’s more, the extension will allow users to see what permissions they’ve granted to apps regarding access to their crypto wallets and assets.
This new level of research that W3A opens up for the crypto community takes the whole industry a step closer to building a trustworthy ecosystem. The more informed users are about the products they interact with, the better the entire space will become. According to the W3A creators, that’s also the ultimate goal of the browser-based extension.
“We want to give users more insights into what they interact with and what they sign up for so that scammers don’t take advantage of them,” – Alex Dulub, founder of Web3 Antivirus.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.
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