• In 1971 when the world was experiencing Web1, the first iteration of the internet, the individuals tasked with developing it, accidentally created the first virus, the Creeper.
• The first crypto jacking software debuted in September 2017 when Bitcoin was about to hit the $1000 mark.
• The current value of all cryptocurrencies today is $1.11 trillion.

It is well known among veteran crypto traders that the Industry contains various issues. One of its major concerns is blockchain security and the ability of a crypto exchange firm to secure its crypto assets from any form of theft or fraud. Unfortunately, despite the low attack rate from illegitimate users, each attack surface appears to increase and improve over time. Due to the new nature of cryptocurrency or blockchain security, hackers invent new malware that can exploit any unforeseen vulnerabilities within smart contracts and crypto mining. Fortunately, Web3 cyber security is at an all-time high as they introduce the concept of a crypto antivirus. This new invention aims to refine the entire concept of blockchain security.

Why require a crypto Antivirus

Unfortunately, any digital devices and systems within Web2 are susceptible to corruption through malware. This is mainly because the entire art of crypto hacking and blockchain security is technically a business.

Fun fact, the individuals who created the first-ever known virus never had malicious intent for the internet. Instead, it was a by-product of an experiment created by the very founders of Web1. In 1971 when the world was experiencing Web1, the first iteration of the internet, the individuals tasked with developing it, accidentally created the first virus, the Creeper. It was essentially a worm, a self-duplicating program that infected an array of computers almost simultaneously.

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Since security components rely on various factors, believing that any system can withstand any cyber attack is naive. Blockchain security experts today don’t have blind faith in blockchain’s integrity mechanism. 

This malware, however, does not directly affect crypto traders, but the crypto mining process itself.

Crypto malware is the primary reason for crypto antiviruses; to protect its mining operations from long-term crypto-jacking cyber attacks.

When cryptocurrency hit its high point in 2017, the ecosystem flooded with opportunities and hackers. Each trying to find a way to bypass normal blockchain security parameters to access these lucrative systems. Unfortunately, there was no emphasis on Web3 cyber security and securing crypto assets for many organizations and individuals. This is primarily because blockchain security represents Web3. Most Web2 cyber attacks cannot affect it. Individuals fail to understand that malware is not a constant concept. Rather, similar to the digital world, it is ever-evolving. This led to the creation of the first crypto malware; crypto-jacking and the need for a crypto antivirus.

CryptoJacking

Crypto-jacking is malware that allows a user to illegally access and use another individual’s resources like computers, servers, and processors to mine cryptocurrency. This was and still is one of the most cumbersome blockchain security vulnerabilities that plague the ecosystem.

The first crypto jacking software debuted in September 2017 when Bitcoin was about to hit the $1000 mark. At the time, a crypto mining website called Coinhive published a code allowing users to mine the Monero coin by donating a small amount of processing capacity to third-party CPUs. This concept drastically boosted its rating and the number of users within the ecosystem.

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Any user or client who visited the site would automatically run the malware without their consent enabling the site owner or the hacker to access their device’s resources. This led to a huge number of infected devices throughout the system. Many within the ecosystem noticed the rapid increase in crypto mining activities of essentially registered users.

How a crypto antivirus helps

Developing a web3 cyber security is one of the first things most blockchain developers have advised if Web3 seeks to replace Web3. Before Web1, before the concept of digital money, back when money was only accessible through traditional financial systems, crime rates were extremely high. According to the FBI’s uniform, Crime reports that there were over 2000 bank heights in 1970 before the concept of mobile banking even was conceived. During the age of Web2 in 1991, they reported at least 9,388 bank robbery attempts in the US alone. This is important since it gives us a basic understanding that most criminal activities often target lucrative franchises that transact and store money. 

The current value of all cryptocurrencies today is $1.11 trillion. This is money essentially circulating in a virtual space. If Web3 aims for such a feat, it would be a beacon of crypto-malware and hacks. Establishing a competent and evolving crypto antivirus is the first step for blockchain security. 

Despite its numerous functionalities, Web3 is built on the concept o digital money and thus transactions will be the main activity even if it completely replaces Web2. Crypto mining may be a slowly declining activity but the fact remains that with a large enough attack surface, hackers can thrive.

Conclusion

The development of crypt antivirus is a detrimental fact within blockchain security. Despite this fact, it cannot solve all its issues. Securing crypto assets is an endeavour that requires various entities and elements to each do their part. If we expect to establish a fully functioning Web3 cyber security system, we must first establish a strong foundation.

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Any form of cyber security is as strong as its weakest link. Many might think that crypto mining will become obsolete, and because of this belief, most blockchain security experts have poured in resources and effort to build sophisticated crypto antiviruses. In addition, an antivirus evolves with time ensuring that it is not a quick-fix program but an ever-growing blockchain security feature that protects the entire Web3 ecosystem.