- Web3 refers to the movement of data from centralized servers to community-driven decentralized infrastructures
- In the most recent release, the protection platform provides better detection mechanics
- Here is how the platform provides protection against malicious smart contracts, phishing sites and other security threats
Web3 refers to the movement of data from centralized servers to community-driven decentralized infrastructures. Every major shift is a slow and difficult process that can be abused by malicious parties. The same can be said for Web3, which is plagued by social engineering attempts and security breaches as it moves towards a unified global infrastructure.
According to the latest crypto crime report from Chainalysis, 2022 was a record year for crypto and Web3 hackers. Over $3.8 billion was stolen from various crypto projects – largely from decentralized finance protocols like bridges. While scam revenue has decreased by 46% since 2021, it remains a source of concern.
Web3 needs security measures to speed adoption while protecting users from hackers and scammers. Fortunately, the industry currently has some powerful security solutions that can make the Web3 trip far more secure. The Antivirus, a browser extension that protects users from harmful smart contracts and phishing sites while keeping scammers at bay, is an excellent example.
READ: The Future of Web3, NFT and Blockchain Technology
The program examines all transactions’ smart contracts for harmful logic, flaws, and compromising authorization to access user funds. To assure a risk-free outcome, it also analyzes tokens and simulates transactions.
The latest upgrade added new features
Web3 Antivirus’s level of protection is always growing as a result of continuous upgrades. The team introduced various additional security elements around the end of March 2023. Among them are:
Edge support — in addition to Opera and Firefox, Web3 Antivirus can now be installed on the Edge browser.
Honeypot and slippage detection — Honeypot scams and slippage are still major issues in the Web3 domain. Web3 Antivirus identifies limits on NFT and ERC20 transactions to assist users in avoiding honeypots, allowing them to decide whether or not to proceed.
Honeypot scams are social engineering tactics that trick traders into buying tokens they can’t resell.
Controlling access to high-value NFTs – Web3 Antivirus provides price breakdowns of nonfungible token collections, offering visibility into transaction approval risks.
Mitigating wash trading risks – Web3 Antivirus exposes the risk level for suspicious transactions in smart contracts as a percentage, allowing users to assess the risk level of NFT transactions.
READ: Understanding Web3.0 in Africa
Signing request alerts – the Antivirus warns users when a mail asks for their signature, allowing them to block it quickly.
Web Antivirus detects probable trading cooldowns in smart contracts, assisting users in avoiding halted trades induced by transaction limits during particular periods.
Preventing contract stoppage – the tool examines contracts for contract halting mechanisms, alerting users to potential dangers in transaction execution.
The transition to Web3 introduces several security concerns, necessitating the usage of sophisticated security measures by users. Web3 Antivirus is a fantastic example because it provides comprehensive protection against a wide range of threats. The addon is constantly being updated, and it now handles issues such as honeypot fraud, contract flaws, and token transfer issues. Furthermore, the Antivirus will soon receive a v.0.6 upgrade, which will include exciting new features and security improvements.
Web security technologies are critical in creating user confidence and enabling the wider use of decentralized solutions as crypto enthusiasts traverse the rapidly expanding world of blockchain.