Web3 Security: Transforming Digital Landscape

Web3 is a rapidly growing technology, reshaping and redefining the way we interact on the web. When it comes to the global distribution of Web3 users, North America is a leader in this context, accounting for 34% of all Web3 users around the world, the second one is Europe (24%) and the Asia-Pacific region is the third one (18%).

Undoubtedly, Web3 signifies a new era of advanced security and data privacy. Web3 security is based on the principle of decentralization, giving users complete control over their digital lives and personal information by using cutting-edge security-oriented blockchain technology.

Keep on reading this article to dive into more details about web3 security, the key differences between Web2 and Web3, blockchain technology, "where does blockchain security come from?’" and how blockchain technology works.

What is Web3?

Recent statistics and research reveal that Web3 is gaining popularity globally, as it has become one of the most searched terms among Internet users, overtaking Bitcoin.

Web3 acts as a decentralized version of the web, offering a peer-to-peer network without any intermediary authorities, like social media and banks. It is associated with enhanced security and privacy.

The fundamental security principles of Web3 include cryptography, which facilitates the process of encryption and ensures data security, as well as blockchain technology with a public and secure ledger for the transactions via Web3. The essential element here is immutability.

Web2 vs Web3: benefits and vulnerabilities

Web2 focuses on social interactions and content created by users, by providing platforms where individuals can produce value through their social and online activities. However, Web2 may lead to serious security concerns related to data privacy, as there is a high risk that this information may be collected, processed, and sold.

Web3 offers an efficient solution to all of these data security concerns. The shift from Web2 to Web3 is a transformative step, providing opportunities for peer-to-peer interactions in a more secure and private environment with no intermediaries, prioritizing decentralization, privacy, and data sovereignty. In other words, users can own and control their personal information, minimizing potential privacy breaches.

Benefits

Web3 offers users a lot of benefits in terms of security if compared with Web2:

Zero-trust safety version

An essential security element of Web3 is related to the factor that it’s in line with the zero-trust safety version based on the approach to consider all community interactions untrusted. The Web2 generation has a different principle, as it relies on third parties to guarantee the security of their data, causing data privacy concerns among users.

Decentralization and peer-to-peer interactions without intermediaries

Web3 provides a peer-to-peer environment for interaction between the same platform users, leveraging sophisticated blockchain technology to ensure security. In other words, users can control and manage their data without relying on other authorities, like businesses, banks, etc.

Native built-in payment systems

Another vital security-oriented feature of Web3 is the native built-in payment system which means you can make direct and secure transactions utilizing the digital currencies available within the platform’s ecosystem.

Data Ownership

Unlike Web2, Web3 enables users to own and control their data and make decisions related to the way they want their information to be used. Furthermore, certain Web3 platforms allow the users to decide their level of privacy in the Web3 ecosystem, from full anonymity to being completely public.

‍Censorship resistance

Web3 has a decentralized nature, which means that it’s highly resistant to any censorship attempt. The Web3 platform users can’t be censored or banned by any centralized authority like social media networks.

On the one hand, decentralization typical of Web3 can ensure security, on the other hand, it may lead to vulnerabilities and security issues as well, such as junk mail attacks, aimed at exploiting interlinked metadata and different scams.

According to the statistics by Beosin EagleEye platform, the overall losses caused by hacks, and phishing scams in Web3 were $655.61 million in 2023 (first half of the year).

In the Web3 environment, it's essential to be careful with crypto transactions, as non-experienced users may initiate fraudulent crypto transactions, by following phishing links.

Where does blockchain's security come from?

Blockchain technology offers increased security and helps minimize risks against any possible attacks or fraudulent actions, leveraging the principles of cryptography, decentralization, and consensus.

That’s why, various industries are attracted to Blockchain technology, especially the gaming sector, which accounted for about 45% of all Web3 blockchain activities in 2023. That’s to say, about half of all the transactions initiated via Blockchain are game-related.

Furthermore, in recent years, global brands have also shown interest in this technology, for instance, Nike launched its Web3 platform, known as ‘’Swoosh’’. It’s a blockchain-based platform, which enables users to take part in the brand’s shoe design process.

How blockchain technology works

In blockchain technology, the data is structured into blocks. These blocks consist of either a transaction or a bundle of transactions. Every newly created block is connected to all the blocks before it. All these blocks are linked using cryptography. All the transactions that occur within the blocks are validated and the consensus principle is leveraged to make sure that every transaction is correct.

Blockchain technology is based on decentralization and doesn’t rely on any centralized authority, minimizing a single point of failure. Moreover, the records of transactions are unchangeable.

Vone: your key to advanced security

Vone is the first Web3 communication platform, created for those who value the security and protection of their personal data. It’s a sophisticated Web3 ecosystem where you can make instant and tamper-resistant transactions or just interact with other users securely, minimizing the risks of any possible identity theft, unauthorized data processing, and monetization.

Main security features

Full anonymity	Decide the level of your privacy within Vone’s ecosystem, from complete anonymity to being a wide-open public figure.
Blockchain ID	Choose your unique Blockchain ID, known as Vone numbers- highly individualized non-fungible tokens (NFTs), to ensure the security of your identity globally.
No KYC verification	You don’t have to provide any personal information, like name, surname, email, passport, etc. to access the platform.
Based on Blockchain technology	Your Vone account is on Blockchain, ensuring state-of-the-art data security.
No data processing or monetization	Your data is secure within the Vone’s Web3 ecosystem and no 3rd parties can ever access it.
Secure and instant payments	Make instant payments worldwide, using Vone Pay- a top-notch secure digital payment system.
Efficient crypto transactions	Buy and sell various products and services securely in the Vone ecosystem using VONE token- a cryptocurrency that powers the Vone ecosystem.

Key Takeaways

Web3 technologies, like blockchain, provide enhanced transparency and security, offering a solution to security concerns typical of Web2 regarding data privacy and trust.
Embracing Web3 means transforming your digital interactions and ensuring security and privacy, when initiating transactions, conducting business or just communicating with others in a digital landscape.