Web3 is the recent internet evolution that focuses on the use of decentralized systems, technology, and platforms. This evolution brings about current trends in blockchain technology.
Blockchain technology functions as a digital ledger where information entered is stored in blocks and this information is accessed across various networks.
Before Web3, the preceding web systems were centralized and regulatory bodies controlled and managed its services and data, however, in web3 every user has control over their data and controls how it is used.
Web3 involves a lot that is set to bring about increased security, and privacy for individuals and organizations.
However, it is important to apply caution while using the technologies to ensure safety in web3.
Here are 7 recommendations for safety in web3;
Deal with smart contracts cautiously
Thoroughly review smart contracts code using security audit services. This helps you ascertain if there are any vulnerabilities in the contract code that can be exploited, and also verify that the contract self-executes when its agreement terms are fulfilled.
Handle Private Keys carefully
These private keys are a series of unique passwords for accessing and interacting with one’s digital assets and the blockchain.
Hence, it should be handled carefully. You don’t want it falling into the wrong hands. Hardware wallets are an example of how you can store private keys.
Web3 is still in the development phase, there are new updates and new issues discovered with each new turn.
Keep abreast of the new developments, and update your software to the latest version as soon as possible. This will help ensure your safety in Web3.
Avoid Clicking on Links Until You Verify
Some links are used to steal information that is ultimately used against you. These links are called phishing links, and nowadays, they don’t even appear suspicious.
Some of this phishing is done using applications too. The need to verify every link and application before use is therefore paramount.
Research the platforms
Ensure you research the platforms you are using very well, check out the development team, what people are saying about the platform, and so on.
This will help you determine the legitimate status of such a platform. You don’t want to interact with phony platforms, it never ends well.
For exchanges, the use of decentralized exchanges (DEX) is advised because they run on the blockchain so no one has sole control over its users’ assets. This helps you see when anything changes on the block.
Co-sign your transactions
This is another safety measure that can be used, it entails that multiple partners are signatories to your high-level transactions.
Of course, these partners have to be people you have a certain level of trust in.
To a large extent, this helps protect digital assets as well as prevent unsolicited transactions in case of hacks.
Use of Decentralized Identity Management (DID) and Privacy-Enhancing Technologies (PETs)
The decentralized system of identity management gives individuals control over how their personal information is accessed and used.
By doing so, there are reduced chances of personal data breaches. PETs further improve security, giving more privacy using tools like even zero-knowledge proofs and ring signatures.
This way your information can be verified while still maintaining privacy.
These are just a few examples of how to ensure safety in Web3, it’s important to note that the technology is still evolving and as it does new vulnerabilities, threats and solutions are discovered.
It’s advisable to keep up with these changes and take action based on new development to ensure constant safety in web3.
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