The path to Web3 is not an easy one. #Massa
So far in 2022, we’ve seen numerous examples of hacks, exploits, phishing attacks, rug-pulls and scams. Investors dipping their toes in the world of Web3 and witnessing such a track record can feel a little hesitant. And rightfully so — security is no joke. The year isn’t yet over and there’s already a new annual record for a total amount of funds lost to attacks — an astonishing $3 billion has been stolen in 2022 alone. But how did it come to this? Wasn’t blockchain technology supposed to be safe? How are attacks even possible? Let’s dig deeper into it.
The issue with Web2 platforms
Indeed, blockchain technology is more reliable than traditional tech as it doesn’t have a single point of failure. What does that mean? Well, unlike with a centralized database or server, in order to take control of a blockchain an attacker needs to take over at least 51% of network validator nodes. That’s easier said than done and typically requires an insane amount of effort and/or funds, making the whole process economically unviable. Okay, then how are these hacks still possible and why do they keep happening? Is the Web3 space continuously being attacked by genius hackers that have millions in assets? Not really. The explanation is a lot simpler.
