Web3 security is a very wide topic to discuss, and it gets way more awesome when we talk about the future of Web3. You see, the lives that Web3 is impacting are at a huge scale, and the user today very well understands the importance of Web3 security. With many peoples coming in and joining the community along with some awesome developers, we also see a huge spike in Web3 security-related incidents. The fact that the number of incidents related to Web3 security has been on the rise for the past 3 consecutive years might tell you something.

The attack vectors are advancing. Hackers are always figuring out new and innovative ways. As we move towards new methodologies and advancement in blockchain technology, we are also opening up rooms for hackers to try out new attack vectors. With new attack vectors on the rise and attack incidents, the question is, what will be the future of Web3 security? What new methodologies and changes can we see in the future from a security point of view which will better help us cope with the new hacks and methods? This blog is all about that. Let's explore one by one the new advancement and methodologies in the field of Web3 security.

Key trends and Advancement for the future

Let's study the new advancement and trends we will see in the near future regarding Web3 security.

Decentralized Identity

One of the critical areas the blockchain industry will focus on is decentralised identity. The features of decentralised identity will be user-centric, privacy-preserving and interoperable across different platforms and all this with the help of blockchain-based technologies. The decentralised IDs can help with secure and verifiable digital identities without taking any aid from central authorities. This gives the users good control over their own personal data and reduces theft risk.

Multisig Wallets

The multisigs wallet follows a mechanism which requires multiple parties to approve the transaction in order to make it happen. They are almost here, multisigs wallets are also used by some of the major bridges. However, their use has resulted in some popular bridge hacks so it may need more perfection.

Decentralised Key Management

The practice of storing private keys on a centralised server is vulnerable to attacks, so here is decentralised key management, which makes use of some good cryptography in order to keep your keys safe. One aspect of Decentralised Key management is using Multi-Party Communication (MPC).

Mainstreaming of Audits

As we advance in Web3 and as the hackers advance in web3, we may witness more attacks and very versatile attacks which will need new ideas and ways to tackle. One such way organisations ensure their safety is through smart contract audits, and as we move into the future, this will become necessary for every Web3 project. No matter how small or big it is, the audit reports will be the base on which the users will judge the safety the protocol offers and, based on that judgement will they invest in or use the protocol. Thus we will see audits becoming more and more popular and mainstream.

Privacy-Preserving Solutions

Privacy will play a crucial role in the near future of the blockchain ecosystem as the transactions are recorded and transparent on a public blockchain privacy preserving privacy will become a need of the users and will be prioritized. Thus solutions like zero-knowledge proof (ZKPs) and confidential transactions will enable the users to protect their transactional data while benefiting from a decentralized system.

Artificial Intelligence and Machine Learning

As AI takes on the regular masses with the storm and revolutionizing almost every field AI and ML will help in smart contract auditing in a big way. Recent advancements in the AI tools such as chatGPT have already demonstrated how such tools can be used in order to help smart contract auditing, and this will keep on improving as we see more advanced AI models.

Conclusion

As discussed, the ways that hackers attack the Web3 world are ever advancing and need regular updates of security in order to keep one safe from being hacked. One of the prominent ways of safeguarding yourself and your project is Smart Contract Auditing. When it comes to auditing smart contracts, it's crucial to work with experienced professionals who have a proven track record of success.