Security in the Web3 Era

[rosspeili]

A deep dive into smart contract auditing, physical, cross-chain security best practices, and landscape analysis

This report provides a holistic representation of the Web 3.0 cybersecurity sector to paint a realistic image of the current conditions, identify the direction of growth and areas that are lacking, and provide a market analysis and an evaluation of the impact on adjacent areas. Key terms referring to the nature of Web 3.0, the underlying technologies of blockchain/smart contracts, and the different security practices are introduced and explained.

Web3 security is categorized into three main components; smart contract security, cross-chain security as well as physical security with each explained. The report also provides an analysis of the current market size, the active players of the security sector, and a projection for the next few years, identifying the factors catalyzing growth. The penetration of traditional web2 financial institutions is considered through the analysis of specific TradFi companies, their security services, and the strategies employed. An analysis of past exploits showcases the importance of cybersecurity in web3, the infancy of the sector, and the need for a global standard of practice.

The importance of security is widespread across a plethora of verticals with fundraising and venture capital investment being two areas of exploration in the report. The impact of smart contract auditing is scoped through the lens of finance by exploring the investments of the two most prominent web3 VCs. It is evident that security increases funding, invites users to the ecosystem, and opens the door for regulative measures that will help web3 become a mainstream industry.

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Notion: https://onether.notion.site/Security-in-the-Web3-Era-e516068bf9724047b2a3e0d75eaaefb9