The post Beware the crossroads: The dangerous overlap of web2 and web3 appeared on BitcoinEthereumNews.com.

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. Web3 has emerged as a beacon of hope for a more secure, transparent internet, promising to address many privacy and data control issues that have long plagued centralized web2 systems. Yet, as web3 expands, it often interacts with web2 networks in risky ways. This intersection is a breeding ground for new forms of cyber threats—threats that, if left unchecked, could undermine the very security web3 is built to provide. While many tech enthusiasts are eager to embrace web3, the reality is that the transition from web2 to web3 is neither clean nor seamless, and it exposes vulnerabilities that hackers and phishers are quick to exploit. If web3 is to foster a safer digital ecosystem, it must first reckon with the weaknesses it inherits from its predecessor. Critical vulnerabilities at the web2-web3 intersection Web2 and web3 represent vastly different approaches to the internet. Web2 relies on centralized servers and data collection models, concentrating power within a few large corporations. Web3 decentralizes control by placing data ownership in the hands of users through blockchain, a distributed ledger technology. However, these two systems are far from separate. Many web3 applications still rely on web2 infrastructure, including domain names, storage, and APIs. This dependency exposes web3 to web2’s centralized weaknesses. For instance, a web3 platform using a cloud provider for off-chain storage could be vulnerable to a server breach. Similarly, web3 platforms with web2 interfaces remain vulnerable to phishing attacks and DNS hijacking. Phishing exploits: Web2 weaknesses in web3 environments Phishing has been a long-standing threat in web2 environments. In web3, the process is similar: malicious actors use fake interfaces that mimic legitimate platforms, tricking users into revealing private keys or…

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Filed under: News - @ August 29, 2024 11:16 am