Introducing Security for Web3 Space

Mumbai, India--(Newsfile Corp. - April 15, 2022) - Cybirb, powered by Avalance - a leading cybersecurity firm, announced steps to secure the web3 space. The cyber security solutions offered by Cybirb cater to both on-chain and off-chain services.

Cybirb

To view an enhanced version of this graphic, please visit:https://orders.newsfilecorp.com/files/8723/120573_125a97bd54365874_001full.jpg^[1]

From Web1.0 and Web2.0 to the recent development of Web3.0, security practices have been an essential part of technological innovations. With the evolution of technology and its application architecture, security practices have also evolved to support and unlock new economies.

In order to provide secure communication between the servers and user browsers in the Web 1.0 era, the Secure Sockets Layer (SSL) protocol was introduced. Advancing this development, Transport Layer Security (TLS) was the second iteration of the security protocol for Web 2.0.

Today, the innovative application architecture of Web3.0 demands solutions for the new security challenges. The success of Web3.0 depends on the development of the next iteration of security protocols. This explains the significant increase of more than 10 times in the investment of web3 security companies. As per the Crunchbase^[2] report, the venture investment in the new Web3.0 security companies reached the $1 billion mark last year.

Security concerns in the Web3.0 Space

Instead of the traditional application logic and database layers in Web2.0, decentralized applications in Web3.0 are built on blockchain networks, nodes, and smart contracts to manage logic and state. At present, users can access a front end to update data like publishing new content, making a purchase, etc. Users would have to sign transactions using their private keys and manage wallets to perform activities in the Web3.0 space.

The existing system of Web3.0 comes with security trade-offs because blockchain is a decentralized and trustless system. Users have complete control over their data and funds and there will be no intermediaries or central authorities to turn to when there are hacks or attacks. However, these security concerns do not have to hinder Web3.0 growth and development.

The initial versions of SSL and TLS security protocols in Web1.0 and Web2.0 had critical vulnerabilities. The basic versions of these security practices have evolved and become more robust over time. The present Web3.0 security companies and projects are the equivalents of early code-scanning and application security testing tools developed for Web1.0 and Web2.0 applications.

A considerable amount of the Web2.0 security model is about the response. Whereas in the case of Web3.0, transactions are irreversible and cannot be modified once they are executed. Hence, security mechanisms that are built to verify whether a transaction should be executed in the first place are necessary for Web3.0. The community needs to technically address the vulnerabilities from cryptographic primitives to smart contract vulnerabilities. In other words, security practices that are good at preventing possible attacks are essential for Web3.0.

Introducing Cybersecurity for Web3

Cybirb, powered by Avalance - a leading cybersecurity firm, has taken steps to secure the web3 space. The cyber security solutions offered by Cybirb cater to both on-chain and off-chain services. From identifying vulnerabilities in smart contract code to constantly monitoring blockchain projects - Cybirb removes bottlenecks, identifies threats, and offers solutions to secure the projects, users, and ultimately web3.

Cybirb offers a one-stop solution that caters to all the needs of a cryptocurrency project. The firm offers solutions pertaining to services and products of the blockchain ecosystem. This includes DeFi projects, exchanges, oracles, crowdsales, blockchain networks, etc. It also extends its support for wallet tracing to oversee compliance and safeguard transactions.

The typical cybersecurity solutions in web2 primarily involve testing the product before its deployment and blocking the network in case of a threat. However, the traditional solutions no longer apply to the web3 innovation. The blockchain systems, based on web3, require thorough testing and monitoring of the smart contract code before its deployment as it is difficult to stop the blockchain network. This is why Cybirb also facilitates penetration testing programs and smart monitoring, which works to identify anomalies in order to resolve them and secure the source code.

Web3 provides a new approach to the internet for companies, users, and solutions. Subsequently, it is necessary to take a different approach for cybersecurity in web3 as well. The cybersecurity solutions of Cybirb ensure that the space can innovate with the least amount of friction.

Company Name: Cybirb Contact Name: Neeraj Sharma State: MahrashtraCountry: India Website: https://cybirb.comEmail: hello@cybirb.com^[3][4]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/120573^[5]

References

1. ^{^} https://orders.newsfilecorp.com/files/8723/120573_125a97bd54365874_001full.jpg (orders.newsfilecorp.com)
2. ^{^} Crunchbase (www.newsfilecorp.com)
3. ^{^} https://cybirb.com (www.newsfilecorp.com)
4. ^{^} hello@cybirb.com (www.newsfilecorp.com)
5. ^{^} https://www.newsfilecorp.com/release/120573 (www.newsfilecorp.com)