- A recent study by Immunefi, a security auditing company, revealed that in 2022, 46% of crypto losses were attributed to Web2 vulnerabilities.
- Within Web3 vulnerabilities, the report identified three main categories: design flaws, implementation flaws, and infrastructure weaknesses.
- The study highlighted the shift towards a more community-driven approach to Web3 security, with increased collaboration among projects, users, and security experts to address vulnerabilities.
- To brace for the 2024 bull cycle, the report suggests that Web3 projects invest in security measures, conduct thorough testing and audits of their smart contracts, and actively engage with the security community.
- By adopting these measures, Web3 projects can fortify themselves against the expected rise in hacks and exploits as cryptocurrency prices surge once more.

Amidst the prevailing concern over the hazards within Web3 technology, discussions abound regarding its inherent risks, from the peril of losing investments to rug-pulls, scams, and hacking incidents.
The discourse unveils a compelling narrative, attributing the vulnerabilities and losses not solely to Web3 but also highlighting the culpability of Web2 technology. This narrative, particularly prominent during the 2022 bear market, spotlighted major exploits like the BNB Chain, Ronin, and Qbit hacks, tarnishing Web3's reputation. Instances like the Terra Ecosystem crash, wiping out billions in a day, serve as stark reminders of the sector's susceptibility.
However, a fresh perspective emerges: Could Web2 be equally responsible for these crypto losses? Recent findings from security audit firm Immunefi suggest so. Contrary to popular belief, it's not solely bad smart contracts driving the hacks; nearly half, approximately 46%, stemmed from flaws within Web2 infrastructure.
Immunefi's in-depth analysis also reveals common vulnerabilities across both Web2 and Web3, such as leaked private keys, weak encryption, and DNS hijacking. The report categorizes security loopholes into three groups: design flaws, implementation glitches, and infrastructure weaknesses. Each category poses unique threats, as seen in exploits like the BNB Chain bridge hack, QBit hack, and Ronin bridge attack.
Looking ahead to the 2024 bull cycle, Immunefi's report forecasts a pivotal shift. Emphasizing the indispensable role of Web2 security alongside Web3, it underscores the vital role of user interface and a community-driven approach in fortifying security. As crypto projects gear up for the anticipated surge, the report advocates investment in security measures, meticulous testing and auditing of smart contracts, and active engagement with the security community.
While this insight serves as a guiding beacon, it's crucial to acknowledge the inherent volatility of cryptocurrencies. The Voice of Crypto aims to provide accurate information; however, readers are encouraged to conduct their research and exercise prudence in financial decisions within this unpredictable landscape.

#web2 #Web3Wallet #Web3 #loss

Telegram’s Crypto Revolution: $NOT and $TON Games Propel Millions into #web3

Blockchain games built on The Open Network (TON) are revolutionizing Web3 adoption on Telegram, with idle games like Notcoin leading the surge.
Telegram’s vast user base has become a fertile ground for cryptocurrency growth as viral games like Notcoin gain massive popularity. In just under two months, Notcoin attracted over 30 million users on Telegram, facilitating the creation of TON-based cryptocurrency wallets. This idle game, where users tap their screens to earn $NOT tokens, has brought 3% of Telegram users into the Web3 fold. The subsequent listing of $NOT tokens on major cryptocurrency exchanges has resulted in significant financial gains for casual gamers.
In an exclusive interview with Cointelegraph, Inal Kardan, gaming lead at TON Foundation, highlighted blockchain gaming’s unmatched potential to draw new users into the crypto ecosystem.Web3 gamers are projected to hit 500 million by 2028.
“Notcoin’s rapid growth to 35 million users in five months demonstrated the viability of games on Telegram and the ease of user onboarding,” Kardan shared during the  Expo in Warsaw.
According to Kardan, numerous Telegram-based games are swiftly amassing large user bases and revenues by utilizing marketing strategies such as sharing and mining within the platform.
The future of Web3 gaming on Telegram looks bright as these innovative games continue to drive cryptocurrency adoption and engagement.

TON gaming lead Inal Kardan sharing insights into Notcoin’s growth on Telegram. Source: NBX

Inal Kardan, TON’s gaming lead, recently unveiled the strategies fueling Notcoin’s rapid rise on Telegram at the Next Block Expo (NBX).
Kardan emphasized that Telegram serves as an accessible and largely “untapped distribution channel,” leveraging existing Web2 technologies combined with web page extensions and blockchain features.
He noted a significant shift from the “play-to-earn” models popularized by Web3 games like Axie Infinity. Instead, games like Notcoin are embracing newer approaches, including traditional monetization tactics such as advertising. Hyper-Casual Games being Perfect Fit for Telegram and TON
Yat Siu, co-founder of blockchain gaming venture capital firm Animoca Brands, shared with Cointelegraph that the success of Web3 games on Telegram and TON is partly due to the use of viral growth mechanics similar to those that drove growth on Facebook and the Apple App Store.
Siu highlighted that Notcoin’s approach offers superior value for users, aligning growth incentives more effectively than the adversarial nature of #web2 advertising models.
By integrating familiar growth tactics with innovative blockchain technology, Notcoin and other TON-based games are setting new standards for user engagement and #cryptocurrency adoption on #telegram .

We have now entered a stage where the vast majority of people have heard what blockchain is. However, not everyone understands how the #blockchain will impact their lives. In order for us to answer this question, we must first define what the blockchain is exactly. 

“A blockchain is a distributed database or ledger that is shared among the nodes of a computer network” - Adam Hayes, seen in Investopedia

As many of you know, the current #web2 internet architecture is comprised of multiple server centers storing and collecting, the world’s internet data and information. Well, the blockchain can be used to ‘distribute’ this data across multiple locations.

By distributing this data and information a few things begin happening, one is, no one controls all the data and information and secondly, each individual has ownership over their specific set of data, meaning privacy is at the discretion of the holder. Any information stored on a blockchain is either encrypted or anonymized, and the retrievable data is only accessible by the owner. 

Digital twins stored on a blockchain

Now that we have defined what the blockchain is, we can begin defining what are the use cases for this technology. Considering that blockchain technology in itself is nothing new, nor revolutionary, instead, the technology built above a blockchain architecture can be considered ‘game-changing’. 

A key characteristic of blockchain technology is twofold, one is the limitless storage potential a blockchain could grow to (in the future of course), and the second is the personalization of an individual’s blockchain.

An individual, in theory, can create their own blockchain/sub-net that is only accessible to them. Afterward, any data or information that an individual generates will automatically be sent to and stored on their blockchain. 

This individual could then give streaming rights to companies in return for products and services. Incidentally, this individual would be creating a digital copy of themselves that can be used for all types of applications which can become a way, in the future, for humans to customize every aspect of their lives. 

Predictive technology

Currently, in the real world, we are unable to create perfectly formed simulations of two occurrences with a 100% accuracy of data variables being played out in the exact same order.

For example, if we were to create a “what if” scenario about a car driving at 50km/h down a straight road, with the same driver under the same wind speeds, car speeds, car mechanics, driver’s emotional stability, etc… and we simulated a new type of tire turning a corner, or a new road sign with oncoming traffic, or even a different ring tone on a phone. We could pinpoint with 100% accuracy the cause of the outcome under these conditions due to our digital twin simulation tests. 

Where does this data come from? Well, this could be one of the services an individual may sign-up for, whereby they grant access to these predictive companies to run simulations about that individual’s upcoming day and cross-reference them with other users’ days. When we begin creating complex simulations using thousands of people’s variations it becomes a headache, however, the technology is applicable due to blockchain technology. 

 

One key characteristic of blockchain technology is immutability, this means anything stored on a blockchain cannot be altered once being submitted. This is incredibly helpful in the finance sector.

Metaverse

Ok, there will be many people who’ll inevitably disagree, regardless, the metaverse is not as simple as people make it out to be. For example, there are centralized metaverses such as Zuckerburg’s #Meta company, and then there are decentralized metaverses, perhaps the closest example would be #Decentraland.

For this example, we’ll focus on decentralized metaversal worlds, as the core concept of a web 3.0 environment is one that removes the need for intermediaries. 

In the future, the world may begin transitioning toward working, playing, and communicating within a metaversal environment. A decentralized metaverse will inevitably use a blockchain to host and store applications and data. However, the decentralization/distributed aspect of a metaversal world will utilize blockchain technology.

The blockchain’s functionality for a decentralized metaverse is the distributed storing of its data combined with the authenticity of metaversal activity by each user.  

Finance

Perhaps this should have been the first major point for how blockchain will impact everyone's lives in the future, but, blockchain in finance is somewhat of a dying feature, it’s no longer exciting. The idea that #cryptocurrencies are here has already been proven to a point that people no longer discuss the core concepts of what drives it anymore. 

 

Of course, people are still raving, and complaining, about the fluctuations across the crypto markets, but these are often people who have missed the entire point of what blockchain technology truly offers. 

Regardless, finance will be an important aspect that will govern our online lives in the future, the only difference is, the currency used will be in the form of a cryptocoin/token/asset, which will more than likely make paper money redundant in the future. 

Conclusion

Blockchain technology is only the foundation that has for a long time needed to be built upon and integrated within the current systems we have used today. A big part of our future will use some aspect of blockchain technology.