Is there a comprehensive solution to Web3 security concerns? - Q&A with W3A

Security is one of the biggest concerns among crypto enthusiasts, and with good reason. Cryptocurrencies, being decentralized and digital, are susceptible to various forms of cyberattacks, and digital wallets that store these assets can be easily transferred and stolen without the possibility of recovery. This has led to an increase in scams and malicious schemes aimed at stealing users’ coins and tokens.

In this interview, Alex Dulub, a seasoned expert in the blockchain industry and a member of the Forbes Technology Council shares his views on what should be done for the Web3 space to become more secure. He has extensive experience in the field and shares the motivations behind creating Web3 Antivirus, a browser extension that helps protect crypto users from web3-specific scams and malicious attacks.

Q: Security is one of the main concerns on crypto enthusiasts’ lists. Why is that, and what are the most common tactics malicious actors use to get hold of investors’ assets? 

Security is a major issue in the cryptocurrency world as cryptocurrencies, being decentralized and digital, are susceptible to various forms of cyberattacks. Additionally, cryptocurrencies are often stored in digital wallets and can be easily transferred and stolen without the possibility of recovery, unlike traditional bank accounts.

All crypto enthusiasts, including myself, place great importance on digital assets attracting scammers who constantly come up with new schemes to catch users off guard and steal their coins and tokens. Some of the most common scams include phishing, fake websites, copycats, and malicious smart contract logic.

Q: Is this the motivation behind creating Web3 Antivirus?

Yes, helping people feel safe and confident while browsing and making transactions in Web3 is the main motivation Web3 Antivirus is driven by. 

Web3 Antivirus was created after we saw many of our clients and friends lose their tokens due to ignorance or negligence. While it’s important to take measures to secure your private keys, such as using a Faraday cage or generating seed phrases with a hardwired entropy source, these efforts can still be defeated if someone is able to take control of your account and put your tokens up for sale. So, we developed Web3 Antivirus to help protect our users from these types of threats. We applied our first-hand knowledge to build a solution capable of detecting Web3-specific scams within seconds.

Q: How does Web3 Antivirus help crypto users protect their assets?

W3A is a browser extension that acts as a protection layer between users and potential Web3 dangers in real time. When a transaction is about to be made, the extension briefly pauses it, runs a transaction simulation, breaks down each interaction into atoms and checks inputs/outputs, internal logic and performs statistical analysis of the code. 

Our extensive crypto-asset data set, containing historical data and hundreds of millions of records, is also utilized to assess risk. In a few seconds, we process a user request through massive amounts of data, providing a comprehensive due diligence check and presenting the information in a clear, actionable format.

Web3 Antivirus also color-codes the contracts defining their risk level based on the number of threats and their hazardousness: green for low risk, yellow for middle risk, and red for high risk.

Q: Why did you venture into the crypto security sector? You have a lot of experience in the blockchain industry, is security the most important aspect of the space that needs to become better?

Yes, I strongly believe that the crypto security industry requires significant improvements. Now, there are many vulnerabilities in the way the Web3 domain operates, making it susceptible to exploitation by scammers.

Blockchain technology can be complex, and scammers take advantage of the lack of understanding by non-technical users. They may lead users to make a critical mistake, such as signing a malicious smart contract or sharing a seed phrase or private key.

That is why I envision W3A as an intuitive and educational security tool that allows users to understand the potential dangers they may encounter without the need to do extensive research on their own.

Q: You’re a member of the Forbes Technology Council. Tell our readers a bit more about that. Is blockchain tech taking over the mainstream tech industry?

It is an honor to be a member of the Forbes Technology Council, as it provides me with the opportunity to connect with like-minded thought leaders in the technology industry and share my expertise and experiences.

Regarding blockchain, I believe that it is still in its early stages of gaining mainstream adoption in the tech industry. However, it has great potential for success. You see, a few years ago, merely technology enthusiasts were aware of the technology, but now blockchain has become a widely discussed topic across various industries and sectors, from finance to healthcare and government.

Q: What are your goals as the founder of W3A for 2023? What should users expect to see from the company this year?

Some of our goals for 2023 in the cryptocurrency security context include:

Set a new standard for Web3 security, providing a level of protection similar to that of antivirus software in the past. We’re aiming to improve the overall security of the web3 space and help users be confident about the safety of their assets.

Raise awareness about cryptocurrency scams and fraudulent activities. We will continue educating the audience on the various types of crypto attacks and how to identify and avoid them.

Take measures to curb the increasing trend of losses due to crypto attacks. Web3 Antivirus is built to reduce the frequency and impact of successful attacks on users and the crypto industry as a whole.

By achieving these goals, the crypto industry can become a more secure environment for investors and users alike.

The Web3 Antivirus team will remain vigilant against evolving threats, leaving no chance for fraudsters to win. Users can expect to see new security features and updates, as well as educational resources to keep them informed.