Addressing Security Issues and Future Prospects of Web 3.0

Web 3.0 is a term that we are hearing a lot recently and is often hyped by enthusiasts. Starting from the 1990s, the Internet had a great impact in changing our lives, developing itself over years for better and better experiences. The evolution from web 1.0 to web 2.0 has been phenomenal and now we move towards web 3.0. In this research paper, we will point out the technical details about cybersecurity issues in web 3.0 through attacks and frauds that have taken place in the last few years and explore new ways of dealing with them. Along the way, we will also analyze the current situation and prospects to see how we still have a long way to go. Last year alone, $12 billion were lost in security breaches and frauds in web 3.0. Sometimes, it is an issue in the smart contract involved in the blockchain but many times, the attacks and frauds are done using the same techniques that we face in the current web like DDoS attacks, phishing, etc. This will show how many of the current cyber threats in today’s web are not solved with web 3.0 and hence, how they still must not be neglected. We will look into the open challenges that web 3.0 as a whole faces today, and what future direction we are headed into along with the latest solutions coming up today.